Gaining a holistic view of your firm’s CLM requirements

A frequent challenge that many wealth managers face is a lack of visibility across their organisations because they operate in silos. Few have a 360-degree view of their entire business, which in turn means firms will have an incomplete picture of their clients and their clients’ relationships across other parts of the organisation.

The consequence of this siloed approach is that management and budgets are allocated on a department level, says Dominic Snell, Product Strategy Director for Wealth Dynamix, talking to Fintech Innovation Network in a recent interview. That means problem solving tends to be compartmentalised and solutions focus only on what that department needs. For instance, one department—or one stage of the client lifecycle—might set aside some funding for onboarding technology and that will be all they are focused on.

“The challenge with that is that the edges of onboarding—the bit that happens before and the bit that happens afterwards—are fundamentally connected,” says Snell. “They’re connected from the client’s perspective because they don’t care about the internal process—they care about their experience.”

To create that seamless experience, wealth managers need technology that can provide a holistic view of their clients that can be accessed by relevant parties at every step of the client journey, avoiding the need for clients to repeatedly re-enter data they have already submitted.

“We’ve taken something like a standard email marketing idea and said how do you actually put that into practice in the world we’re in, and how do you track all of those introductions and then turn those into an onboarding case where you’re then starting to build up a much more complex view of the client?” says Snell. “It’s all very, very closely connected and that’s what makes us unique. We’re not handing that data over to another system for that to be done elsewhere. It’s always in one consistent workflow.”

For a growing numbed of firms, the penny is finally dropping that each stage of the client journey is intimately linked and can’t viewed in isolation—whether that is prospecting, onboarding or ongoing relationship management.

“The challenge with that is that the edges of onboarding – the bit that happens before and the bit that happens afterwards – are fundamentally connected. They’re connected from the client’s perspective, because they don’t care about the internal process – they care about their experience.”

“When Wealth Dynamix gets the opportunity to go through and explain what it is we do, and how the product connects these somewhat disparate ideas, quite often the RFP ends up changing,” says Snell. “It ends up being a case of ‘oh, we thought we needed that, that and that, but actually what we’ve seen here today is something that can help solve more of our problems’.”

That is prompting some wealth management firms to rethink how they manage the end-to-end client experience by creating new job roles such as head of client lifecycle management (CLM) or journey managers who are starting to look across silos and identify how technology can be deployed to join up the different stages of the customer journey, says Snell.

“Hopefully when people have seen it, they’ll see how striking the idea of an actual single view over a wealth relationship can be, and how that needs to be visualised,” says Snell. “The idea that one person can be connected to many relationships and play different roles. The idea of the security model around those different roles and what part of the data should be visible to different bankers or different people supporting that—that’s not something that comes out of the box.”

In other words, wealth managers need a system that is easily configurable so it can be mapped to the policies and procedures of their own organisation without needing to go back to the developers and customise it with code—making it easier and faster than ever for firms to attain a holistic view of all their client relationships.

To watch the full interview with Dominic Snell, click here. To learn more about how your organisation can gain a 360-degree view of your client journeys, click on the button below.


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


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