Client Experience Toolkit 2024 Report

TOOLKIT REPORT SERIES

Client Experience

Toolkit

2024

A collection of CX features Insights into the technology themes and tools that support and enhance the delivery of a modern client experience in wealth management

Copyright © The Wealth Mosaic 2024

CLIENT EXPERIENCE TOOLKIT

Contents Client Experience Toolkit 2024

This report focuses on client experience trends in the wealth management sector and showcases 11 technology offerings, each aimed at enhancing an element of the CX.

www.thewealthmosaic.com

2

04

Foreword

By Ingo Rauser of EY Switzerland

The Data Insights section gathers relevant third-party data and insights to help set the scene around the client and their expectations.

06

Introduction

08

Data Insights

By The Wealth Mosaic

Third-party data insights to set the scene.

Topic The first part of each Showcase is the Topic. Each contributor establishes a Topic, introduces it, highlights its relevance to wealth management, and explains why a wealth management business should consider it for thier business in the context of thier CX needs.

Solution The second part of each Showcase is the Solution. The Solution is designed to support the Topic, with each contributor tasked with highlighting how their Solution delivers on the Topic.This will include elements such as its features and functions, use cases and other relevant elements of their offering.

16

Showcases 11 Showcases relevant to the CX

18

28

36

Showcase #1

Showcase #2

Showcase #3

Investing in robust technology infrastructure is crucial for wealth managers. It enables smooth account management and omnichannel servicing, as well as real-time data interactions.

A core satellite investment approach provides banks with a unique opportunity to cater to a client's specific preferences and needs.

Wealth managers are looking to datadriven insights like never before. As the financial landscape becomes more complex and clients' expectations evolve, data insights have become essential.

Contributed by WealthOS

Contributed by Finfox

Contributed by Futurefrom

Technology foundation

Core satellite investing

Delivering with data

46

54

60

Showcase #4

Showcase #5

Showcase #6

To thrive in today's environment, wealth managers need solutions that go beyond basic functionality and offer an intuitive, personalised, and accessible user experience.

Technological transformation has lowered the barriers to entry and made it possible for affluent inclusion in the wealth management space.

Success hinges on human factors like trust and accountability, and the strategic use of technology to enhance client and adviser engagement.

Contributed by Croesus

Contributed by aixigo

Contributed by Objectway

User-centric technology

New affluent expectations

Generational investor shift

68

76

84

Showcase #7

Showcase #8

Showcase #9

Diversification is a cornerstone principle in wealth management.

From a performance perspective, mitigated risks and enhanced returns are universally recognised benefits of allocating investments across various asset classes.

Client experience in wealth management includes every client interaction. The importance of client experience and trust exceed the ever-evolving needs and expectations of clients, to deliver what they want.

The traditional model of high-touch, face-to-face interactions is giving way to a hybrid approach that leverages digital tools to enhance client experiences while maintaining the personal touch that high net worth individuals expect.

Contributed by Altoo

Contributed by Corfinancial

Contributed by additiv

Asset diversification

94

Mastering experience

102

Showcase #10

Showcase #11

With the much-discussed 'great wealth transfer' and the customer experiences seen in other industries, clients are now demanding more from their wealth managers.

Digital transformation is not a journey with an ending, it is an evolving process as technology becomes more capable.

Client touchpoints

Contributed by ERI

Client application

Contributed by moneyinfo

Client centricity

FOREWORD

Client Experience Toolkit 2024

Enhanced client experience (CX) and frictionless flexibility between different channels have been identified as key concepts to enable wealth management firms to win in today's highly competitive market.

www.thewealthmosaic.com

4

Let’s start with some good news! There has been a lot of progress made in financial services and specifically within wealth management on many fronts over the past few years – albeit in difficult circumstances.

