A wealth management platform is the software on which a bank or an adviser manages a client's investments, from the first recommendation to the quarterly report. It has three parts: a client portal, where clients see their investments; portfolio management, which tracks every holding and its return; and the adviser's workspace, where the adviser does the daily work. It is also called a digital wealth platform or an adviser workstation.
Consider a private banker in Mumbai who looks after 120 clients. She opens one client's page in the morning. The platform shows everything the client owns, which it receives from wealth aggregation software. It also shows prices and research from a financial data terminal.
The platform compares the client's holdings with the plan they agreed. Say the plan was 60% in shares and 40% in bonds and deposits. After a rise in share prices, shares are now 70%. The platform flags this. A model inside it, called next best action, also suggests what to offer the client next.
The banker prepares a proposal: sell some shares and buy a bond fund. The platform checks that the proposal suits the client's risk profile, the record of how much risk the client agreed to take. It sends the proposal to the client portal. The client approves it on her phone. The platform then sends the trades to the wealth order management system, which passes them to the broker.
At the end of the quarter, the platform produces a report for each client. It shows what the client owns, what changed and how much the investments earned.
In India, the platform must also follow SEBI's rules on who may give advice. A registered investment adviser charges the client a fee. A mutual fund distributor earns a commission from the fund company instead. The page on investment advice regulation explains the difference. Distributors often use separate mutual fund distributor software.