Transforming the
Client-Advisor Experience:
The Holistic Approach 

The future of wealth management

The world has never been richer. Global assets under management grew by 12% in 2017, while portfolios managed by the top performing wealth managers increased nearly 4% in value[1]. Wealth management should be primed for growth, but with firms’ pre-tax profit margins falling by nearly a third in the last decade alone[2], it is clear that many are struggling to stay ahead in this fast-moving industry.

Clients are changing. Aging investors are preparing to transfer significant wealth to millennial inheritors, who in turn are technologically advanced and expect a transparent and personalized experience[3] delivered by likeminded advisers who understand them. But the reality could not be more different: relationship managers are typically over 50 years old[4] and one in two wealth management clients today claim to be dissatisfied with their provider’s digital capabilities.

Wealth managers need to embrace digital, empowering clients to self-serve so that they can compete with pioneers in other industries; using data wisely to better understand clients and prospects at the outset – well before the onboarding process. With some 60% of firms citing the need to improve the client experience as a high or very high priority for their business[5], they need to listen and do more to engage with and retain their clients. And this is where client lifecycle management (CLM) is the game changer.

A true CLM solution covers the full end-to-end journey and processes of a wealthy individual or institution being managed throughout their life by their Wealth Manager and encompasses all interactions they have with various departments across the firm.

CLM technology empowers wealth managers with the data they need to provide optimum advice and solutions for a rapidly-changing prospect pool and client base. This innovative solution provides relationship managers with a framework to effectively and compliantly manage clients as their wealth and relationship evolves, from initial prospecting to digital onboarding, servicing and then transferring wealth within a single environment. With business intelligence at its core, this technology gives firms the insight they need to maximize opportunities and drive efficiencies across the board.

[1] The Global Wealth report 2018- BCG

[2] Profit margins squeezed at global wealth managers, Financial Times, June 2017

[3] Millenials and wealth management, Trends and challenges of the new clientele- Deloitte

[4] The next generation of financial advisors- EY

[5] Digital disruption in wealth management- EY

The case for change: Regulatory requirements

We are yet to see the full implications of Brexit, the US Government’s decision on the Department of Labor (DOL) fiduciary rules and the shifting geopolitical factors that have played out in recent years. But there is one certainty in all this change: regulators globally are looking at wealth management firms to demonstrate watertight conduct risk management in their daily interactions with clients as a means of engendering trust.

The UK regulator, the Financial Conduct Authority, for example, now requires firms to demonstrate that they have taken reasonable steps to understand clients’ needs and circumstances at the outset, rather than simply when they give advice.

As wealth managers look to build a sufficient understanding and drive transparency throughout the client lifecycle, they need to collate more client data and documentation at an earlier stage in the process than ever before – which in itself increases the cost to serve in a fiercely competitive market.

Several wealth management systems rely on end-of-life technologies to power these client centric procedures, many of which are unable to handle and process this additional insight efficiently. These legacy systems’ continued failure to handle simple workflows with a single, central information source or to enable effective, reasonably- priced client communications is posing a serious challenge for the industry.

The case for change: Investing in the future

The new generation of high-net-worth individuals will rapidly power up the wealth value chain in the next few years. Many are already actively investing, and Deloitte estimates that millennials’ total net worth will double by 2020 to US19-24 trillion[1], while some US$3.9 trillion will transfer between generations globally in the next decade. If wealth managers are going to meet the demands set by this generation of wealth, they must work to understand them, using data wisely to provide a more personalized digital experience.

While firms are steadily providing more informative and effective client engagement, self-serve and digital capabilities, many are falling short without a clear handle on the client and performance data that drives a holistic, personalized digital experience. And with data in many organizations sitting in siloed applications, relationship managers are investing unnecessary time in administrative tasks and data collation – at the detriment of client relationships.

[1] Goldman Sachs, Deloitte March 2018 The Financial Brand


As wealth managers across the board try to make sense of shifting geopolitics and regulatory uncertainty, margins are tightening and new entrants becoming more opportunistic. But with wealth on the rise and new technologies driving more data than ever before, there is everything to play for in this fragmented industry. Wealth managers must embrace change and act on the insight they have at their fingertips and leverage CLM technology to transform the way in which they manage the clients in their sights. The firms who can provide a cutting-edge but personal service throughout the breadth of the client lifecycle will be the enduring winners in the battle to serve both long-standing and emerging wealth.

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About Wealth Dynamix 

Wealth Dynamix specializes in the provision of cutting edge Client Lifecycle Management to the world's leading private banks and wealth management firms.

The fully integrated digital CLM solution, WDX1, addresses the key industry challenges presented by the complex requirements of Client Lifecycle Management and the orchestration of key activities. These include client acquisition, onboarding, regulatory compliance, relationship management, client servicing, business intelligence and digital portals (client and advisor).

Leveraging Microsoft’s industry leading Dynamics 365 platform, WDX 1 delivers benefits throughout the whole client lifecycle and transforms the way firms manage client wealth and deliver client excellence.

WDX1 enables firms to implement strategic digital transformation programs, grow AUM and streamline working practices, all whilst maintaining compliance.

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