Fiserv Wealth Management Network improves reach, strengthens partnerships and optimizes efficiency, allowing us to stay competitive in the constantly evolving financial services landscape
June 01, 2022

Fiserv Wealth Management Network improves reach, strengthens partnerships and optimizes efficiency, allowing us to stay competitive in the constantly evolving financial services landscape

Anonymous | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User

Overall Satisfaction with Fiserv Wealth Management Network

The main way we use Fiserv Wealth Management Network is by leveraging their Asset Manager Connect product which is bundled with their messaging services and data services. This allows us the benefits of having a single pane for interacting with different account partners including real time data entry, consolidated reporting across managed partners and the capability to broadcast unified account specific communications across those engagements.

Pros

  • has an extensive network that integrates with a large majority of managed account partners in real time
  • consolidates access to portfolio tools and reports across partners
  • Automates messaging and notifications

Cons

  • Cost ... it's definitely not the cheapest option out there. the way pricing is itemized and a separate upcharge for each add-on gets annoying. They can probably bundle things a little better and offer a discount on the bundled products
  • the volume of system updates and changes is nauseating at times and we have to prepare and test accordingly every time there is a scheduled update. that takes up a lot of resources; quarterly updates to products would be much easier.
  • more responsive support and ideally more stable support engineers ... it seems like turnover is high in their support roles and that impacts customer success and MTTR.
  • Asset manager connect which provides a single pane of interaction to multiple managed accounts / platforms
  • Messaging services ... similar to asset manager connect but with respect to unified account comunications
  • Data Services that enable real time entry and reporting functionality across partners
  • Speed of service is greatly improved across partners. I believe our MTTR for service requests has improved by 30-40%
  • Standardized platform for our staff which translates to better retention and a lower training effort.
  • Cost is the negative impact ... it goes without saying that using Fiserv is much more expensive to the manual alternative which is very human resource intensive but low cost. But that's to be expected ...we're just trading time for money.
I can't name any other competitors that we considered because I have signed multiple NDAs that prohibit me from doing so.

I can say that the decision to go with Fiserv WMN was in large part because we have other Fiserv Products and as a result, we already have a strong established relationship with Fiserv (and First Data for that matter, before they were acquired by Fiserv).

Do you think Fiserv Wealth Management Network delivers good value for the price?

Not sure

Are you happy with Fiserv Wealth Management Network's feature set?

Yes

Did Fiserv Wealth Management Network live up to sales and marketing promises?

Yes

Did implementation of Fiserv Wealth Management Network go as expected?

No

Would you buy Fiserv Wealth Management Network again?

Yes

Fiserv Wealth Management Network is well suited in scenarios where an organization has multiple financial services providers and would like the benefit of tying that all together and managing it from a single, unified solution. The benefit there is increased efficiency and productivity, especially when compared to the manual alternative of having managers log in to separate sponsor platforms.

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