Covid-19 changed the dynamic of the client-adviser relationship. Digital transformation has enabled many ways in which advisers and clients interact, across different channels, 24/7. And as we now look at what many are calling ‘The Great Wealth Transfer’, and the advent of younger populations accumulating and looking to invest their wealth, so the ways in which wealth managers attract and retain their clients, build trust and sustain the longevity of their client relationships is evolving.

In our recently published EY Global Wealth Management Industry Report where we have carried out global research about “how” to outperform in wealth management, the topic of enhanced client experience (CX) and frictionless flexibility between different channels has been identified as one key concept to win in this highly competitive market.

Welcome to today’s new way of doing business in wealth management, where brands are built, trust and market share are won and lost. Welcome to the world of client experience.

Why has client experience become so important?

Clients are more demanding, more sophisticated (“self- directed”), they have access to more information at a faster speed than they ever had before. At the same time wealth managers are sitting on multiple client data, and – as they start to realise the many ways in which they can harness the power of AI to deliver personalised, relevant recommendations to their clients almost on a real time basis, so the world of CX is changing. The strategic benefits of client-centric wealth advice include a higher client profitability, and an enhanced customer loyalty and greater likelihood of clients consolidating their assets with their wealth provider.

It’s fair to say that there is still a place to be had for client entertainment. The call to the client on his / her birthday.

The trip to the theatre. These have become “nice to haves” in today’s digitally connected, information rich world, where the time-pressured client wants access to real-time recommendations and tailored advice, based on a rapid and robust understanding of changing market dynamics. Therefore, top notch customer relationship management technology will add value by supplying next best actions, aiding financial planning whilst reducing relationship managers’ workload. However, unlocking these benefits depends on the balance between human skills and an optimised data architecture.

However, trust remains absolutely key. If trust, security, and confidentiality can be maintained through every interaction and every touchpoint with the client, we will have come a long way. Therefore, the question remains: How do we take front office productivity to the next level while building long-term trust with our clients?

At the same time, CX is also not just about the rapid delivery of relevant recommendations, in a format that a client can easily understand, consume and react to instantly. It’s also about how wealth managers respond if and when things do not go according to plan. A solid problem resolution process, that balances the use

Client Experience Toolkit 2024

Those who will be most successful are those who strike the right balance between technology investment and the ability to train, develop and engage advisers to make the best use of exciting technologies at the right time, and in the right way.

of technology and human interaction, can ultimately stop a client from switching wealth manager. Yet all too often, we see technology as the silver bullet, with not enough effort or attention placed on the balance between man and machine, to create what some might call a symbiotic relationship between technology and humans.

As I said at the outset of this short introduction, significant progress has been made in challenging circumstances. The wealth management industry continues to innovate, to transform, and to learn from other industries, to deliver a CX that is arguably incomparable to a decade ago. With the advent of AI, an ever-growing client data set, and a multitude of channels to communicate with clients on and off line, there is a lot to look forward to.

We’re all eager to find out, by being active participants and contributors from our various perspectives to the way clients today – and tomorrow – enjoy the experience they have with their wealth manager.

Those who will be most successful are those who strike the right balance between technology investment and the ability to train, develop and engage advisers to make the best use of exciting technologies at the right time, and in the right way.

Computers might have launched Apollo 13 into space, but it was human intervention that brought everyone safely back down to Earth.

It’s a pleasure to be able to contribute to this first Client Experience Toolkit report. It lays out a range of insights and topics on this hugely relevant subject.

I trust you enjoy the read and I look forward to interacting with you and possibly meeting with some of you during the supporting Roadshow events planned by The Wealth Mosaic in September and October this year. Enjoy the read!

Ingo Rauser Partner, Wealth & Asset Management Consulting Lead

EY Switzerland

www.thewealthmosaic.com

What will the future bring?

