Dominic Gamble, Head of Asia Pacific at Wealth Dynamix, opened an online debate recently with some remarkable statistics from a June 2020 Hubbis report, featuring insights from 175 wealth management experts.
While 87% stated that wealth management business will grow, and 80% said that Asian markets will outperform other regions, only one third believe that the industry is on track to leverage the opportunity, with the majority believing there is considerable room for improvement.
62% firmly believe that relationship managers will remain the most important element driving competitive strength, and 73% stated that Client Lifecycle Management (CLM) technology will drive personalisation. Given that 96% say this technology will free relationship managers time to adopt a more client-centric approach, and 86% expect it to drive revenue growth, it is perplexing that relationship managers have been somewhat overlooked in the digital transformation journey that wealth managers have travelled in recent years.
Wealth management technology investments have focused on AML, portfolio management, onboarding, regulatory compliance, core banking and front-end client-facing tools, at the expense of relationship management, which remains weighed down by manual processes and a multitude of different systems—as many as 20 in some cases—that are accessed every day to perform even the most basic of client servicing tasks.
Perhaps the most startling figure in the report is that 84% of relationship managers are operating reactively, and only 10% are proactive. 44% of respondents said that relationship managers need to gain a deeper understanding of their clients, and their families, to achieve greater success.
Joining Dominic on the panel were Evrard Bordier, CEO and Managing Partner at Bordier & Cie, Karen Tan, Head of Private Banking (Asia) at VP Bank, Simon Lints, Strategic Advisor at Raffles Family Office, and Mark Wightman, Wealth and Asset Management Advisory Lead (Asia Pacific) at EY.
Following an hour of lively debate, this is what the panel concluded:
1. Technology frees time to spend nurturing sticky and profitable client relationships
By leveraging technology to cut wasted time out of day-to-day admin tasks, and deliver next best recommendations in an easy to interpret way, relationship managers are better equipped to foster engaged and long-lasting client relationships. According to Karen Tan: “COVID has put client relationships to the test and being proactive is key. Understanding what lies ahead is keeping clients awake at night. Relationship managers must be knowledgeable about market conditions, and go to clients with advice and solutions that are specific to their situation.”
“For an industry that thrives on face-to-face interactions, technology—including collaboration tools—has offered the lifeline that has enabled relationship managers to preserve client relationships,” said Evrard Bordier. Many clients can check the impact of recent events on their portfolio, via an online portal, however, the “so, what now?” question can only be answered during a live conversation. By automating manual processes, and automatically aggregating data from many different systems, relationship managers have more time to spend conferring with clients and delivering tailored advice. It is quality of service, underpinned by functionally robust technology, which will differentiate one firm from another in an increasingly homogenised market, where HNW clients are likely to receive similar product recommendations, regardless of which firm is managing their portfolio.
2. Technology is needed to maximise growth
With the Asian wealth market expanding rapidly, three significant threats to growth are:
– spending too much time on administration at the expense of client-facing time
– being able to attract enough relationship managers to nurture client relationships
– being able to get new recruits up and running fast enough
Sophisticated technology that automates processes throughout the entire client lifecycle, minimises paperwork, and enables relationship managers to handle complex activity such as cross-border business and next best actions earlier in their career, addresses all these issues. “Relationship managers will have more time to spend engaging with both clients and experienced colleagues, who can impart best practice advice and train up-and-coming relationship managers to achieve more profitable outcomes for all parties,” said Simon Lints.
3. Failure to focus technology investment on relationship management will impact revenues
Relationship managers are frontline soldiers, with the power to drive revenues and influence client satisfaction, but all too often they focus on selling products to clients rather than engaging them in needs-based conversations. When properly re-tooled with technology that supports a growth mindset, improves workflows, and simplifies processes to eliminate friction, relationship managers are ideally positioned to grow their book of business and satisfy client requirements.
“Two essential elements are access to data, and access to relevant and personalised insights. By eliminating data silos and serving up data in a meaningful and digestible form, relationship managers can more effectively map client requirements to the products that are most likely to achieve their goals,” commented Mark Wightman.
4. Stakeholders must be engaged early in the implementation process to encourage uptake
Challenges around the willingness of relationship managers to adopt new technology should not be underestimated. To ensure a successful roll-out be sure to involve both relationship managers and clients during the early stages of testing, and act on their feedback. Articulate the true value of the system, not simply what it does. Explaining that the new system will eliminate the need for relationship managers to manually write and submit meeting notes will get a far more enthusiastic response than simply saying that it converts voice to text.
The full debate is now available on demand, watch it here.
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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.