May 18, 2022

Wealth Managers operating within Europe, particularly in France, Monaco and Benelux, consider life insurance a vital tool for their wealth planning offering, utilising it as a wrapper to structure and protect their clients’ wealth.  

However, it is becoming a product that offers up as many challenges as it solves, as more options become available for Private banks working in an open architecture mode for their investment solutions, and needing careful alignment to the client’s aspirations. Life insurance needs to be factored into the digitisation of wealth management processes.  

Private banks, Life insurers and clients need to be connected and empowered to interact with transparency and efficiency. This can prove difficult and time-consuming without the adequate technological infrastructure in place. And while life insurance aggregator platforms solve one piece of the puzzle, they fail to fully integrate the product into the client lifecycle.  

Life insurance is a diversifying product 

After the shock of Covid-19, global life premiums are expected to ‘rebound strongly’, with ‘above-trend annual growth of 4% in 2022.’ In the context of low-interest rate environments, though, European life insurers are in a difficult position. Euro Fund is delivering low returns, and the more savers invest in the fund in euros, the more insurance companies must invest in poorly remunerated bonds. This pattern is lowering the overall performance of the fund. Therefore, Life insurance providers and Private Banks are encouraging clients to shift from the Euro fund to Units of Accounts where the returns are higher – although the associated investment risks are higher too. It’s a trend noted in a September 2020 report from McKinsey, with Western European insurers accounting for two-thirds of the global growth in unit-linked premiums.  

The product is opening up new opportunities for clients to diversify their investments within their portfolio, particularly as Private banks focus more on sustainable investments (ESG), with more underlying products eligible for Life Insurance contracts. For the banks, there are positives, too; it heralds the chance to sell their investment advisory or discretionary offering to guide and help the client harness the opportunity in this area. This does, in turn, create the need to offer the client a broader choice of products, however, necessitating access to a swelling repository of policy documents and terms.  

The answer lies in Client Lifecycle Management 

These factors contribute to a changing feast of considerations for Wealth Management firms keen to offer clients sufficient choice and support their advisors and relationship managers to deliver exemplary service. However, technology designed explicitly around the complexities of the Wealth Management lifecycle does exist. In the case of the solutions provided by Wealth Dynamix, multiple jurisdictions and entities plus an extensive Life Insurance offering can be supported. Both WDX1 and CLMi have different providers embedded in the solution – easing the administrative load for the Wealth Manager and providing choice for the client.  

These CLM solutions use a single source of data from prospecting to ongoing case management, ensuring a laser-focused view of the client and valuable insight and next best actions driven by their preferences. Cedric Neuville, Director of Pre-Sales and Consulting for Wealth Dynamix, talks through their use cases for life insurance, demonstrating their value to the client and the advisor across the client lifecycle: 

Onboarding life insurance product 

Onboarding can be cumbersome and involve lots of form filling. With WDX1 and CLMi, Life Insurance forms are pre-filled automatically using the client’s personal data. This means the client’s choices need not be limited, there’s greater ease for the client and wealth manager and a far speedier implementation from the point of instruction.  

What is time consuming is filling forms with duplicated information and the signing process: with dematerialised forms/processes and electronic signatures, the burden almost disappears. 

Aggregate Positions 

Like any product you buy, it’s good to have a one-stop-shop for product – a view of the updated position. WDX1 and CLMi give you this, with access to documentation for comparison or to share with the client. 

Recommendations 

As the system is supported by data gained at the onboarding stage, and meaningful insights are drawn from this data, relationship managers can fully understand the client’s preferences and find the best Life Insurance wrapper for them. Products – non-ESG, for example – that do not match the client’s preferences will automatically be discounted, aiding the positioning of relevant products to the client. 

Service requests 

Fulfilling client requests through letters and signatures via the bank’s back office that contacts the provider can take time. It might take 3 to 5 weeks to get a client’s money back or complete a simple process like an address change. With WDX1 and CLMi, it’s all electronic, meaning the only task for the wealth manager is to approve the request. 

Commissions 

It’s essential for all parties for fees and commissions to be transparent. WDX1 and CLMi gather all fees and centralise this data, presenting a clear view for the bank and the client. 

Much of the time, Wealth Managers will have no electronic repository of life insurance products so will invariably revert to the few products they know. With WDX1 or CLMi, they will not only have access to any plugged product but can access terms and conditions and product detail easily. 

If you’re struggling with inadequate systems and data siloes, now is the time to act. To tap into a wealth of thought leadership in this area or find out more about the capabilities of Wealth Dynamix solutions, contact us.

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With 20+ years’ experience in delivering strategic digital transformation initiatives, Cedric oversees the successful implementation of client lifecycle management solutions in the Southern Europe region.

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Gabriel Chan

Head of Sales – APAC

An accomplished, results-driven sales and marketing professional, Gabriel has held sales and marketing leadership positions in Singapore and China at some of the world’s most successful and respected global technology enterprises.

During more than 20 years spent at IBM, Sun Microsystems and Microsoft, Gabriel developed and implemented sales and channel strategies to support strategic business objectives.

