Parkwell Insights: IT Cost Reduction Strategies
IT Cost Reduction Strategies
Wednesday 29th November 2023
Parkwell Offices, 8 Laurence Pountney Hill, London EC4R 0BE
While the implementation of modern technology can improve the scalability, flexibility, reliability, and efficiency of IT systems, change can either increase or decrease a firm’s IT cost base. According to Compeer Limited, IT costs within the wealth management sector have risen in the past five years, almost doubling. There could be several valid reasons for this, such as:
- The cost of digital transformation
- Deploying more infrastructure (most notably to support home working during the pandemic)
- Adhering to new regulation and reporting requirements
- Improving IT security and surveillance
- Expanding capacity to cope with growing business volumes
- Annual increases in platform charges and/or third-party vendor contracts
- Continually rising legacy system support costs
- Demands for more IT professionals and/or higher IT staff salaries
Whatever the reason for the recent rise in IT spend, there are likely to be IT cost reduction opportunities within most wealth management firms. Using a strategic approach to IT cost transformation can help identify both tactical and strategic opportunities, which if addressed correctly can create significant and sustainable benefits. This can include benchmarking against peers to establish your relative efficiency and to gain insights on lower cost operating models.
At our next Parkwell Insights seminar on Wednesday 29th November 2023 we will be exploring strategies that wealth management firms can use to help reduce their expanding IT costs. We will also facilitate another of our popular panel discussions where representatives from wealth management firms and service providers share their IT cost reduction experiences, answer questions from the floor, and provide further insights on this hot topic.
If you are interested in IT cost reduction, we very much look forward to seeing you at our next invitation only Parkwell Insights seminar on Wednesday 29th November. Please register below.
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15:00 Registration & Networking
15:30 Ian Whyte, Parkwell – Welcome & Introduction
15:35 Jason Raikes, Parkwell
15:45 Tariq Khan, Objectway
16:00 Mark Harrison, Killik & Co.
16:15 Panel Discussion
(Tariq Khan – Objectway, Mark Harrison – Killik, Nick Rosser – Rathbones/Saunderson House)
16:45 Networking & Christmas Drinks
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Ian Whyte – Parkwell Ian is a senior consultant and has over 20 years’ experience of successfully delivering change in financial services, specialising in Wealth Management. Ian’s experience of regulatory and business change includes successful delivery of major change programmes including MiFID I, MiFID II, and GDPR. He is currently responsible for an ESG programme at a global Wealth Management firm. |
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Jason Raikes – Parkwell Jason is a senior consultant with 25 years’ experience of the financial services industry. Jason has detailed knowledge of business process re-engineering and the appropriate use of technology to improve front office productivity. Jason’s areas of expertise also include project management, regulatory projects and management information. Jason is a Chartered Accountant having trained with one of the big four firms. |
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Tariq Khan – Objectway Tariq is responsible for business development and account management in the UK and Middle East. An accomplished professional with over 20 years’ experience working with senior management and board-level in financial services. Tariq’s roles involves understanding our clients’ business objectives and ensuring Objectway’s solutions can enable these, as well as adding value to the clients’ future roadmap in a true partnership approach. |
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Mark Harrison – Killik & Co. Mark is a technology, operations and transformation specialist with extensive experience in multiple aspects of the securities industry. He is a consultant by training and has worked in consulting roles in a very wide range of environments: fund managers, wealth managers and service providers. He has also held senior line jobs in a range of organisations including Cazenove & Co, Henderson, BNP Paribas and Waverton Investment Management. He specialises in large scale transformation and outsourcing service provider management. |
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Nick Rosser – Head of Information Technology, Rathbones/Saunderson House Nick is Head of Information Technology for Saunderson House, an award-winning independent firm of wealth managers focused on private clients. Nick plays a leading role in defining and supporting the business lead technology strategies across the organisation. He has over 25 years of experience working within financial services, in roles within technology, operations and client advice at firms including Jupiter Asset Management and BDO LLP. |
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