Operating with wealth management is challenging at the best of times. Cost constraints, regulatory obligations, a client base with high expectations, choppy markets, a changing customer base, and outdated technology – pick your issue.
But some of these things you can control. Unknown costs, technological isolation, and standalone functionality are a few avoidable constraints. They apply everywhere and are sometimes limiting.
Within the front office they can have a huge impact on a firm’s ability to effectively manage the client relationship in a seamless way that adds value and grows assets under management (AUM).
Here at Wealth Dynamix, our proposition is anything but limiting.
Containing functions within distinct silos is limiting. But joining up related functions is not.
Our solution has been designed so that you can use just the onboarding function, or the whole client lifecycle function for a joined-up and cohesive experience.
Onboarding in itself was, in the past, often seen as complex and onerous. The temptation to outsource it has been strong. Some software companies have even tried to force their clients to outsource onboarding with a BPO contract.
But at Wealth Dynamix we think our clients are best placed to decide how they’d like to handle onboarding. We think onboarding should be tied into the whole client lifecycle because the data it provides relates to so many other related things that add up to a 360-degree customer view – critical to have when servicing clients.
So instead, we use joined-up technology to open up all the client lifecycle areas and functions so that data is inputted once and then shared as appropriate. Having this single golden copy of data saves time, avoids the frustration of rekeying, and means that everyone sees the same thing.
This is worthwhile doing just from an onboarding perspective – how many forms ask for the same information? But you can also apply this to the entire client lifecycle.
That means that data inputted at the pre-prospecting stage can be used along the entire client lifecycle. Any updates automatically get shared from front to back so that the client’s position is always the most up-to-date one.
This leaves your advisers free to get on with providing an excellent level of service, engaging the client and attracting new ones, upping AUM.
A static technology setup is also limiting, cloud and Software as a Service (SaaS) is not
We hold our software in the cloud and use a SaaS model which means that your data is always secure, you can flex capacity upwards or downwards as required, and your system is continually updated and improved for you.
In addition, the API functionality afforded by a cloud SaaS setup makes for seamless connectivity and integration. This is something all wealth managers are now aware is critical when it comes to an ecosystem of components parts as best practice. It makes sense to have the best fit, with an underlying system that can keep things tight, efficient, and free flowing. That’s how you get the technology to support advisers to make clients happy and loyal.
Finally, a SaaS approach affords a high level of security. Although some banks may think keeping data in house is optimal from a security viewpoint, the opposite is true. Threats to data security most commonly stem from internal sources. This, combined with cloud and SaaS tokenisation and encryption capabilities where clients keep the digital keys to the encrypted data in-house, make the cloud the common sense option.
Variable costs are limiting, license + users is not.
Along with growing AUM, containing costs is top of mind when it comes to profitability and a sustainable business.
Having a pricing model that is predictable and stable counts. That is why we offer an all-inclusive subscription model covering licence, maintenance, hosting and security. This provides a fixed cost, allowing you to plan ahead with certainty.
A BPO model, by contrast, works on taking a percentage of your total revenue, which as well we know can change over time. That makes for a fluctuating cost for and so limits the upside on revenues.
Lack of control is limiting, having full control and visibility is not
Control is a further advantage of the license and maintenance arrangement. The wealth manager has its own staff as opposed to the whole function now taking place within the provider, as is the case with BPO. You get to see how things are working and you can put changes or adaptations in place quickly as you see fit. This is the best fit within the wealth management sector where clients’ affairs can change quickly, particularly within the onboarding and client management stage, and especially in the UHNW market. Staying on top of your clients’ affairs is a critical part of the service and not one to let lapse!
So why limit yourself with closed-off functions, an outdated operating model, and unknown costs?
Instead look upwards and outwards to business success with communicative processes, connectivity, and cost efficiency.
With a solution that can extend along the whole client lifecycle, a cloud SaaS proposition that evolves with you, and charging structure that is fixed, you are limitless!
