Navigating the pitfalls – Part 2

Navigating the pitfalls (part 2): Use a specialist provider when developing your wealth management mobile app!

Choosing your software development provider is the MOST is important thing to consider when building your own wealth management mobile app. This is so often overlooked, and wealth manager goes with the cheapest quote or a “friend of a friend” – yes, we have all been there.

It is CRITICAL to select your provider wisely. But why?

Wealth management jargon and workflows contain some unique challenges that a generalist developer may not understand. These include:
(no apologies for all the acronyms, they make my point)

1. Compliance and regulation:

KYC/AML, GDPR, MIFID, DSA, etc and for the UK audience, did anyone say consumer duty 😊. Who is the poor person that is going to explain all that to a general software dev team? A specialist provider will be familiar with these acronyms, understanding their impact and how to navigate them.

2. Data feeds and 3rd party Api’s:

Most wealth management firms have a range of providers. Most offer the data related to that wealth management firm but in what format? All are different with different formats: xml, csv, json, api’s, sftp. The list goes on.

A specialist has the knowledge and experience to manage these effectively

3. Views of data

Investor clients needs vary, requiring customizable views for different products and instruments. For example:

– Client 1 has equities only. We need views for the total value (with percent change over a period), pie chart with the sectors, a performance chart and maybe a table of the equities. Nice and simple.

– Client 2 has equities, derivatives and funds. How do you display total value; on initial margin, on exposure? What about short positions? The views for this client can look completely different.

4. Confusing jargon

As soon as you enter the financial services sector, you enter a world of jargon and acronyms. Equities, instrument, security, stock, future, option, bond, CFD, gearing, exposure, short, long, TWIRR, VWAP. Arrgghh – please speak English!


There are many others. This is just a start.

It can take years of experience to learn and understand the workflows and nuances of the wealth management industry. These cannot be easily communicated in a few brainstorming and product design sessions.

Moral of the story

While it might seem cheaper and easier to go with a general software development team. Please don’t! Get a specialist. They will guide you through the dangers and pitfalls of providing the best mobile app to your clients.

Remember, expertise matters. Just like managing investments, developing a wealth management app is best left to the specialists.

Stay tuned for more insights!