Are your Client Lifecycle Management (CLM) processes playing in sync?

There are few sweeter sounds than an orchestra playing harmoniously and in perfect time.

When each section works hard independently, and then comes together as a team, it creates a magical musical experience for the audience. And whether they are playing classical music or putting an alternative twist on jazz, retro or pop, as long as the strings, brass, woodwind and percussion sections do their bit individually – and come together as a unified whole – the results will be remarkable.

This is a rare event when an orchestra has no conductor. Without a conductor, whose job it is to ensure that the whole is greater than the sum of the parts, timing can be an issue. The experience can become uncoordinated and shambolic, from start to finish, despite each section believing that they are doing the right thing at the right time.

What does this mean for CLM in wealth management?
Getting Client Lifecycle Management (CLM) right can be challenging, but it doesn’t have to be. In our analogy above, substitute these instrumental words for stakeholders in the CLM process, and all will become clear:

Audience = Client
Strings = Marketing
Brass = Sales
Woodwind = Onboarding
Percussion = Client Success
Conductor = Wealth Dynamix

Even when each part of the CLM process works successfully as an individual function or department, they must come together as a unified whole to be successful. From the sales and marketing process through to initial client engagement, onboarding, ongoing client management and regulatory compliance, every function needs to perform effectively and work together to optimise the client experience. If any part of the process is sub-standard, or departments fail to connect in a timely and coordinated way (usually when they have inadequate direction), the result can become messy – very quickly.

Getting down to plain speaking these are the top three things you need to address, to transform your client’s experience across the life of their relationship with you, into one they will want to stand by and recommend:

1. Address poor-performing CLM functions. To ensure that each phase of the CLM delivers a remarkable client experience, evaluate each function throughout the client journey and process through your clients’ eyes. You will undoubtedly find that some elements are working exceptionally well, while others are falling behind. No-one would suggest that you replace the entire orchestra when the woodwind section is the only one performing poorly. The route to success is to address the issue step by step. Tackle each sub-standard function one by one, while being careful to preserve all that is good.

2. Connect the dots to eliminate CLM siloes. CLM has to be viewed as a unified whole to deliver consistent and effective client service, across all phases of the lifecycle. Clients become frustrated when an amazing onboarding experience is followed by unresponsive and substandard ongoing management. While each section of an orchestra may play beautifully, in time and on key as an individual team, the overall affect is compromised if they are unable to synchronise with other sections.

3. Ensure oversight and control. An orchestra can’t perform a memorable symphony without a conductor. With no individual or team in place to govern the overall connectivity of the sum of the parts, the likelihood of achieving a cohesive, delightful outcome is at risk. The same is certainly true for CLM.




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


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