3 reasons wealth managers fail to get onboarding projects right

Presented by

Thomas Vigneron and Benjamin Esmilaire, Chappuis Halder - Antony Bream and Lucy Heavens, Wealth Dynamix

About this talk

It may be one of financial services’ most established sectors, but time rarely stands still in wealth management. With a third of clients reportedly switching providers or moving their assets over the last three years, and a further one in three expecting to follow suit, the pressure is on for market players to deliver an optimum service at every turn. But onboarding continues to be a notorious pain point for clients and advisors alike. Industry players may be well aware of the importance of the early stages of a wealth management or private banking relationship, but processes are all-too-often complex, labour intensive and expensive. Add to this the widespread migration of clients and advisors online at the hand of the pandemic and there’s nowhere for firms who can’t sharpen and speed up early client engagement to hide. Get onboarding right, however, and there’s everything to play for in this fast-moving and fragmented industry. This webinar will explore 3 common oversights that stand in the way of a smooth and seamless onboarding implementation: - Lack of strategic mapping in the onboarding journey Many firms take a ‘sticking plaster’ approach by remodeling unfit processes and bolting on technology in a bid to make these work. - Siloed approach to innovation Advances in wealth management are often driven by IT rather than the wider business. This can lead to a blinkered approach and a missed opportunity to transform the advisor and client experience. - Choosing the wrong system It may be tempting to mould legacy systems for modern-day needs. But as many firms have found to their cost, back office systems were not built to handle complex, lengthy onboarding processes, or the documentation and tick boxes they need to comply. Learn how to circumnavigate these challenges with efficient and effective processes that reduce costs, onboarding times and improve the end client experience. Unlock the onboarding maze and make your implementation a success!

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Wealth Dynamix provides market leading Client Lifecycle Management (CLM) solutions to the world’s top private banks, wealth and asset management firms. Our multi-award-winning, fully integrated, end-to-end digital CLM solution, WDX1, addresses the complex requirements of client acquisition, client engagement, digital onboarding, regulatory compliance, relationship management, and ongoing client servicing. Leveraging Microsoft’s industry leading Dynamics 365 platform, WDX1 delivers benefits throughout the whole client lifecycle and transforms the way firms manage client wealth and deliver client excellence.