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Digitalising Wealth Management Onboarding: Are You Asking the Right Questions?

Blog: Kofax - Smart Process automation

Back office systems, CRM systems and wrap platforms have been in place in firms for many years, and there are a number of quality partners in the market from which to choose. Digitalising Wealth Management Onboarding- Are You Asking the Right Questions-All of them do a good job of giving firms the ability to perform attitude-to-risk assessments, track asset transfers, and streamline portfolio management, as well as provide integrated workflow and client targeting capabilities, Straight Through Processing (STP) of multi-asset transactions, cash handling, asset custody, performance management and more. In addition, investors are able to access their portfolios online and get up-to-date visibility of the value of their investments.

What more could advisers and wealth management firms want than that?

Well, quite a lot if they ask the right questions, such as: How will digital technology enable us to win more business, onboard clients faster and automate manual back–office processes, which account for a significant amount of lost revenue?

What more could investors want?

Again, quite a lot if they ask the right questions, such as: How can I enjoy a seamless, paperless, efficient and fast process from the moment I have the first interaction with an adviser?

Once investors make a decision to seek help with their investments, time is of the essence.

In summary? Investors and advisers are on the same page when it comes to wants and needs. They want to arrive at a solution and a service provision faster. Therefore, although the reasons are different, the outcome is the same.

However, in my previous article, a number of issues were highlighted that constrict wealth management and investment advisers in their quest to drive inefficiencies from their process, enhance the customer experience, reduce drop-out rates and win new business. Therefore, the status quo largely remains. The costs of these impediments are enormous. Consider the following:

Given this environment, the next question should be:

What technology and capabilities will the most successful firms employ to differentiate their services from competitors?

Many firms, such as CRM providers, wrap services providers, etc., claim to be able to provide these capabilities. They can’t.

We provide digital technology to financial services firms for over 30 years, and our client base incorporates 75% of the top 500 financial institutions in the world, which manage or provide custody for over $80trn of assets. The technology is used within firms’ investment banking, broker-dealer, retail, wealth management and private banking businesses to ensure that they DO NOT have to run at the speed of paper.

One of the best things about the digital world is that where previously digital onboarding technology was only available to global financial institutions, today a level playing field has been created. Through digitalisation, all can now reap the benefits. Wealth managers and investment advisers, however, have the most to gain.


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