His specialism is growing and extending sales territories to grow revenues and increase market share.

Travis Morgans

Head of Consultants

Travis combines 15 years of software delivery, business modelling and leadership experience with a passion for transforming business needs into effective digital solutions. Before joining Wealth Dynamix in March 2018, Travis led Operations for Nikon – a role which incorporated CRM product ownership responsibility and initiated over 10 years of MS Dynamics experience, from 2011 to Dynamics 365​.

 Since joining the Wealth Dynamix team, Travis has been instrumental in designing and delivering some of our most strategic WDX1 projects. Leading the consulting team for WDX1, he is responsible for their recruitment and development. The team’s complex remit supports a fundamental aim – to ensure Wealth Dynamix delivers the best client experience. ​Travis is also responsible for ensuring the WDX1 product is designed and evolved in the most adaptable way possible to drive adoption across our client base, existing and future.  

Joanne Donoghue

Chief Marketing Officer

An experienced, tenacious marketer, Jo joined the Wealth Dynamix team in 2021 as Head of Marketing and quickly rose to the position of Chief Marketing Officer. A Brand and Marketing specialist with a proven track record in BRB and B2C communications, Jo combines a customer-centred approach with strategic thinking.

Having held senior Marketing positions in numerous FTSE 100 businesses, including Asda Stores Ltd, The Co-operative Retail Group, plus financial services brands MBNA, OneFamily, TransUnion, The Co-operative Group, she possesses a wealth of experience in the fields of finance and technology.

Jo is passionate about activating the Wealth Dynamix brand across every channel, taking a holistic marketing approach to drive consistency, salience and thought-leadership activity.

About – Agustin Collazo

Head of Strategic Client Relationships

Agustin joined Wealth Dynamix over six years ago bringing a wealth of experience in change management.

Having experienced first-hand the challenges of managing clients through change, Agu now brings that expertise to Wealth Management firms looking to leverage technology in order to help them connect more effectively with their clients.

Agu has a deep technical knowledge of our solutions that allows him to deliver our products effectively, unlocking the full potential of every feature.

As our Head of Strategic Client Relationships, Agu’s specialist expertise supports firms to become more efficient, transparent and dependable using our CLM solutions.

Juan Stoppa

Head of Development

Juan has over 20 years’ experience developing and implementing CRM solutions and has spent the last 10 focusing primarily on the Client Lifecycle Management (CLM) in the Wealth Management industry.

Currently Head of Development, Juan is responsible on overseeing the technical direction of the product.

Before joining Wealth Dynamix, Juan has worked for Barclays, Fujitsu and Ciber delivering large scale CRM projects in the financial services industry.

Juan has a first degree in Telecommunication Engineering from Universidad Blas Pascal and a MSc in Business Information Technology from London South Bank University.

Ben Altmira

Director of Operations & Change

An internationally experienced change management professional, Ben is responsible for overseeing projects both internally, and for clients.

In a career spanning more than 20 years in global banking, finance and management consulting, Ben has led strategy formulation, project planning, change management adoption, business networking consultation and transformational change projects at Fortis Investments, Barclays Wealth and Investment Management and Verisure Securitas Direct. Since beginning his career at Deloitte, Ben has also amassed a wealth of experience working on complex CRM system implementations, and is a PROSCI-certified Change Practitioner and a Certified Scrum Master (Scrum Alliance).

David Backx

Director of Pre-sales and Implementations

When David joined Wealth Dynamix in 2015 he brought with him a vast amount of experience delivering large-scale Microsoft Dynamics CRM projects. As a Senior Business Analyst at Royal Bank of Scotland David managed deployments with more than 2000 users, for both Business and Commercial Banking, as well as working on key AML initiatives for RBS International. In his current role at Wealth Dynamix David supports the growth and strategic direction of client implementations in Europe. Wealth Dynamix leverages David’s product expertise to shape the product roadmap and ensure that the firm delivers solutions with the right capabilities, that will be enthusiastically adopted, by all customers.

Prior to his involvement in the wealth management sector, David worked as a waste management contracts manager, working with Multi Services Kent to ensure effective waste clearance and re-use at the 2012 London Olympics.

Cedric Neuville

Director of Pre-sales and Consulting Europe

Since joining Wealth Dynamix in 2019, Cédric has worked closely with clients to ensure that the WDX and CLMi solutions are deployed efficiently and effectively.

In a career spanning more than 25 years, Cédric has become an accomplished business and global project management leader covering both technology and financial markets sectors. Having held various roles in private banking (front, middle and back office) and brokerages, in both functional and technical roles, Cédric has led many projects including client onboarding implementations and KYC reviews, regulatory compliance projects (including PSD2, MIFID2/PRIIPS, GDPR, CRS, Rubik) and digital transformation projects (online and mobile design and implementation).

Cédric has vast experience building and managing international project teams, having created three offshore teams in Tunisia and India, managed a 70-employee company as Deputy CEO and a startup Fintech founded to create smartphone apps.

