“This has all put a big emphasis on the question of `how can I be virtual with my clients’?” Mrak continued. Technological robustness, and ability to connect clients and advisors easily, are at a premium.

The latest flagship offering - Refinitiv Workspace for Wealth Advisors -  provides market-leading news, research, data, analytics, and can be accessed on any device, so advisors can quickly and efficiently respond and engage with clients when working from home or remotely, which is so critical in these times, said Mrak. 

(Here is an article examining how the LSEG-Refinitiv acquisition will affect the wealth management industry.)

Busy times
Refinitiv has made plenty of headlines recently, even without the London Stock Exchange deal that sparked widespread commentary, as reported in these pages. Last year, it rolled out extensive HTML-5 responsive widget capabilities in a move to provide easily deployable content and market data to clients and advisors alike. 

This year the focus on digital has continued as the business flagged its wealth sector ambitions by appointing Charles Smith as head of digital solutions, wealth management. In another big move at the start of March, Refinitiv bought Scivantage, a software as a service innovator in fintech. That move was a testament to Refinitiv’s push into next-generation digital wealth management solutions. Refinitiv will be familiar to wealth managers for offerings such as its Eikon range of capabilities that cover cross-asset data and news, analytics and reporting tools. (Another of its offerings is World-Check Risk Intelligence, a solution on its Risk Management platform.) 

The firm is building out its wealth portal solutions through strategic partnerships such as: NRI, SigFig, MarketPsych, Appway, StoneCastle and Sberbank, to add Digital Advice Technology, Automated and Customised Advisory, End-Client Workflows and Enhanced Cash Management Solutions aimed at clearing and self-clearing broker-dealer clients.

Refinitiv has been spreading its regional wings. Fast-growing Asia has been an important market. “It is one of the most important markets and a reason we are so bullish over our digital capabilities,” Mrak said. 

Asia-based clients like the Refinitiv Workspace workflow solution because they can customise it, add their own features and link their own data, bringing the system into their desktop computers. 

“A lot of what we sell is access to our feeds,” Mrak said. “People can go and grab whatever they need. That’s definitely a trend.”

As wealth firms dedicate more resources to modernise their technology stacks and build new workflow capabilities, Refinitiv is providing that flexible access and delivery of data through the Refinitiv Data Platform. “The platform provides clients and third parties with a single and consistent data experience, making it easier for customers to explore, connect to and consume Refinitiv data,” said Mrak. For customers, this means fewer resources focused on data management, and more time on digital initiatives like analytics and personalisation that create true differentiation, Mrak said.

The business also keeps an eye out for suitable acquisitions to build operations where it can, Mrak said. 

The firm has continued to pick up clients. In October Refinitiv signed a multi-year strategic agreement with TP ICAP to support its data needs for both its brokers and technology platforms. In March Bank of China launched DeepFX, an artificial intelligence-based foreign exchange trading signal prediction application through Refinitiv’s Eikon, the first released third-party Eikon app from a China-based financial institution.

And, as this news organisation knows, Refinitiv has been a prolific generator of industry white papers, covering issues such as the shape of wealth management and alternative investments. And business partnerships take it into unusual ground. A few days ago, Sansan Inc., the Japanese cloud-based business card management service provider, partnered with Refinitiv to provide World-Check to its customers to enhance screening and support the government’s efforts to combat “anti-social forces (ASF)” or organised crime groups.

Adaptability
Refinitiv’s sheer scale means it has the resources to let it innovate and be robust during volatile markets, as at the present time, Mrak said. “Being creative around the pandemic’s effects is important – if you cannot adapt then you are not in the game.”

The firm is continuing to work on services to help clients look at their portfolios across the board; it is working on portfolio rebalancing tools and analytics. These remain under-used areas, he added.