Yesterday’s WealthTech event at London’s Royal College of Physicians centred on the client and, in particular, how technology can meet their changing needs. How can you aid the Advisor or Relationship Manager in their mission to manage and service clients more intuitively, and how do you assess what’s a priority to the CX? It’s a subject that lies at the heart of every bank or wealth management firm’s ambition for growth and increased productivity, so it was not a surprise to see the venue buzzing with activity yesterday morning.
Technology’s role in optimising the client journey and experience is a subject the team at Wealth Dynamix is passionate about, given our background in wealth management. During the last few years, we’ve witnessed a real sea change within the industry as multiple factors have transformed how clients wish to interact: more touchpoints, higher interaction frequency, and a wish to interact on their own terms means wealth managers need to find ways to deliver exceptional service in a more personalised way, often at scale.
The digital experience is now essential to clients who expect to access information and services on the go, from wherever they may be. Yet, wealth management technology is about far more than offering a client portal. Many in the industry have yet to fully glean the possibilities available via intelligent technology, so it was heartening to see so many delegates seeking to centre their strategy on the client.
It is now wholly possible to improve consistency and relevance across the entire client lifecycle to forge closer, more meaningful relationships with your clients, which is why our roundtable topic explored:
Johnny Beloe kicked things off with a recap from a previous workshop. Banks and wealth management firms’ relationship with technology is not always an easy one. When probed on how technology could be used to improve client relationships, it was clear opinions within the sector varied dramatically, with some seeing technology as a huge opportunity to ‘get ahead’ while others, often in more traditional settings, viewed it as a threat to their very existence. Universally though, there was a sense of urgency surrounding digitising the client experience in some form to compete.
Johnny Beloe outlined three company case studies for discussion, highlighting how the starting point is as relevant as the desired endpoint when planning technological enhancements. There is no one size fits all: the demographic of the client base, the firm’s position in the market and how they view themselves (i.e. market disrupter v traditionalist), plus their vision for the future, will all combine to drive decision-making.
Each of the firms had taken a different approach when considering how they could boost growth, attract more clients, provide a better client experience and defend against the competition. Plus, each had its limitations, whether those revealed themselves through old IT systems and infrastructure, budgetary constraints or the ever-present burden of regulatory adherence.
The delegates were each assigned a different firm and invited to scrutinise their approach to consider what they might have done differently to optimise the result.
The room buzzed with debate and insight gained from the delegates’ own experiences, and upon feeding back to the group, there were some clear areas of alignment. If you’re about to embark on a digital transformation project, you’d be wise to heed these conclusions:
It’s dangerous to be swayed by flashy interfaces and client tools
Internal processes and integration must be prioritised before you consider adding self-service or client-centric tools like video chat and Robo-advisory services.
Self-service experiences should always start with the essentials
Onboarding and reviews were considered the priority in terms of self-service experiences. There was some debate on which should take precedence given that onboarding only had the potential to impress new clients whilst improving reviews would impact every client.
E-signatures are more than a nice-to-have
There was a consensus that the implementation of e-signatures was the next logical add-on to a client portal to fully reap the rewards of such a system and deliver a more efficient service.
Adding in amendments via the portal was then the next step
Allowing more self-service elements was not top of the list, but given it will both empower the client and provide efficiencies, it was felt to be a desirable addition in time.
A phased approach makes infinite sense
Not all priorities are equal. As demonstrated by the case studies, trying to make too many changes simultaneously can be counter-productive to improving client service. A few areas such as messaging and multi-channel communications were considered low priority in private banking, with expectations of low adoption voiced with the exception of the retail banking space.
In summary, the roundtable discussions underlined that it is paramount to have a clear vision before embarking on any transformation project. A successful approach takes all views into account, from Marketing and Sales to Back office, Operations & Compliance – and the most important of all: the client. It’s a puzzle with three interconnected pieces: the firm, the client, and the advisor. To miss any of these elements out of the equation will prove a mistake.
When implementing, it’s vital to test the technology on clients to gauge appetite and take up. Only by evaluating your offering can you consider tactics to increase adoption and ongoing usage, thereby carving a path to optimising your client experience.
Thanks to all participants. It was an ambitious session that underlined the complexities facing modern-day wealth managers as they strive to meet client expectations. One thing we did all agree on was that firms need to adapt to survive! Miss the opportunity, and you may miss out on safeguarding the future of your business.
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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.