UNLOCKING GROWTH OPPORTUNITIES: Cloud Storage Platform Analysis for Wealth Management Firms

Wealth management firms increasingly rely on cloud platforms for data lakes, data warehouses, data lakehouses. Selecting the right cloud platform for your data strategy is critical for your success and it depends on firm size, data complexity, and strategic priorities.

Wealth management is a data-intensive industry where analytics and technology are critical to success. The shift to cloud data warehouse platforms offers scalability, cost efficiency, and advanced analytics capabilities, enabling firms to:

1. Aggregate and manage their disparate data sources in a single location.
2. Own their data as opposed to relying on their advisor technology stack vendors.
3. Enhance decision-making through machine learning.
4. Identify opportunities to open new conversations with clients.
5. Improve operational efficiency with automation.

This white paper examines the leading cloud storage and analytics platforms available to wealth management firms, focusing on their capabilities, resource requirements, and suitability for wealth management operations. The platforms evaluated are Snowflake, Databricks, Amazon Redshift, Microsoft Azure BI, Google Cloud, and Oracle Cloud.

This paper provides a comprehensive analysis of leading cloud platforms and tailored recommendations for wealth management firms at different asset-under-management (AUM) tiers.