Rebuilding the wealth model: How is modern architecture reshaping the industry?

Wealth managers are hitting a genuine inflection point. At FundForum 2026, Brian Allis, Head of Wealth Services, Europe at State Street, explains why legacy systems can’t support the real‑time, personalised digital experience investors now expect, and how firms are rebuilding their operating models around modern, integrated platforms.

Digital Expectations Are Outpacing Legacy Systems

Clients today expect immediate access to their portfolios, seamless digital engagement, and the ability to participate in decisions whenever they choose. Traditional systems were never designed for this level of responsiveness, and the gap between investor expectations and operational capability is widening fast.

Brian explores the pressures driving this shift, from legacy technology struggling to deliver real‑time access to the rising demand for intuitive, modern digital experiences. Together, these forces are reshaping how wealth managers think about their entire operating architecture.

A Move From Products to Platforms

Historically, wealth propositions were built around products; funds, structured notes, and strategies designed to fit broad risk categories. That model is now giving way to platform‑driven portfolio construction. Firms are increasingly using ETFs, index funds, and passive building blocks to create portfolios that are genuinely tailored to individual client needs.

This change reflects a deeper industry pivot: moving away from predefined risk buckets and toward flexible, modular portfolio design. It’s a shift that requires technology capable of supporting more dynamic, personalised construction.

Public and Private Markets Are Converging

Private markets are becoming a more prominent part of the wealth conversation, but access remains challenging. Brian highlights how interval funds and ETF wrappers are helping bridge that gap, offering new ways for investors to participate in private‑market strategies.

These innovations demand systems that can manage both public and private assets, handle liquidity constraints, and integrate new data sources. The convergence of these markets is accelerating the need for modern, unified architecture.

Personalisation Is Scaling Across the Wealth Spectrum

One of the most significant changes Brian identifies is the ability to deliver bespoke portfolios at scale. Technology is lowering the cost to serve, making personalised portfolios possible even at £20k entry levels. Direct securities, exclusions, automated indexing, and regular rebalancing can now be delivered efficiently and consistently.

This evolution aligns with the changing investor profile driven by the great wealth transfer. Clients want both advisor guidance and 24/7 digital visibility: a hybrid model that requires strong digital infrastructure and modern operating systems.

State Street’s Priorities for the Next 12–18 Months

Looking ahead, Brian outlines how State Street is helping firms migrate from legacy systems to future‑state operating models. The focus is on meeting each client where they are, whether their priority is advisor‑focused technology, digital custody and clearing, or bespoke asset‑management capabilities.

The overarching goal is to build toward unified, scalable architecture that supports the full spectrum of modern wealth needs, from personalised portfolios to integrated public‑private market access.