In recent years, advances in technology has also kept a lid on back-office wages and labor additions.
Peter Brittain, head of business development at platform provider FusionIQ, says he expects that trend to continue as well. “Enterprise clients we work with have noted a jump in productivity and satisfaction among back-office and other employees after replacing traditionally tedious applications with an easy-to-navigate multicustodial solution for the back office. And with the wealth management industry focused on growth today, all-in-one platforms enable firms to scale, eliminating the need to bring in additional back-office staff as they increase AUM.”