just now
November 3, 2022 – Saxo, a Fintech specialist that connects people to investment opportunities in global capital markets, announced at the Singapore Fintech Festival that it has launched SaxoPartnerConnect, a one-stop digital advisory solution that supports self-directed, advisory and discretionary business, enabling wealth managers to better service their clients, while offering scalability and reducing costs and complexities.
Wealth management services typically come from five sources: Banks, brokers, independent financial advisors, external asset managers, and robo advisors. Saxo believes that the most common pain points for wealth managers in terms of the tools available to them to support their business model include:
• Scalability
• Regulatory requirements
• Non-scalable and expensive legacy tech stack
• Surrounding services, such as reporting, corporate actions, execution and settlement, and market data, are rarely well integrated
“We are very excited to bring SaxoPartnerConnect to the market and launch it at the Singapore Fintech Festival. Singapore is Saxo’s Asia Pacific hub and the first market in the region we are rolling this wealth manager platform out in. An Accenture study noted that delivering a true advisory proposition that is goals-led, holistic, and digital-first but integrated with financial advisors will be crucial for future competitiveness. We are fully committed to helping our partners realise that for their businesses, and SaxoPartnerConnect is designed with these partners’ pain points in mind. It offers a comprehensive digital one-stop solution that helps advisers achieve scalability whilst reducing costs and complexities,” Adam Reynolds, APAC CEO, Saxo, said.
Besides its direct business offering trading and investing platforms and services for retail investors, Saxo Institutional covers wholesale clients (B2B2C) and direct B2B clients. Institutional partners can utilise Saxo’s platforms, technology to provide their end clients access to global capital markets, allowing Saxo’s partners to focus on servicing their clients (Banking as a Service). Partners are serviced via dedicated partner tools and through all of Saxo’s platforms, including Open API and FIX API.
“From Saxo’s position as a provider of solutions across this whole universe, we have seen a significant increase in activity from banks and other financial institutions looking to build scalable digital solutions using tools developed by external partners. The massive operational efficiency we offer with SaxoPartnerConnect means wealth managers can now handle more clients while not compromising quality and remaining compliant to regulatory needs,” Ivan Chang, APAC Head of Saxo Institutional, said.
SaxoPartnerConnect: Key features For advisory companies that do not have the IT budgets to run their own in-house Portfolio Management System and consolidated client front end, the choice of technology provider is vital to reduce cost and complexity and to maximise advisors time on understanding their clients so they can provide more value-added services.
SaxoPartnerConnect is designed and developed for Independent Asset Managers and Financial Advisers and includes the following features:
• The Model Manager: Partners can create dedicated model portfolios. These can be used for both discretionary and advised clients, and they can choose scheduled and ad-hoc rebalancing.
• SaxoAdvisor: Built into SaxoPartnerConnect, this suite of end-to-end financial advisory tools lets partners create investment proposals. It includes a digital client approval flow, advisory sessions spanning multiple accounts, and allows for accounts with different ‘management types’ on a single client. It can support advised accounts, managed accounts and self-directed accounts.
• Client screener: This allows users to get a full overview of their client base including the ability to generate portfolio and transaction reports in bulk.
• Efficient Client Management Portal: One stop system to access multi-asset classes with advanced allocation and rebalancing tools. The easy and efficient client management portal comes with digital communication throughout investment circle, letting advisors manage the full client lifecycle such as onboarding, funding, trading, corporate actions and renewal on behalf of clients.
