Client Lifecycle Management (CLM) involves the entire journey that wealth managers travel with their clients, from initial client acquisition, engagement, digital onboarding, and regulatory compliance, through to relationship management and ongoing client servicing. A true CLM platform requires careful orchestration of many different systems and processes, to deliver automation benefits across the end-to-end client lifecycle.
In recent years digital signature technology has become one of the most powerful and effective ways to cut time, cost and friction out of wealth management processes, throughout the client lifecycle.
In our recent webinar we explained how firms who have already married CLM with digital signatures were best prepared to weather the COVID-19 storm. Not only were they able to continue executing transactions in a seamless and frictionless way, but they were also able to spend more time engaging with clients because they were spending less time on administration.
A Boston Consulting Group survey found that relationship managers spend only 5-10% of their time on new business and prospecting, and 40-45% on client servicing, because 45-55% of their time is spent on administration. This has to change for relationship managers to improve outcomes for clients and retain interest in their work.
Digital signature technology automatically identifies the documents that are required, depending on the profile of a client, pre-fills document fields with data from the CLM, automatically routes documents to clients for signature, tracks progress, and automatically drives workflows into onward processes such as onboarding, client servicing, compliance, tax or treasury. As well as eliminating manual administration, the entire process is more productive, and right-first-time rates are very high.
Digital signatures enable relationship managers to save time and enrich client experience at each stage of the process.
Digital signatures can drastically reduce the amount of time involved in gaining signoffs at every stage of the client lifecycle, as well as radically improving the client experience, shortening business cycles, reducing friction and ensuring compliance.
With the convenience and productivity gains that digital signatures deliver, it is little wonder that eSignatures have been one of the capabilities most frequently requested by our wealth management clients so far this year.
20 December 2022
A Hybrid Servicing model is central to the future of wealth management. Its growing popularity has been driven by a more digitally adept population, and a younger demographic of HNW and UHNW investors impacting the current benchmarks for client servicing and accessibility to financial data.
3 min. read
22 November 2022
Is your firm well equipped to adapt to the growing trend of External Asset Managers? Across Europe, the rise of the EAM is a trend that couples huge potential gains but adds complexity for banks and wealth management firms. Without a CLM you could be missing out on a bridge to increased revenues and reduced costs.
3 min. read
10 October 2022
Discover the ten-fold benefits of an end-to-end CLM solution built by wealth management experts with our latest e-book.
3 min. read
At Wealth Dynamix, we believe a hybrid client servicing model offers the optimal solution – it is efficient, effective, and can support compliance.