WealthArc is revolutionising the way External Asset Managers handle compliance, making the arduous tasks associated with meeting FinSA/FinIA regulations more manageable and cost-effective.
The WealthTech company recently released a whitepaper exploring how its services can help wealth managers stay compliant.
In 2021, one of the primary concerns among wealth managers was the alignment with these impending regulations, which are often both costly and time-consuming.
The main challenge was the additional workload required to maintain compliance, it said. The extensive data collection needed, coupled with the high costs associated with internal and external audits, posed a significant risk of regulatory fines or even the loss of licenses. Furthermore, these tasks were not only time-consuming but also prone to errors. The industry also faced hurdles in monitoring and reporting both financial and non-financial data, which is essential for increasing investor protection and ensuring the security of client data.
From its inception, WealthArc has been dedicated to maximising the potential of wealth data and supporting financial advisors in their wealth creation efforts. Its Wealth App, designed from day one to be intuitive, user-friendly, and customizable, ensures outstanding data quality through our Wealth Data Box engine.
Listening to clients’ needs has always been a priority at WealthArc. Its mission is to aid clients in their compliance journeys and to facilitate the automation of daily compliance activities. As a result, the WealthTech has heavily invested in developing FinSA/FinIA compliance modules within our Wealth App. These enhancements aim to alleviate the burdens of new regulations and help our clients save both time and money.
For more information about how WealthArc is helping firms improve their compliance processes, read the whitepaper here.
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