5

INTRODUCTION

Client Experience Toolkit 2024

Client Experience Toolkit 2024 The lifeblood of any industry are its clients. With evolving expectations, increasingly diverse segments, the great wealth transfer on the horizon, a range of dynamic external drivers of change such as technology and regulation forging a new set of realities, the quality and delivery of the client experience in wealth management is a critical battleground, and the role of technology in delivering on expectations is now on the main stage. Failing to consider the client experience is not an option.

www.thewealthmosaic.com

6

Welcome to the Client Experience Toolkit 2024. This report, followed by a series of Roadshow events (in Geneva, Zurich, London, Singapore and Dubai) in September and October, showcases 11 topics of relevance to delivering and enhancing the client experience (CX) in wealth management, each contributed by a technology vendor who has been tasked with delivering a Showcase formed of a Topic fitting the CX theme and a Solution that supports the delivery of that Topic.

Whatever else is happening around the wealth management sector, the CX should always be the hottest of hot topics. Especially for an industry that positions itself so clearly as client-centric. But no doubt #wealthischanging as we like to say. And change has a consequence for any definition, delivery and measurement of the CX. If wealth management was a static and slow-moving segment of financial services for the majority of its history, as time has passed and the many trends around us today have forged change and gathered pace, wealth management too has started to change at a faster pace than ever. At the centre of this, the experience and expectations of its clients, both present and future, is no exception. The industry cannot rest on its laurels. It’s time to up the game.

A white glove personal service, wood panelled meeting rooms, an exclusive event or two, occasional reporting, plain vanilla investment portfolio, a long and storied traditional name, these were all stock elements of the longstanding wealth management experience. But is that what today's and tomorrow’s clients want? Maybe in part, but not for all. And, of course, this proposition is not scalable for the wealth manager or accessible for the vast majority of the industry's potential clients.

Wealth is changing and expectations are evolving Traditionally, the wealth management sector is most commonly associated with high net worth (HNW) or ultra-high net worth (UHNW) clients. But, while a significant part of the market and the only segments that matter for some players, those segments do not capture the full breadth of the client opportunity today or into the future.

Who the client is, how they generate their wealth, what they expect from a provider, how they are reached and engaged, how they wish to be serviced and by what types of providers is an increasingly moving target. The sands are shifting. The market, at every level, needs to react to stay relevant.

While many factors are at play in determining whether a client chooses and stays with a specific provider, the overall experience any client receives is at the forefront of many decisions. Today, with market trends pointing in one direction, with the regulator pushing for more and with so much collective knowledge available as to what is expected, there is little excuse for failing to deliver on the experience expectations of client, wherever they sit on the wealth pyramid.

The role of technology And so, we turn to technology. Love it or hate it, you can’t ignore it. With global smartphone penetration averaging 69% in 2023 (Statista), technology is in the hands of the industry’s clients through every segment and through so much of our day-to-day lives. Wealth management cannot ignore this trend and resort to tradition and heritage, it has to stay in line with the world around it. In the arena of client experience, a strong technological play is table stakes today.

As our global Solution Provider Directory (almost 3,000 business profiles and over 6,000 solution profiles, the majority being technology or WealthTech) highlights, there is no shortage of technology available across the business needs of the sector, and new solutions are coming to market at pace to plug gaps and support trends. For any wealth manager, the question to answer is which of the many relevant technologies and providers are best-placed to support thier specific focus, circumstances and needs.

We hope that the insights available in this first Client Experience report support that process and we look forward to hearing your thoughts.

Client Experience Toolkit 2024

Toolkit Report Series

The Client Experience Toolkit 2024 is the first report within our new Toolkit Report Series. If the CX is central to the business of wealth management, this purpose of this report is to highlight relevant technology Topics and Solutions, packaged into 11 individual Showcase entries, which could or should be part of a wealth manager's thinking when considering the delivery of a modern CX.

Following this first report on CX, this report series will publish ongoing reports mixing thematic, geography and wealth manager-segment focused releases. Next in the series, we are looking at:

What is a Showcase?

Each Showcase is intended to focus on a specific Topic with the contributor introducing their topic and explaining its relevance to the report's overall focus on CX. Supporting the Topic is a Solution entry which then highlights the firm's supporting technology offering. The overall contribution of each firm features a Topic and a Solution, and both together should educate and inform the reader on an aspect of the CX that they may consider for their business.

