VRGL, a wealth management software provider, is a quest to get more funds. Such assistance will expand the company’s boundaries thanks to the development of new functionalities and improvement of existing ones developed for the financial advisors and their clients. What does this funding means for VRGL and the rest of the wealth management sector.
Who is VRGL
VRGL is well positioned in the wealth management software market where it has developed an impressive range of applications meant to optimize the productivity of professionals dealing with clients in the investment sector. Portfolio management and client reporting, compliance management, and scientific budget planning are just some of the functions offered by the company’s application. As many labor intensive processes related to wealth management are done via the platform, advisors can spend more time on client interaction and higher level planning.
Overview of the Funding Round
The recently completed funding round attracted both venture capital and strategic investors who have shown good faith in the merits and scalability of the VRGL business. Although the exact amount of the funding has not been disclosed, sources within the industry believe it is quite good and will affect the direction the company takes going forward.
This funding round will be said to mainly be applied to the following.
Product Development: To further improve the current software and make new ones, VRGL will devote good amount of resources to research and development. This will probably include how to apply plateauing effects for even better analytics tools and automation tools for advisors by using artificial intelligence and machine learning.
Market Expansion: The funds shall also help VRGL seek to increase its reach in the local as well as international markets. VRGL intends to develop its client base and extend its share of the intense competition in the wealth management software market by broadening its scope into additional and newer regions and age groups.
Talent Acquisition: As VRGL intends to grow, it is assumed that some of the funds will also be used for the recruitment of ERP professionals, developers, data scientists and fintech […] companies. Recruitment of such professionals will be necessary as the company grows and takes up more challenging projects.
Implications for the Wealth Management Industry
Such aggressive plans of VRGL to seek funding highlight the increasing need for technology application within wealth management. Fidelity says the need of financial advisors to provide clients with customized strategies has increased the use of software and systems such as VRGL.
This is parallel to the increased adoption of technology within the financial services industry. Advisors are using more of their advisors’ time to process large amounts of data, authority mandates as well as information to clients and all in a very short time. Moving forward, it is hoped that VRGL can continue to grow in this environment and further penetrate the technology solutions market for financial services.
Conclusion
The latest funding round proudly draws a line for VRGL and company, as it reminds the beginning of the new growth stage. To develop products, enter new markets and hire key employees are the plans of VRGL, in consequence it will become the disruptor in the wealth management domain. With a soaring need for smart, quick, and market-oriented offerings, the success of VRGL could be a pointer towards what the future of wealth management will be.
