Ground-breaking independent wealth management study confirms the vital role of technology in overcoming relationship management challenges in Asia
Singapore, June 18, 2020 – Wealth Dynamix, a global leader in Client Lifecycle Management (CLM) solutions, has announced new research that reveals the opportunities and challenges facing relationship managers, as they work towards engaging more effectively with clients and building revenue growth strategies for the coming decade. Sponsored by Wealth Dynamix, this independent research study was conducted by leading Asia wealth management community development firm Hubbis, who surveyed 175 Asia wealth management experts in February 2020.
Entitled ‘Empowering the Relationship Manager: Their Role in the Future of Wealth Management in Asia’, this 50-page research report, emphatically confirms that the relationship manager will continue to be central to the delivery of wealth management services in Asia, in the robust and fast-growing high-net-worth (HNW) and ultra-HNW (UHNW) sectors. The report outlines the many steps already being taken to help re-invent the role of the relationship manager in the decade ahead, and details how wealth management firms can equip relationship managers to achieve optimal outcomes for all stakeholders.
– more than 80% of experts surveyed expect Asia’s private wealth accumulation to outstrip other regions in the world, and 87% predict rapid growth
– 84% believe that relationship managers in Asia are operating reactively to address clients’ needs; only 10% of relationship managers currently have time for proactive work
– 72% consider relationships with clients to be ‘average’, ‘below par’ or ‘awful’
– 89% state that a more process-driven, disciplined and structured CLM system would attract new clients
– 87% said that CLM automation would improve client retention, 85% said talent acquisition and retention would be boosted, 85% said revenues would increase, and 65% anticipated cost reductions
According to Dominic Gamble, Head of Asia Pacific at Wealth Dynamix, “The Hubbis report provides new and unique insights into the factors that will be critical to the success of relationship managers, the firms they serve and their clients, through 2030 and beyond. By leveraging technology like our WDX1 CLM platform to create operational efficiencies and enrich client experience, wealth managers will benefit from longer client relationships and relationship manager tenures, more energised an motivated teams, and happier clients who are receiving better, more tailored advice.”
WDX1 is the flagship, multi-award winning digital CLM solution from Wealth Dynamix, designed to support the complex requirements of wealth management companies from a single unified platform. Its capabilities span the entire client lifecycle, including client acquisition, client engagement, digital onboarding, regulatory compliance, relationship management and ongoing client servicing.
13 October 2020
Wealth Dynamix and CH&Co. join forces to deliver enterprise-scale digital transformation projects that have CLM as a core requirement.
3 min. read
23 June 2020
The integration will provide relationship managers and advisors with complete, seamless visibility of every client’s portfolio progress against pre-defined goals, from within a single, unified advisor workspace.
3 min. read
15 June 2020
Judges cite innovative application of Customer Relationship Management and a pioneering approach to Client Lifecycle Management as key differentiators for Wealth Dynamix.
2 min. read