Formue receives the Impact Award for Digital Initiative of the Year – Europe A mobile portfolio
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Aite-Novarica Group has announced the winners of the 2022 Digital Wealth Management Impact Innovation Awards. The Impact Innovations Awards aim to recognize and celebrate the industry’s best and brightest financial services firms across seven dynamic categories.
Formue is the recipient of the Impact Award for Digital Initiative of the Year – Europe.
Formues advisory framework helps clients meet core financial needs, preserve, and grow wealth, and meet discretionary and entrepreneurial lifestyle and capital needs. Formue’s reporting platform allows clients to see their portfolio integrated to the firm’s framework, including to track progress towards them. The reporting solution embodies the principles of modern reporting and is specifically targeted at developing new and enriching existing relationships with high-net-worth clients in their markets.
– Modern client reporting is a critical component of holistic wealth management. It’s the connective tissue between all aspects of an investor’s balance sheet and their financial goals. That translation from dollars to action is particularly important for high-net-worth investors, whose financial needs are complex, spanning a variety of traditional and esoteric financial products, says Anders Zachrisson, Chief Formue.
Through Formues digital reporting solution, clients can view portfolio performance in percentage (time-weighted) and money-weighted in local currency (Formue reports in NOK and SEK) on their home screen and they are able to view their performance across pre-selected or customizable time horizons. Clients can also drill into holding-specific reporting by asset class. Asset classes are grouped into three client friendly categories. Stability, market growth and alternative growth.
– The reporting is a simple, high-level view with the most important information readily available. When clients click on an asset class the relevant products in the table are highlighted and put on top. As Formue’s clients are usually invested in funds or asset class specific fund-of-funds, the firm developed an analogous view to allow their clients to obtain insights on the underlying funds and securities they indirectly own.
Formue has also developed reporting to help clients understand their portfolios sustainability, geographic, and sector profiles.
– Within the sustainability view, clients can see easy to follow visuals and alerts on how their portfolio performs from a sustainability perspective, aggregated for all funds and investments. Analytics are provided on carbon intensity, as well as an overall ESG Quality Score measuring how underlying companies manage key risk and opportunities that arise from Environmental, Social and Governance factors. Clients can view how their portfolio compares to benchmark indices, as well as how its sustainability metrics are trending over time.
Formue is a privately owned independent Hybrid Wealth Manager operating in Norway and Sweden, serving 4000 Households (families/foundations), 350 staff and $14 bn AuM (avg. household client size $3,5m).
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts.
The winners have been selected by a global panel of six external experts on digital wealth management based on different criteria: level of innovation and competitive advantage, market needs assessment, impact on customer experience, impact on customer operational efficiency, level of new revenue opportunity for the organization, impact on customer retention/new customer attraction, level of scalability across customer base, future roadmap. The awards will be presented in New York on November 9, during the Wealth & Asset Management Forum.