Featured in this report are Showcases covering the technology foundation, core satellite investing, delivering with data, user-centric technology, new affluent expectations, generational investor shift, asset diversification, and more.

• • • • • • •

AI Toolkit 2024 Family Office Toolkit 2024/2025 Middle East Toolkit 2025 Future Proof Toolkit 2025 UK Toolkit 2025 Adviser Toolkit 2025 APAC Toolkit 2025

Toolkit Roadshow events Following each report, we will look to deliver supporting Roadshow events. For the CX Toolkit Roadshow, we are hosting events in Geneva, Zurich, London, Singapore and Dubai in late September and into October.. These are free to attend for any form of wealth manager and provide technology vendors an opportunity to sponsor or demo.

SCENE SETTER

Data Insights For any wealth management firm, and any technology vendor offering a service to the sector, the needs and expectations of the end client must be paramount. The Data Insights section offers a collection of relevant insights and data points, sourced from third-parties, to help frame the topic of client experience in wealth management and the following showcases.

DATA INSIGHTS

Wealth There would be no industry without its clients and, for wealth management, what matters is its clients’ wealth.

In a changing world, while the affluent, high net worth (HNW) and ultra high net worth (UHNW) segments might have been the bedrock of the wealth management cllient base historically, it is total wealth that is perhaps now more important to the entire industry. According to the UBS Global Wealth Report 2024, total global wealth grew by 4.2% in US$ terms in 2023.

In their 2023 report, they sized total world wealth across all segments at US$454.4 trillion at the end of 2022. Whichever way we look at it, wealth is on the rise across the world and through the segments meaning more people with more money looking for supporting services.

However, UBS also predicts that global wealth will rise by 38% over the next five years, reaching US$629 trillion by the end of 2027.

Significantly, the prediction also sees 56% of growth coming low and middle-income countries. Millionaires will reach 86 million in number over the same time frame, while UHNWs will number 372,000.

38% increase in wealth by 2027

30% increase in wealth per adult

According to UBS projections, global wealth will rise by 38% over the next five years, reaching US$629 trillion by 2027.

US$454.4 trillion global wealth

UBS Global Wealth Report 2023

Wealth per adult looks set to increase by 30%, reaching US$110,270 in 2027.

UBS Global Wealth Report 2023

UBS Global Wealth Report 2023

56% low/middle income countries Low and middle income countries are responsible for 56% of the growth.

UBS Global Wealth Report 2023

86 million millionaires Number of millionaires set to grow markedly over the next five years to reach 86 million.

UBS Global Wealth Report 2023

All data featured above is sourced from UBS Global Wealth Reports from 2023 and 2024

DATA INSIGHTS

Segments Total wealth and its direction of travel is important but few, if any wealth management firms will be targeting everyone.

Far more important are individual wealth segments.

The traditional wealth segments for the industry have been affluent, HNW and UHNW. The industry has followed the money and, lacking the ability to scale significantly due to the cost to service clients, wealth management is still largely considered to be relevant to the wealthiest. However, with technology now at play, perhaps a broader proportion of the wealth market will be open to 'wealth management'? Further, within the traditional and new wealth segments, there are more segment overlays that need to be understood and delivered against to reach, engage and manage wealth now and into the future. The following data points highlight some of these themes.

The UBS report also points to the growing middle classes, with the expectation that 268 million more adults join this group by 2027. There will also be significant growth in the US$100,000 to US$1 million band. These numbers do raise the question as to who wealth management is for but, as we all know very well, reaching and serving these segments will be down to very clear client experience strategies built on a technology foundation.

Segmentation, however, is not all about money, especially to the client. While it might remain the most practical way for most of the industry to determine if a client is relevant and how they should be served, it is an increasingly blunt tool, especially when framed within the context of a modern client experience.

