Servitisation – backed by data-driven hyper-personalisation

Ask any number of wealth managers what is the most important aspect of their work and the vast majority will point to sales. Sales is the ultimate aim of any commercial organisation, but with traditional methods of sales activity failing to increase AuM or reduce churn, servitisation is emerging as a much more effective alternative to the “sell, sell, sell” product strategy of old.

A practice that originated in the manufacturing sector, servitisation uses services as a driver for growth. Servitisation generates additional revenue streams by providing services and solutions that supplement traditional product offerings. At a basic level, manufacturers have been supplementing product revenues with spare parts sales for generations. The next step in the servitisation model is to offer intermediate services such as a helpdesk, periodic maintenance, repair and overhaul – all focused on fostering customer wellbeing, rather than purely selling product.

Increasingly, wealth management clients have goals and aspirations centred around financial wellbeing rather than simply amassing wealth for wealth’s sake, and forward-thinking wealth managers are beginning to adopt a servitisation mindset to support this. This topic was raised on an NMD+ webinar panel I participated in recently: Demystifying the challenges and opportunities for Wealth Management with hyper-personalisation (watch the replay here).

Client service has always been at the core of wealth management value propositions, and the desire to deliver “white glove” services has never waned. Traditionally, relationship managers have placed significant value on face-to-face meetings, but with the emergence of an increasingly broad and diverse client base it has become apparent that white glove service means different things to different people. Wealth managers who make sweeping assumptions based on basic demographic segmentations – age, sex and location, for example – are using an outdated approach to sales and marketing.

Providing digital portals offering one-stop-shops to support both clients and advisors is a typical response, and a big step forward. However, the switch to digital has continued to focus on selling more product to clients, rather than supporting clients in their efforts to improve their financial wellbeing, and it has become very clear that successful servitisation strategies require data analytics and hyper-personalisation on a totally different scale.

In making the shift from product sales to servitisation, wealth managers must pay special attention to four key factors that will influence their future success.

The impact of an increasingly diverse client base

In years gone by advisors served just two generations, the baby boomers and their silent parents. Today, advisors are serving the needs of five generations – often within the same family – with the addition of the Gen X, Gen Y and Gen Z. This raises two major challenges:

First, failure to nurture relationships with spouses, children and grandchildren, in addition to the typically male patriarch, will inevitably increase churn when wealth transfers from one generation to the next. Emerging, tech-savvy generations favour digital-only providers for highly personalised, everyday financial services like banking and mortgages. Although they don’t necessarily hold significant funds with these providers today, those who are experiencing fast, efficient and trustworthy client service will have no reason not to switch funds away from their parents’ or grandparents’ advisors when they inherit the family wealth.

“Data-driven hyper-personalisation must be used intelligently, to avoid inaccurate assumptions and boost relevance.”

Second, generational differences in interests, expectations, peer groups and perspectives are dramatically increasing the need for hyper-personalisation. Advisors must communicate with each individual via their channels of choice, which increasingly includes social chat and mobile devices. They must provide highly personalised insights on-demand, and begin investing in the responsible ESG funds favoured by upcoming generations.

The changing dynamics of client churn

Wealth managers should be rightly alarmed by the results of an EY survey indicating that 33% of clients have switched providers or moved assets in the past three years, and 33% intend to do so in the next three years.

Why? Because clients seek greater value as the complexity of their financial situation evolves, on average working with five different wealth management service providers to fill specific needs, often switching at critical life moments, for example leaving a job, upon marriage, divorce or bereavement, the birth of a child, inheritance or retirement.

Mike Lee, Global Wealth and Asset Management Leader at EY, said: “Wealth managers need to be agents of change – they need to have the emotional intelligence to understand how life changes are affecting their clients and offer their best ideas for dealing with these changes.”

To reduce churn advisors must remain as close as possible to every client. They must know when these life changes will happen, their anticipated impact and their client’s most likely response. They must engage effectively with every client and stakeholder, in each generation, gathering data along the way that can be monitored and analysed to support proactive financial planning.

Differing perceptions of value versus fees

According to the Capgemini 2020 World Wealth Report, 33% of HNWIs are “uncomfortable” with fees, and 22% intend to switch wealth managers within the coming year, stating high fees as the primary reason for the swap. Fee-sensitive Gen X, Y and Z clients are more likely to have a preference for self-service, presenting a major challenge for wealth managers whose high fee structures have historically been justified by the cost and time needed for in-person meetings, rounds of golf and wining and dining.

Examining fee pressure and service value, the 2021 EY Global Wealth Research Report found that more than half of clients said they are willing to pay for more personalised services. Wealth managers must work hard to scrutinise what “value” and “white glove service” means for each generation of clients and stakeholders, and formulate innovative strategies that add value for each individual.

The immense value of client data

Wealth management firms capture a vast quantity of client data. From initial engagement, through onboarding and ongoing throughout the client lifecycle, data is captured for many different purposes, from routine administration and fact-finds through to compliance. Digital-only providers have proved to be masters of hyper-personalisation and servitisation, leveraging this data to make super-specific, relevant recommendations to clients in the right way, at the right time.

Gone are the days when wealth managers can rely on a cursory “Dear John” at the start of a communication to convey personal service. Data-driven hyper-personalisation must be used intelligently, to avoid inaccurate assumptions and boost relevance. Just because you’re passionate about ESG investing doesn’t mean you’re an animal lover, and it is certainly a mistake to assume that all women prefer fashion over fast cars. Hyper-personalisation must be interwoven throughout all communications and strategies, to increase client engagement, increase trust, boost loyalty and grow AuM.

In the end, the role of the wealth manager has transitioned away from helping clients select the right investment products to ensuring their financial wellbeing. Clients want to enjoy a particular lifestyle, be prepared for upcoming life events and be assured that their interests will be safeguarded in the future. Servitisation, backed by data-driven hyper-personalisation, is the most effective way forward. Advisors who continue to bang the “sell, sell, sell” drum – or are insufficiently supported by technology and data analytics to place wellbeing over sales – have a tough and unproductive journey ahead of them, because selling without servitisation is increasingly difficult to achieve.


Wealth Dynamix delivers Client Lifecycle Management solutions to the world’s leading private banks and wealth and asset management firms.


Wealth Dynamix CEO & Co-Founder Beats the Global Drum for State-of-the-Art CLM

26 September 2022

Wealth Dynamix CEO & Co-Founder Beats the Global Drum for State-of-the-Art CLM

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

Expert Insights: Building a Business Case The key to Unlocking Value

23 September 2022

Expert Insights: Building a Business Case The key to Unlocking Value

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

Why digital transformation is key to attracting the next generation of Asian wealth clients

8 September 2022

Why digital transformation is key to attracting the next generation of Asian wealth clients

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

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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