WealthBriefing has experience reporting on the wealth management industry for nearly 20 years. It leverages this pedigree yearly, hosting awards programs across geographies, such as it has done with the 2024 WealthBriefing European Awards. This program, specific to the European region, evaluates individual experts, products and services on their capability to exhibit top class performance and innovation.

Laserfiche recently won an award as part of this program, for Change Management Process/Best Implementation of a Technology Solution. We had the pleasure of interviewing Russell Boland, Director of EMEA Sales at Laserfiche, to give his insights on what made Laserfiche a winning solution this year.

What was the winning formula for Laserfiche at the WealthBriefing European Awards this year?

Laserfiche listens carefully to customers and understands their specific needs, to see how we can deliver more tangible value. For example:

Laserfiche is adding to the value of wealth management customers through keeping client data in good order, raising staff productivity, accelerating client service and addressing ever-rising compliance requirements effectively and affordably.

What is Laserfiche doing to continue serving the needs of the wealth management industry?

Wealth management firms are reporting pressure from clients to reduce fees and deliver faster services. Meanwhile, it is more challenging than ever to attract and retain the specialist staff needed for this sophisticated and highly regulated industry. According to Laserfiche research, 70% of British Gen Z have left, or would consider leaving, their company due to outdated technology.

Laserfiche provides easy-to-use tools that empower organisations to modernise processes, and continues to innovate by incorporating technologies including artificial intelligence. This enables wealth managers to automate and optimise operations, aiding training, reducing key person risk and simplifying compliance. Digitalised processes boost productivity, raise staff satisfaction, and improve collaboration, in turn increasing revenue capacity, freeing up staff time to focus on client engagement.

What challenges are organizations in wealth management experiencing today, and how can they use Laserfiche to over come these challenges?

The volume of data firms create and manage continues to grow by around 20% per year. Additionally, regulators are imposing strict disciplinary sanctions for organisations that fail to follow regulations. More frequent and detailed audits add to rising compliance-related costs.

Laserfiche supports customers through these challenges by providing a single source of truth for data, and a process automation hub that integrates seamlessly with other core technology systems. Laserfiche provides a new level of visibility into operations, by tracking user actions on records with audit trails, and standardizing processes to optimise staff experience, address regulatory requirements, and strengthen information governance.

How do you see the wealth management industry and Laserfiche’s role in it evolving over the next five years?

Leading wealth managers are investing heavily in technology to enable them to grow revenues without requiring similar staff cost growth.

Growth often leads to more need for end-to-end automated processes while firms simultaneously navigate an increasingly complex compliance landscape. Today, it’s imperative for organisations to build strong technology infrastructures in partnership with trusted vendors such as Laserfiche and solution providers that specialise in wealth management, including MBS, the 2024 Laserfiche International Partner of the Year.

Additionally, the generative AI hype will continue. At Laserfiche, we believe AI will empower individuals to transform their work, take control of processes, and supercharge productivity. There is great promise for AI solutions in wealth management, in areas such as compliance, fraud prevention and client service.

But to achieve enterprise-wide transformation, organisations need to deploy AI at scale, which involves sophisticated data management frameworks and efficiently deploying AI across platforms. In the next five years, the focus will be on supporting customers in genuinely valuable AI deployments, utilising these technologies responsibly via risk-and-benefits frameworks.

To learn more about Laserfiche solutions for the wealth management industry, visit https://www.laserfiche.com/solutions/financial-services/wealth-management/