Wealth segmentation should be just one element of client segmentation.

As the data on the following page(s) highlights, to deliver a modern client experience, the industry will also need to think about elements such as age and circumstance, factors such as the great wealth transfer and where their client’s money might head next, plus significant topics such as gender and identity. Also in consideration might be the origin of their clients’ wealth, the industry that wealth might have come from such as technology entrepreneurs, their political, economic and social perspectives, their employment and family situation, and more. The client experience in wealth management will be determined by a multi-layered and more flexibility segmentation model, perhaps increasingly determined by the client themselves. The role of technology in delivering that will also be key.

268 million middle class

UBS expect 268 million adults to join this group by 2027, so that the number expands to almost 37% of global adults.

US$84 trillion wealth transfer US$84 trillion in assets is set to change hands over the next 20 years.

The Cerulli Report: U.S. High-Net-Worth

UBS Global Wealth Report 2023

and Ultra-High-Net-Worth Markets 2021

36% rise in 100k-1m wealth segment

LGBTQ+ wealth

The number of adults with wealth between US$100,000 and US$1 million to grow by 204 million adults by 2027, and the aggregate wealth in this segment is projected to rise by about 36%.

UBS Global Wealth Report 2023

85 million millionaires

According to UBS estimates, the number of global millionaires will exceed 85 million in 2027, which is a rise of 26 million from 2023 and 71 million from the beginning of the century.

Over the last five years, there has been an increase in the size of the affluent segment (household income of $125,000+) in the LGBTQ+ community of around 76%.

Forbes: The Growing Demographic Marketers Don’t Know About, 2019

US$5 trillion women's wealth Women are adding US$5 trillion to the wealth pool globally every year.

Boston Consulting Group 2020

UBS Global Wealth Report 2023

32% of global wealth 372,000 UHNWIs

Number of UHNWIs will rise to 372,000 over the next five years.

UBS Global Wealth Report 2023

Women control 32% of the world’s wealth.

Boston Consulting Group 2020

DATA INSIGHTS

Behaviour Delivering a modern client experience does not stop there.

What about behaviour? How do clients engage with their wealth and investments, information, advisers, technology, reporting, and so on?

It is not a one-size-fits-all model and, while technology has massively aided what a wealth manager can offer, it has also significant raised expectations and, arguably, added more complexity to how any wealth management business delivers a suitable experience to its clients.

What client A prefers might be a significant dislike for client B. Wealth management needs to understand the context with which their clients want to be served, how, when, by who, with what, and so on. It is a potentially complex mix, especially when layered over segmentation and other service factors.

Highlighting elements of third-party data, EY’s 2023 Global Wealth Management Research Report found that a high percentage of clients value personal advice when monitoring performance, while the LSEG Wealth Solution Research Report 2023 found that 65% of their polled HNWs believe biases impact their decision-making and 79% believe relationship manager guidance could help them manage those biases.

As the data highlights, client behaviour is also influenced by their age, social media, their view of their advisers, and so on. In the context of client experience, these are all factors that determine how any wealth management business responds.

85% of clients

value personal advice when monitoring performance.

2023 EY Global Wealth Management Research Report

65% of HNWIs

believe biases impact their decision-making.

LSEG Wealth Solution Research Report 2023

79% of HNWIs

believe relationship manager guidance could help them manage their biases.

LSEG Wealth Solution Research Report 2023

Use of social media to gather insights and ideas LSEG Wealth Solution Research Report 2023

Individuals with financial advisers agree that their advisers play a vital role

33%

21% Gen X

Baby Boomers

75%

78%

82%

Millennials

3%

LSEG Wealth Solution Research Report 2023

Millennials

Knowledge

Generational

Younger generations

42% of Gen X, Millennials & Gen Z

are also less confident that their advisers are critical to their investing decisions and success.

Gen X

Baby Boomers

are uncomfortable with basic investing principles.

