How wealth management in the Cloud takes CRM to a whole new level

We discuss some of the myths of wealth management in the cloud and explore the potential benefits of how the CRM could be taken to a whole new level.


Earlier this quarter we launched WDX ONE; a cloud based solution based on Microsoft Dynamics. We coincided the launch with an event to discuss Cloud technology in the Wealth Management industry, with experts including Microsoft and Bovill. The aim of the launch was to generate discussion about the Cloud, dispel some of the myths and explore the potential benefits.

We hosted the launch at London’s iconic SushiSamba – high up on the 39th floor, it was an apt location to introduce WDX ONE. The evening kicked off with Wealth Dynamix’s CEO Gary Linieres welcoming the guests with a brief foreword on technology in the wealth management industry. He commented that the industry is still somewhat ‘traditional and lagging behind in terms of technology’, so Wealth Dynamix was formed to fill the gap in the market. Wealth Dynamix’s first product ‘Enterprise’ based upon Microsoft Dynamics CRM was specifically designed to address industry challenges. Gary remarked that with our new product WDX ONE ‘we have taken four years of experience and functionality, and have now placed this in Microsoft Cloud infrastructure’.

Chris Forrest, Director for Financial Services at Microsoft was our first speaker and spoke about the ‘technology debt’ that has built up in the financial services industry. He explained that old technology often takes longer to service customers, and this isn’t what today’s customer expects. Microsoft is a firm advocate of cloud technology and Forrest commented that ‘the advent of cloud computing is as important as the advent of the internet and allows productivity to be instantaneous’. Cloud addresses many of the issues legacy technology raises, including the length of time to update. Microsoft’s Cloud infrastructure is automatically updated and is included in the cost of the product, whereas legacy technology goes through lengthy and expensive update processes. Forrest commented that Microsoft puts cloud at the forefront of their development and their mantra has now become ‘mobile first, cloud first’. With Microsoft’s forward thinking attitude, they are a fitting platform to host WDX ONE as the two technology providers continue to work closely in partnership.

Wealth managers taking notes about cloud and crm systems

Our next speaker – Mark Spiers, Head of Banking at Bovill spoke about regulation and compliance in today’s industry. He commented that ‘wealth managers have recently been hit by a tsunami of regulation’ and firms now need to readdress how they approach working with clients and fintech has the ability to help. Spiers advised that in today’s regulatory environment managers need to concentrate heavily on suitability. He said that the first thing the FCA notices regarding suitability is a lack of KYC data, and full record keeping is key to remaining compliant. Any client with unclear objectives due to missing KYC data, will fall foul of the regulator. Security and compliance is one of the top priorities at Wealth Dynamix and WDX ONE has been designed with regulatory pressures in mind to support the FCA. KYC data capture and suitability processes are obligatory stages of the onboarding component within WDX ONE with integrated ID & V and AML sanctions checking and risk profiling assessments.

Given that WDX ONE is a cloud based solution, Wealth Dynamix has gone to great lengths with Microsoft to ensure that it has secure infrastructure with regional datacentres and stringent data privacy measures in place. Spiers also added that the FCA are in favour of new technological advancements in the industry, as long as it favours the customer and abides by regulatory rules, allowing for cloud based solutions with thorough due diligence.

The final presentation came from Matt Yates, product director at Wealth Dynamix and head of WDX ONE. He explained the reasons behind the decision to move to cloud and the benefits of WDX ONE. Yates explained how Wealth Dynamix are fundamentally client-centric and how the company have taken time to understand regulatory pressures and have invested in client insight to better understand the behaviours of its users, using this to shape their solutions. The product has been four years in the making and has been designed to allow more time for wealth managers, but also manage regulatory pressure. The decision to take to the cloud wasn’t taken lightly, but it seems that regulation is biased toward midmarket and smaller firms who don’t necessarily have the time or funds to undertake on-premise solutions. Cloud is an enabler that allows the delivery of CRM solutions to all ends of the market.

More than a CRM system but a front office solution in a box, which is designed for clients who want to deliver a best practice approach.’ WDX ONE can give firms a competitive advantage as it gives the ability to onboard clients quickly and efficiently, and the KYC capture can help differentiate firms in the market. Expectations of technology today are much greater than ever before and WDX ONE has been designed with this in mind.
Matt Yates
Product Director at Wealth Dynamix and head of WDX ONE

The Wealth Dynamix team were also on hand to show guests WDX ONE in action, presenting the product’s full functionality. Attendees were impressed with how the product offers a complete solution that reflects wealth manager’s needs. WDX ONE has been designed specifically for the wealth and investment management industry, and is completely tailored to help address the challenges faced.

The evening was a great insight into how cloud technology can benefit firms in the wealth and investment industry. As regulatory pressure increases, firms should implement technology that can aid and simplify workflows. In today’s digital age, firms that utilise new technologies to their advantage will continue to thrive and grow.

All of us at Wealth Dynamix would like to thank our guests for attending and we hope to see you soon!

Please do not hesitate to contact us if you have any questions about WDX ONE.


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