The recent WealthTech Matters event at The Aon Centre in London’s iconic Leadenhall Building couldn’t be more relevant for firms seeking to improve their processes, client experience and profitability through technology. And it’s a fast-changing picture. As the next generation of investors expects everything at the push of a button, the event probed how technology can aid Advisers as they seek to engage with deeper knowledge and greater efficiency across multiple channels.
The opening address to the event revealed that almost 10% of COOs had cited ‘innovation – maintaining the pace’ as the ‘biggest challenge’ keeping them awake at night – second only to ‘achieving greater productivity’ (almost 12%), proving our roundtable topic is front of mind for many: Future-Proofing: How to innovate and adapt in a time of rapid change.
The Wealth Dynamix team were excited to have the opportunity to consult top decision-makers via the session as they sought to tackle one of the most complex yet essential aspects of Wealth Management today: how to future-proof your firm. The conversation started with an overview of the critical themes providing momentum and impetus for innovation – from rising client expectations to Cloud technology, SaaS, and AI.
When surveyed, the dominant driver for change identified by our delegates was the client:
“Based on the assumption that you’re future-proofing your business – what are your key focus areas?”
Almost 40% of delegates actively engaged in future-proofing their business said their key focus was on ‘understanding and enabling clients’ – with less than half this figure focusing on the Adviser.
Digital was seen as a key enabler for delivering efficiency for both the client and the Advisor and a necessary step to driving cost out of the business – in parallel with removing legacy systems.
Dominic Snell, Chief Product Officer for Wealth Dynamix, underlined the need to not only innovate but to have methodologies for finding out what your clients want or, more crucially, need. In the current environment, he warned, it’s all too easy to be tempted by shiny new tools. Such commodities were likened to a ‘supercar’ dashboard, which looks incredible but, unless connected to the right engine, might give you a misguided outlook, telling you that you’re speeding along at 100mph when the reality is closer to 60mph.
The subject of innovation often centres on vast transformational projects or ground-breaking technology. Yet, innovation for the average firm could simply be providing a product to a new segment or focusing on systematically eroding common client pain points. It can mean ‘improving on yesterday’ – perhaps a more accessible ethos to uphold and unite teams behind than something as daunting and limitless as continual, company-wide change?
The experiences of our roundtable delegates reinforced the need for firms to not only be vigilant and open to change but to find ways to nurture a pioneering spirit within their company. When asked whose tech teams were ‘at the table, working with the leadership team,’ only 50% of our delegates responded positively, which hints at the challenges in-house technology experts may face when trying to get buy-in for new technologies.
While some of the delegates felt the changing regulatory landscape presented an ever-present and unpredictable obstacle to new technologies and ways of working, others confided being stung by past experiences of vendor non-delivery or feeling increasing pressure to focus on cost-savings in 2022. Those working for larger, well-established firms, in particular, expressed little wish to be at the vanguard, naming ‘reliability’ and ‘proven capability’ as the qualities topping their wish list.
This perhaps illustrates the value of early-adopting entrepreneurial-spirited start-ups for the wider sector – smaller and more agile with fewer legacy systems, they may well be in a better position to push the boundaries of the UX. However, even delegates from newer, relatively modest firms expressed frustration at the scale and pace of the undertaking when it comes to transformational change.
Our primary outtake from the session was that innovation needs to be engrained within your infrastructure and culture to happen consistently. The vision, culture and buy-in across the business are all integral, and that will only be achieved through a mindset that actively encourages change.
Just as importantly, our delegates stressed the need for collaboration and the retention of time-earned knowledge – and this is where incumbent firms with established teams and networks may confer an advantage. Used to working together and able to assess impacts across departmental siloes, they are better equipped to adopt a holistic view of wealth management processes which garner efficiencies at every stage of the client lifecycle.
Just as a protracted onboarding process can cause considerable friction for clients caught up in a seemingly endless information-gathering exercise, future-proofing can feel like an out-of-reach goal for Wealth Management teams. In both instances, we’d counsel continual feedback is the vital factor. As discussed during our roundtable, visibility, progress reports akin to parcel tracking apps – and even gamification will help a prospect understand where they are in their onboarding journey and provide much-needed motivation to progress – By the same logic, Wealth Management teams will only successfully adapt and evolve if their progress is regularly reported and their trajectory is clear.
If you’d like to know how Wealth Dynamix’s consultative approach enables innovation for the next generation of investor in a rapidly changing landscape, whilst managing the needs of the regulator, please get in touch.
29 June 2022
Writing a business case for improved efficiency, profitability, and growth? Discover key insights from the Altfi webinar on 'Building an Effective Business Case for WealthTech CLM'.
5 min. read
13 June 2022
The intent within the sanctions program has introduced for the first time the type of targeting of individuals and entities that draws on big data, relational science, and artificial intelligence.
5 min. read
23 May 2022
Across Europe, the rise of the External Asset Manager is a trend that couples huge potential gains with added complexity for banks’ and wealth management firms’ Client Lifecycle Management (CLM).
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.