LSEG Wealth Solution Research Report 2023

Invessed, Defining Wealth for a New Generation, Client Engagement Survey 2024

72% of clients

61% of Gen X, Millennials & Gen Z

2023 EY Global Wealth Management Research Report

Invessed, Defining Wealth for a New Generation, Client Engagement Survey 2024

highlight the importance of advisers using a good understanding of their goals and values to inform product selection.

do not monitor their portfolio on a regular basis.

Communication

71%

84%

2023 EY Global Wealth Management

2023 EY Global Wealth Management Research Report

of clients want regular or periodic contact from their adviser.

of clients value swift responses to their inquiries.

DATA INSIGHTS

Products Finally, we should consider the role of products, often a core element of why a client chooses to work with a wealth manager.

If, historically, the product suite (wealth segment depending) on offer has been somewhat plain vanilla, today’s expectations are for access to a broader mix. Alternatives, ESG, digital assets and index strategies, as the data points below highlight, chief among them.

2 out of 3 HNWIs

68% of HNWIs

Capgemini World Wealth Report 2024

Capgemini World Wealth Report 2024

plan to invest more in private equity during 2024.

are likely to request an ESG score while investing in sustainable products.

39% of clients

with financial advisers want to receive more information about index strategies.

LSEG Wealth Solution Research Report 2023

Investors are interested in receiving more information on NFTs LSEG Wealth Solution Research Report 2023

Individuals would like to discuss cryptocurrencies with financial advisers LSEG Wealth Solution Research Report 2023

33%

23% Gen X

Baby Boomers

48%

35%

5%

Millennials

Millennials

Gen X

4%

Baby Boomers

DATA INSIGHTS

Summary The CX across wealth management is driven by a range of factors - wealth levels, segmentation, client behavior, products trends and needs, and likely more. Undoubtedly, core to delivering on all of that in the variety of ways that will be required is technology in its various forms.

What is for sure, the client experience is a key battleground for the future of the wealth management industry and a variety of technology solutions will be needed to deliver on the expectations of today’s and tomorrow’s client regardless of their wealth, background, identity, product and service preferences and other personalised factors.

For any wealth management business, the importance will be in being able to deliver a client experience that is appropriate for each client, that is consistent and as comprehensive as required for each client.

How does it leverage the power of new technologies to consistently deliver, through every touchpoint and every channel, a client experience that is second to none? While maintaining the trust, confidence and the value that clients have come to expect through the human touch they are have enjoyed from their

Frequency that wealth management firms update their client profiles.

Capgemini World Wealth Report 2024

one on one interactions with their advisers? With a consistent drive for hyper-personalisation, convenience, sustainable investing, and risk aversion. Indeed, it is finding that balance to deliver on all of these will be the key to future industry success.

Fully understanding and capturing details about each individual client must be a part of the process. According to insight from Capgemini's World Wealth Report 2024, only 8% of surveyed wealth management firms update their client profiles weekly. Much more needs to be done, therefore.

How to find that balance, the things to do, the things to avoid – these are the many topics that are covered by our extensive and diverse contributions to this comprehensive report. We trust you enjoy the read, and welcome your comments on any of the topics covered.

8%

Weekly

52%

Monthly / Quarterly

40% Annual

Client Experience Toolkit 2024 Featured Showcases

16

CLIENT EXPERIENCE

SHOWCASES 11 individual Showcases focused on individual aspects of the CX and what wealth managers can and should consider to enhance what they offer and deliver to their clients.

18

28

36

Showcase #1

Showcase #2

Showcase #3

Investing in robust technology infrastructure is crucial for wealth managers. It enables smooth account management and omnichannel servicing, as well as real-time data interactions.

A core-satellite investment approach provides banks with a unique opportunity to cater to a clients' specific preferences and needs.

Wealth managers are looking to datadriven insights like never before. As the financial landscape becomes more complex and clients' expectations evolve, data insights have become essential.

