Telesto - Introduction - Wealth Management, Private Banking, High Net Worth Individuals

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Telesto

Introduction

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	Introduction
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	Success Stories
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Environment

The Merrill Lynch and Capgemini World Wealth Report 2009 forecasts HNWI financial wealth will grow to $48.5 trillion by 2013, advancing at an annualized rate of 8.19%. This growth will be backed by Advisors and wealth management firms who are working to help their HNWI clients through the crisis and its aftermath. The credit crisis has brought into focus the use of technology for sound business decisions. The demand drivers for adoption of technology can be enumerated but not limited to rise of the sophisticated customer, customer centricity, client retention and loyalty, dynamic business model and competition. While trust and relationship with the client is paramount, specific levers like technology and processes have significant power to retain clients.

The Wealth managers in private banks as well as non banking financial distributors help clients achieve their investment goals based on decisions that include quality of life requirements, a secure financial future and risk appetites. The emphasis therefore is on sound financial advice on global investment opportunities and the ability to track and manage clients’ portfolios through the entire investment lifecycle.

Challenges

Some of the challenges faced by the Institutions are:


	Lack of Single repository for client’s financial relationship with the organization

	One of the most significant difficulties advisors face in satisfying clients' long-term investment management needs is to understand and leverage the entire household financial picture.

	The inability to offer consistent advice across multiple advisors and accounts.

	The process of establishing and maintaining client trust is complex and time-intensive activity, requiring lot of manual and often-disjointed tasks.

	Often institutions lack the technique to create a long range cash-flow plan. A household may have the wealth to fulfill all of its goals. However, it may not have the necessary liquidity to meet its liabilities and goals in a timely manner.

	A system that customizes the advisor workflow according to specific guidelines so that it leaves little to interpretation in terms of how the client's portfolio should be managed.

	Requirement of a scalable and efficient system, to enable any organization to grow assets and revenue without incurring huge costs.

Why Telesto?

Telesto from FinEng is a leading suite of products that spans the wealth management lifecycle, and is tailored for the use of advisors and wealth managers. The product is proven, scalable, and provides the technology that allows firms to increase their level of customer service, reduce costs and enhance revenue. Telesto captures all pertinent information regarding contacts and clients with a true relationship view and helps define client’s goals, generate investment proposals, calculate performance and produce elegant customized reports.

Telesto supports the entire wealth management lifecycle commencing from prospecting, risk profiling, suitability assessment and financial planning to order placement and reporting. Add-on modules include the capability to generate and reconcile income from mutual fund and insurance transactions and customer portfolio.

Institutional wealth managers, including private banks, have been using Telesto for over 7 years as a complete wealth management solution which integrates with core banking, custody and transfer agents for providing a ‘single view’ of the customer portfolio across asset classes.

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