On the face of it, the wealth management industry has made strides in the delivery of multi-channel services and solutions over recent years. 58% of wealth managers claim that their front-to-back office operations are “highly” or “mainly digitalised”, yet delve a little deeper and 35% admit “outdated legacy systems” are used across their front and back offices, and that these systems are the biggest blocker to implementing their digital strategy.
Onboarding has long been something of an Achilles heel within the wealth sector, and many firms have woken up to the need to adjust their approach to stay ahead – particularly as consumers become accustomed with neobanks like Monzo and Starling Bank who have whittled this process down to a day. The pandemic may have injected a renewed sense of urgency for less forward-thinking wealth managers to ramp up their efforts, but as uncertainty abounds, it’s never been more important that firms get every stage of the client lifecycle right.
Yet as wealth managers and private banks grapple to stay on the right side of innovation, many continue to make costly mistakes in implementing their onboarding solutions – with a lasting and often irreversible impact on the client relationship.
Three common pitfalls in implementing onboarding solutions
Wealth Dynamix’s MD – EMEA & Americas, Antony Bream, and Marketing Director, Lucy Heavens, joined Chappuis Halder’s Senior Manager, Thomas Vigneron and Management Consultant, Benjamin Esmilaire for a recent webinar in which they shared first-hand insight into the mistakes firms make in an onboarding implementation and ways in which these can be avoided.
1. Lack of strategic mapping
Too often, wealth managers take a quick fix approach to onboarding which can do more harm than good. The point at which firms collect relevant data can be burdensome, intrusive and time consuming, but instilling the right systems and processes at the outset will drive valuable insight and efficiencies in the long term. Onboarding should not be treated in isolation, but in conjunction with the processes that precede this, from prospecting and client nurturing to ongoing client service management.
Step back and define your firm’s business objectives, before determining the KPIs that will chart your business’s progress in realising its ambitions, while evaluating client behaviours, individual and collective intelligence. Collecting data early in the cycle will enable you to act on it, adjust your business approach and operate in an agile, dynamic way. Finally, look at the full roadmap within your organisation and remember that less is more: multiple systems could be complex to manage and risk demotivating users.
2. Siloed approach to innovation
Many firms designate IT departments to design and implement onboarding systems, the result of which can be ineffective solutions that fail to represent the full business or drive impactful insight.
Avoid innovating in isolation to keep costs down and be mindful of where your business revenue comes from, taking care not to overlook advisors and relationship managers.
Engage representatives across the breadth of your business and map internal as well as external journeys to secure a 360-degree view, which is essential to driving business-wide efficiencies, optimum insights and the tools that advisors need to service clients effectively as their needs and circumstances evolve. Nominate a stakeholder within your organisation to act as client lifecycle management (CLM) technology partner. Within this role they should operate as a conductor, rather than just another siloed vendor. In viewing the business as an orchestra, and enlisting stakeholders to select their tools and play them in tune and in unison, the impact on the client experience and the wider business operations will be demonstrably better.
3. Choosing the wrong system
Consolidation is a mainstay in the notoriously fragmented wealth and private banking landscape, and with climbing costs and squeezed margins, many firms have remoulded legacy infrastructure to support their modern-day businesses. But the impact of doing so should not be underestimated: CRM systems designed for the back office are simply unable to support client facing staff and the end client themselves. Add to this the extensive documentation and reporting capabilities required for firms to comply today, and businesses risk not only falling down on client service but their capacity to comply in the process.
Clean and consolidated data stands at the heart of good client lifecycle management, and KPIs should span a cohesive client journey and experience, your staff and organisational structures and the products and services you deliver. By creating an efficient process that spans multiple systems and jurisdictions, onboarding and the lifecycle thereafter will be simple and accessible for clients and the business as a while. With accessible and palatable data, advisors can make timely, proactive decisions, and identify and address the blockers that stand in the way of good client and business management.
With just one in four wealth managers claiming to have a fully integrated system spanning the entire client lifecycle in place, and a further 37% stalled in the earliest stages of technology, wealth managers risk opening themselves up to serious disadvantage in an increasingly competitive and uncertain market. Strategic investment in and implementation of purpose-built CLM systems has been proven to increase advisor productivity by more than 50%, improving the client experience by more than 80% and driving a 25-fold uplift in process efficiency. As the market faces continued pressure, now is the time for wealth managers to sharpen their processes and ensure they’re on the right side of this curve.
Watch the webinar replay to learn more:
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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.