Over the past few years, many investment and wealth management firms and advisors have rushed to deploy AI, generative AI and other new solutions — only to discover that their underlying data foundation cannot support the technologies. Smart firms are realizing they must modernize their data at the base to deliver a better front-end experience for their advisors and investors.

Today, it is not a question of whether to modernize one’s data management, but how to go about it and how fast it can be done. To better understand our industry’s current state and future direction on this issue, I am pleased to share with you the inaugural BetaNXT Data Modernization Benchmarking Survey. We partnered with Wealth Management IQ to conduct an in-depth survey among decision-makers and influencers in the investment and wealth space, ranging from RIAs and IBDs to banks and asset managers.

Our research reveals an industry-wide movement to modernize in the face of competing priorities — as well as eye-opening markers of which firms will pull ahead. We find that an innovation mindset drives action, that talent and culture matter as much as technology and infrastructure, and that choosing the right partners can significantly accelerate modernization progress.

The results indicate that data management and data modernization will only grow in importance, and that executing effectively in these areas will help drive future success. I hope you find this report valuable as you shape your own data modernization journey.

Bob Santella
Chief Executive Officer