Wealth management is complex. Dealing with that complexity can often prove a costly exercise. Firms can be weighed down by administrative overhead, manual tasks and time-consuming work-arounds. Compounding the cost impact of this, front-office staff are so often wrapped up in the process that opportunities to deepen existing client relationships or to develop new ones are not fully realised.

Superior customer experience bears fruit. It supports higher rates of onboarding conversion and client retention, as well as both improved referral rates and wallet share. Achieving this through the use of scalable technology, rather than through the force of manpower alone, allows revenue to increase without proportional growth in the cost base. This maximises bottom-line profitability and bolsters the long-term prospects of the firm.

In today’s highly competitive environment, firms are looking for ways to delight and surprise their customers. They constantly need to surpass demanding and continually evolving expectations. Firms must therefore not only be responsive to customer requests, but they must also be proactive with their engagement and efficient in the execution of customer-centric processes. Those that can achieve this will see further support for their top-line revenue.

Being compliant is not an afterthought. It is a non-negotiable pre-requisite. Yet the complexity of the regulatory environment and its fast-evolving nature means that compliance often comes at a cost. Firms that can meet their regulatory responsibilities – and evidence that they have done so – in an efficient, low-risk fashion, are able to simultaneously reduce ongoing costs and the risk of one-off regulatory fines – all while supporting the ongoing reputation and longevity of their business.