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

Asia Pacific’s wealth management industry is growing rapidly. It is home to around 15 million high net worth individuals (HNWIs), the second biggest concentration in the world after North America, according to KPMG. Assets under management in the region are expected to almost double to just under $30 trillion by 2025 compared to $15.1 trillion in 2017, PwC estimates.

At the same time, a massive wealth transfer is underway in the Asia Pacific (APAC) region. Some $2 trillion of wealth is expected to be transferred in the region by 2030, with ultra HNWI estates worth $582 million on average—the largest average estate size of any region globally, according to an IQEQ study.

Against that backdrop, succession planning is becoming an increasingly hot topic. While succession planning demand has historically been low in the region (only 40% of Asian HNWIs were planning for succession in 2019, according to an Asian Private Banker survey), that is expected to continue growing.

Shifting trends

Amid that generational wealth transfer and broader increase in the cohort of younger HNWIs in the region (particularly in China where 80% of HNWIs are under 50), APAC wealth managers must adapt to a new way of working. The Covid-19 pandemic has already underscored the need for firms to digitise to survive. Now, younger tech-native clients expect an entirely different customer experience than previous generations. They demand hyper-personalised services that can be accessed digitally wherever they are, whenever they want.

Not only is digital transformation helping to democratise wealth management, hybrid service models (a mix of in-person and self-service touch points) mean wealth managers need to rethink how to deliver exceptional client service. That starts with ensuring the user experience is slick and intuitive; poorly designed platforms will fail to attract clients who are used to fast, frictionless digital interactions in other parts of their lives. Research from Signicat shows that 68% of potential customers abandon onboarding processes if they are too time-consuming—up from 40% in 2016.

Role of digitisation in wealth management

Asian wealth managers have an advantage given that many firms in the region lack the legacy systems that tend to slow digital transformation. That means they can move more swiftly while also starting from a blank slate, enabling them to move beyond a simple multi-channel offering and instead seek ways to blend channels to offer a more joined-up experience.

At the same time, digitisation can give wealth managers a more holistic view of their clients’ financial needs while also providing better customer experience, improving competitiveness, boosting productivity and making firms more agile. That can also help them scale more easily, enabling relationship managers to expand their client base without compromising service quality.

Ultimately, technology can help wealth managers accelerate transformation by putting innovation at the heart of what they do, drawing on AI and data analytics to provide a digital-first hyper-personalised experience. That will not only help retain existing clients, it can encourage customer advocacy and win new business.

Hybrid model is preferred

While technology is transforming how wealth managers operate, the relationship manager role is still critical to client engagement but it will be increasingly augmented by digital tools. According to a survey of wealth management experts by Hubbis and Wealth Dynamix, 100% of HNW-related respondents said a hybrid approach will dominate in the future. A recent Capgemini report also found that 77% of HNWIs prefer being able to self-service via a firm’s website when access portfolio information. Meantime, a FINTECH21 survey found that 72% of investors under 40 would be comfortable working with a virtual financial advisor. All of that could help free up relationship managers to dedicate more time to clients and be more proactive (only 10% of relationship managers proactively help clients). As a result, more than half of respondents (59%) said relationship managers only enjoy an average relationship with their clients.

Respondents are optimistic for change, however: 55% believe relationships will be good or outstanding over the next decade. Behind that belief is the potential for technology to improve client visibility and provide smarter insights that can transform the customer experience. A majority of respondents identified CLM technology as a way to underpin this change, with 89% saying it would boost new clients, 87% saying it would improve client retention and 86% saying it would help increase revenues.

APAC wealth managers are still lagging on digital transformation. Yet while only a little more than a third (37%) of respondents have invested in CLM tech to date, 45% say they are considering to do so. That could also help them access new markets. According to a report from Morgan Stanley and Oliver Wyman , there is currently a $230bn untapped revenue opportunity in the lower HNWI and affluent segments that have traditionally been overlooked because resource limitations have meant wealth managers have tended to focus on higher value clients.

CLM technology

Adopting advanced client lifecycle management (CLM) technology that is designed specifically for the complexities of the wealth management industry can support firms seeking to embark on their digital transformation journey or accelerate it further. CLM technology helps firms manage client interactions digitally across the customer lifecycle, from acquisition and onboarding through to ongoing client service.

CLM tech can provide a 360-degree view of each client, helping build up a more complete picture that can improve service delivery and identify potential cross-selling opportunities. Meantime, more robust data gives relationship managers confidence that they are working from a single source of truth while also generating deeper client insights that can create a hyper-personalised customer experience.

CLM tech can also provide with new digital features that would serve to be more attractive to the new generation of digitally-savvy, high net-worth clients. For example, CLM software company Wealth Dynamix have partnered with Unblu to provide a real-time messaging, video, voice and collaboration tool in their wealth-management platform. This allows wealth managers to interact with their HNW clients via their preferred channels in real time – exchanging information and document all within a sector CLM environment.

All of these digitisation tools can be fully integrated across the business—from marketing, relationship management, operations and back-end processes—to improve efficiency, drive new business and support further digitisation.

By adopting an advanced CLM solution, Asian wealth managers can optimise their operations, enhance their customer experience and ensure they are ready for a digital future.

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Wealth Dynamix
Wealth Dynamix

Wealth Dynamix Team

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

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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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