Last year a group of leading wealth managers met in March, September and November to discuss the state of the industry. The timing of the meetings over the course of 2020 created a unique window into their ongoing responses to the pandemic from both an operational and a technical point of view. The following article exploring how the clients’ perspective is changing as a result of the pandemic is an extract from the whitepaper which followed these discussions.
PIMFA recorded some £942 billion of assets under management within the UK wealth management marketplace in 2019.
A year on, client portfolios will have undoubtedly been knocked by the pandemic. Unlike financial recessions, however, private clients have been impacted by the Coronavirus in a variety of ways: after all, wealth stems from a diversity of sources, so some clients have profited, while others are feeling very bruised indeed.
As the wealth managers we interviewed came together on the cusp of the UK’s first lockdown, they were apprehensive as to what the future might hold, but shared a clear sense of willing to do what it takes to keep their clients and their businesses afloat.
For one of the oldest industries in UK history, wealth management has something of a knack of reinvention. The sector has little choice but to stay forward-focused, as wealth has for many years passed down generations, and while our clients may be living longer, the rich are younger and bolder than ever before. But are firms doing enough to stay ahead of the fast-changing clients within their sights?
As many firms have found to their cost, pigeon-holing clients is no longer a sure-fire means of appealing and servicing them appropriately. “Clients are evolving,” says Ian Woodhouse. “The intergenerational transfer of wealth is no longer a failsafe: as the silent generation and baby boomers live longer, their wealth has to work harder. But the next generation is far from expectant: entrepreneurs are getting younger, and businesses are working with a wider demographic of clients than ever before.”
Close encounter Firms know that they need to adapt to appeal to clients to stay ahead, and in the midst of a pandemic, this is more important than ever. “This is no financial crisis,” one wealth management executive said. “It’s a healthcare crisis, and some clients’ businesses have flourished while others have been swiftly forced to shut up shop.”
It could be said that the pandemic has changed many of us to varying degrees, so it’s more important than ever to stay close to clients – after all, stereotypes no longer stand true. As quickly as the industry has adjusted to a younger cohort of entrepreneurs, millennials have been pushed aside by Gen X preparing to inherit the next great wealth transfer. And many wealth managers regard pigeon-holing as increasingly outdated and old hat.
One executive said, “Wealth managers recognise that clients need to be served according to their individual needs, rather than generalised under the guise of baby boomer, millennial or even gender.”
The pandemic spurred something of a digital revolution around the world, and the UK saw 12% of adults migrate online in the first month of lockdown alone. And the wealth management marketplace was no exception, as clients turned to the likes of Zoom, Webex and Google Meet to engage with their advisors with a sharpened focus on succession, care and retirement planning.
But in this new digital age, it’s critical that wealth managers can effectively meet client needs – and on their terms. Clients have high expectations, with advisors citing statements, consolidated and segmented portfolio insight and more menial tasks as features their digital channels should accommodate.
The roundtable participants agreed that technology is no longer a differentiator – clients value trust, simplicity and transparency amongst all else. But technology is critical to delivering an optimum experience in an increasingly competitive market. As one executive told us, “Neither clients nor advisors know or care about the technology that underpins client servicing. Wealth managers’ sole focus is to achieve the client’s goals in a manner that’s as frictionless and cost-effective as possible.”
While these new adopters show little sign of going back to the pre-pandemic norm, many are still beset with legacy technology that slows down client management throughout the breadth of the lifecycle, and significantly hinders retention and acquisition in the process.
Like all consumers, high-net-worth individuals have had little choice but to embrace online, and wealth managers have wised up to the fact that they’re being judged through the same lens as their retail counterparts. Firms have no choice but to think on their feet if they are going to stay in the game – as one executive said, “If we don’t, there’ll be another market player who will.”
How do wealth managers need to adapt their technology strategy to ensure these client needs are met now and in the future?
This is an extract from the whitepaper titled Wealth Management Technology Beyond 2020. Download the whitepaper now to understand how 2020 reshaped the wealth management industry and the key learnings firms can take moving forward.
26 September 2022
Hubbis met recently with Gary Linieres, our CEO & Co-founder, to learn more about his plans for the future, specifically in the core Hubbis markets in Asia, where Wealth Dynamix has been winning more traction with our new CLMi SaaS solution.
3 min. read
23 September 2022
What are the common blockers, what challenges are unique to the Client Lifecycle Management business case, and how can you arrive at metrics you're confident in? Here we share the insights gained through a thought-provoking webinar.
3 min. read
8 September 2022
Asia is poised for a huge transfer of wealth by 2030 as high net worth families start succession planning. Wealth managers need to ensure their digitisation efforts are slick enough to win over this next generation of investors.
3 min. read
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 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.
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.
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 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.
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).
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.
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.
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’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.
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.
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.
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.
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.
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.