OAKS, PA--(Marketwired - Jul 23, 2015) - SEI (NASDAQ: SEIC) today announced that Wells Fargo will adopt the SEI Wealth Platform (the Platform), SEI's next-generation, wealth management technology solution. The Platform is an integrated solution designed to support client relationship management including front-, middle-, and back-office fiduciary investment and account administration processing services.
"Visionary banks and wealth managers recognize the competitive advantage modern systems offer to both risk management and business development plans," said Joseph P. Ujobai, Executive Vice President of SEI and Head of the Private Banking business. "With long-term, sustainable growth goals and a desire to support client needs as efficiently and effectively as possible, Wells Fargo has a long-standing reputation for adopting innovative technologies and processes. We look forward to helping them advance that mission with the adoption of the SEI Wealth Platform."
Wells Fargo will migrate from SEI's TRUST 3000® solution, currently supporting its wealth management, retirement, and corporate trust groups' fiduciary and custodial businesses, to the new platform. SEI's new technology is designed to meet around-the-clock client demands, provide a simplified infrastructure with faster response times and efficiencies, and an upgraded suite of products and services.
Recent industry studies have highlighted the growing need for modern infrastructure in the market for improving processing effectiveness and efficiency. A report from EY* conducted last year also revealed that, in terms of priorities for IT spend, regulatory compliance and information protection were at the top of Chief Information Officers' agendas at 92 and 72 percent, respectively. *EY, Digital disruption and the game-changing role of technology in global wealth management: IT in Wealth Management 2014.