WealthArc has compared cloud-based and on-premise wealth management solutions to determine which is better. On-premise tools offer greater control and customization, but come with hidden costs. Before opting for an on-premise solution, firms should consider the total cost of ownership. Installing and maintaining local tools require significant investments in hardware and network infrastructure, including servers, storage devices, and backup systems. On-premise systems also require regular maintenance, adding to costs and requiring specialized skills.
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