Within the Private Client and Investment Management community there are a number of organisations offering clients differing types of services.
WDX has experience in delivering solutions to a number of sectors where the organisation may be servicing institutional investors, charities, intermediaries, families or individuals.
Private Offices, Family offices & Multi-Family Offices are focussed on providing advice and guidance for UHNW Individuals. The depth of service provided and the complex nature of such client’s wealth requires an application that can model this complex web of connections and family relationships, as well as easily displaying these back.
In particular, WDX’s on-boarding module is designed to allow the capture of not just individuals, but families and complex entities such as Trusts. Regulatory checks can then be performed across not just the underlying beneficial owner, but also relevant related parties such as Trustee’s and Power of Attorney holders.
Modules such as KYC, Marketing Preferences & Event Management support firms in providing value added services to their clients based on a deep understanding of their needs.
Wealth management firms are often required to manage significant volumes of client interaction whether it is reporting, regular review meetings or a myriad of other client touch points. In addition there is an increasing operational overhead with compliance information collection and the corresponding oversight requirements.
This puts a very strong focus on client management, correct customer profiling and client insight. It also puts great emphasis on automating compliance, client reporting and management information.
The ability to collect and use investors’ information is a critical benefit in using the WDX solution. Client profiles, proposals, KYC and suitability information as well as investment parameters can be stored and used in the system. Once stored, the WDX Business Intelligence module can provide real time information about clients, their positions, their compliance situation and many other critical data points for the efficient and profitable management of the relationship.
Private Banks are increasingly involved in the provision of tailored discretionary and advisory investment management solutions to their clients. This is seen as a profitable extension of a trusted relationship with the client and requires private banks to develop cross selling processes as well as discreet investment management teams and technologies.
The WDX solution can provide detailed and critical data on clients, their relationships and identify cross-selling opportunities for new products and services. It will also provide management of the bank with detailed information on the clients’ status and profitability to the organisation.
WDX’s ability to consolidate multiple data-sources and produce consolidated portfolio and investment views is a key advantage when dealing with Private Banks who typically have to deal with a number of disparate legacy systems in order to get a full picture of the client.
Investment Managers who are retailing funds to the market via Intermediaries or direct to clients have a significant requirement for a tailored CRM solution. This is particularly acute in the area of marketing and specifically around mass digital communications.
The WDX Client Acquisition module features a number of key functional areas where the deployment of mass communication strategies is made significantly easier for firms as well as providing the level of management information required for the modern Retail IM.
In addition to client acquisition the more general area of client management is also important with the necessity for regular client communication and the storing of KYC and suitability data. WDX provides a framework for deploying workflows and leveraging an industry standard data model to meet these important challenges.
Why It's Important
Demographic time bomb
The industry is experiencing the biggest generational transfer of wealth in human history and a new wave of technology-dependant investors, who have lived through the digitisation of almost every aspect of their professional and personal lives, are coming in to play. It is clear is that no firm can ride this transition without embracing technology and digital transformation into the heart of its proposition.
Reduce cost of giving advice
WDX prevents the need to repeatedly enter the same information into different forms and tools that can lead to a serious increase in overall costs as well as placing an administrative burden on the front office. Which in turn, impacts margins and requires operational and front office staff to be re-directed from other more productive activities.
Driving consistent client outcomes
The key to enhancing your client engagement is a complete 360-degree view of client data. WDX provides an intuitive, client aggregated view of data from the past and present, including client interactions across all channels such as campaigns and emails, personal data, social insights, web activity and relationships. This information is easily accessible and is used to provide a more personalised client experience across all business areas.
A successful client experience is ensuring that the onboarding process is 'right first time' and making the onboarding process as efficient as possible. In particular, firms often need to return to clients multiple times to request additional documents that could have been collected in one go.
Using a seamless digital process to avoid rekeying in information into one or more internal system helps to complete the approval and set –up of the client.