Johnny Beloe

Director of Pre-Sales

As Director of Pre-Sales, Johnny is responsible for maintaining the firm’s pre-sales policies, methodologies and resourcing. He is also leads some of WDX’s largest pre-sales analysis exercises, conducted for a wider variety of financial services firms spanning multiple jurisdictions.

Continual engagement with existing and prospective clients helps to inform the WDX1 product strategy, roadmap and pricing.

Johnny has spent his whole career in financial technology in various consultancy and
pre-sales roles. His expertise covers the full stack of systems required by leading Private Banks and Wealth Managers, encompassing core banking solutions, portfolio management solutions, Client Lifecycle Management (CLM) solutions and more.

William Rouse

Commercial Director UK MEA

William’s commercial expertise in connecting technology to solve wealth management business challenges was borne out of his early career as a stockbroker, followed by a variety of Client Relationship Management and Sales roles in asset management and banking.

Having experienced first-hand the challenges of doing the job, William recognises that an unwavering focus on client service is required to build progressive and mutually beneficial partnerships in FOR the longer term. Having gained further experience working for financial technology service providers including Calastone and Contemi, he has the specialist expertise needed to identify how to leverage technology to help wealth managers connect more effectively with their clients, and become more efficient, transparent and dependable.

In addition to his role as Commercial Director at Wealth Dynamix, responsible for new business development in the UK, US and Middle East, William sits on the board of the Securities Investment Management Association (SIMA) where he is actively involved in exploring industry trends and challenges.

Dominic Snell

Chief Product Officer

An experienced and accomplished specialist in CRM technology and wealth management, Dominic is responsible for defining and leading the product roadmap for Client Lifecycle Management (CLM) solutions at Wealth Dynamix. Experienced in SaaS strategy definition, Dominic formulated the development and launch plan for the firm’s cloud-based CLMi solution.

Prior to joining Wealth Dynamix in 2014, Dominic held senior positions in both RBS and Barclays Wealth and Investment Management, where he was responsible for leading enterprise-scale CRM implementation projects.

With more than 15 years wealth management and WealthTech experience he has vast expertise and insights into best practice CRM and CLM execution.

Francois De Lescure

Chief Revenue Officer

François joined Wealth Dynamix in 2020 to grow the company’s presence in France and further extend business operations across Europe and has since been designated Chief Revenue Officer, a member of the board. 

Having closed several flagship deals for the company across Europe and Switzerland, today his role encompasses responsibility for new and existing revenues, recruiting, structuring and managing the sales team, plus owning the business forecast and reseller channels.

Previously, François served as Chief Sales and Marketing Officer, Executive Committee member and investor at DreamQuark, an Artificial Intelligence software startup. At DreamQuark, he secured the firm’s first recurring revenues with Tier-1 banks and insurance companies, won the Fintech of the Year award and enabled A and B level fundraising. Before that François spent almost 10 years at Nokia Networks, leading European Sales for Analytics Software.

François has an MBA awarded by INSEAD and an engineering degree from the École Centrale de Nantes.

Natalie Levine

Chief Operating Officer

Currently Chief Operating Officer and Board Member at Wealth Dynamix, Natalie is responsible for the strategic direction of operations across the business. A wealth and investment management industry expert, with more than 25 years experience delivering large-scale technology projects, Natalie plays a pivotal role in ensuring the efficient running of the firm and meeting key business goals.

Prior to joining Wealth Dynamix in 2019, Natalie was Head of Technology at Bridgepoint Advisers, a UK-based private equity investment firm. She joined Bridgepoint following an 18-year tenure at Quilter Cheviot, where she was Head of Technology responsible for Operations and execution of the firm’s business plan.

Brent Randall

Co-founder and CFO

A wealth and investment management industry expert, Brent has more than 25 years of experience in developing front to back software solutions that address sector-specific operational and compliance challenges.

Prior to co-founding Wealth Dynamix in 2012, he was a Director at Third Financial Software, where he drove product development.

Previously, he led business development and product strategy for the wealth management division of Financial Objects.

Brent spent 13 years at DST (now SS&C) until 2007, where he was Associate Director responsible for the global product strategy of institutional front office and wealth management solutions.

He graduated from Downing College, Cambridge, with an honours degree in Geography.

Gary Linieres

Co-founder and CEO

With a lifetime career in wealth management, beginning in front office sales more than 25 years ago, Gary is recognised as a highly successful, award-winning executive and serial entrepreneur.

Currently CEO at Wealth Dynamix, one of Europe’s fastest growing WealthTech firms which he founded in 2012, Gary has pioneered a new approach to Client Lifecycle Management (CLM) and built solutions suited to both enterprise-scale and mid-size financial institutions.

In his early career Gary excelled in a wide variety of FinTech sales management and executive roles in the UK, Switzerland and France.

Following his tenure as Managing Director at Financial Objects, which saw revenues grow by more than 300% on his watch, Gary founded and subsequently exited from Third Financial Software after it became a leading front office technology provider.

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