Contributed by WealthOS

Contributed by Finfox

Contributed by Futurefrom

Technology foundation

Core satellite investing

Delivering with data

46

54

60

Showcase #4

Showcase #5

Showcase #6

To thrive in today's environment, wealth managers need solutions that go beyond basic functionality and offer an intuitive, personalised, and accessible user experience.

Technological transformation has lowered the barriers to entry and made it possible for affluent inclusion in the wealth management space.

Success hinges on human factors like trust and accountability, and the strategic use of technology to enhance client and adviser engagement.

Contributed by Croesus

Contributed by aixigo

Contributed by Objectway

User-centric technology

New affluent expectations

Generational investor shift

68

76

84

Showcase #7

Showcase #8

Showcase #9

Diversification is a cornerstone principle in wealth management.

From a performance perspective, mitigated risks and enhanced returns are universally recognised benefits of allocating investments across various asset classes.

Client experience in wealth management includes every client interaction. The importance of client experience and trust, exceed the ever-evolving needs and expectations of clients, to deliver what they want.

The traditional model of high-touch, face-to-face interactions is giving way to a hybrid approach that leverages digital tools to enhance client experiences while maintaining the personal touch that high networth individuals expect.

Contributed by Altoo

Contributed by Corfinancial

Contributed by additiv

Asset diversification

94

Mastering experience

102

Showcase #10

Showcase #11

With the much-discussed 'great wealth transfer' and the customer experiences seen in other industries, clients are now demanding more from their wealth managers.

Digital transformation is not a journey with an ending, it is an evolving process as technology becomes more capable.

Client touchpoints

Contributed by ERI

The client application

Contributed by moneyinfo

Client centricity

SHOWCASE #1

TECHNOLGY

FOUNDATION

The bare necessities of client experience Investing in robust technology infrastructure is crucial for wealth managers. It enables smooth account management and omnichannel servicing, as well as real-time data interactions.

This empowers advisers to focus on personalised services and building strong relationships with their customers.

Contributed by

Client Experience Toolkit 2024

www.wealthos.cloud

19

Technology Foundation

We need to deliver our propositions to clients by interacting with them on their terms, through an omnichannel approach. We need to meet our clients wherever they are in their lives, when their financial needs arise.

ABOUT WEALTHOS WealthOS is the Cloudnative, modularised operating system SaaS for digital wealth management products.

1

Client Experience Toolkit 2024

Technology Foundation

Technology Foundation

20

The bare necessities of client experience: what wealth management can learn from Walt Disney

By Shri Krishnansen, CCO at WealthOS On a recent holiday at Walt Disney World in Florida, I realised there are some useful lessons that the wealth management sector can learn from the world’s best-known theme park.

For those unfamiliar with Walt Disney World, it is the behemoth of theme park resorts. Its six theme parks and more than 30 hotels occupy an area roughly the size of Manchester or twice the size of Manhattan Island. Each year, it attracts more than 50 million visitors, who are entertained by 75,000 employees, or ‘Cast Members’ as Disney calls them. A staggering 70% of first time visitors come back for more.

So, what’s the secret to Disney’s success in customer experience? Fireworks? Rides? Disney princesses?

Pixie dust?! I think the reason is actually Disney’s investment in core infrastructure. This has enabled the business to build, iterate and enhance the customer experience perpetually for over 50 years. Let’s consider key components of this infrastructure and the lessons we can learn to improve our own client experience in wealth management.

Don’t end up a pumpkin… diversify your carriages There’s no point building the best user experience in the world if you cannot get it to your customers. With tens of thousands of visitors to shuttle around every day, each with their own preferred ways of travelling, this is a big challenge for Walt Disney World and no single mode of transport will do. The solution is an interconnected transport system equivalent to Atlanta’s transportation network. It includes trams, trains, ferries, a 14-mile monorail carrying 150,000

people daily, buses, taxis and the Disney Skyliner cable car connecting four hotels and two parks with continuously running gondolas.

Disney also leverages partnerships with third parties to enhance movement around the site. For example, rideshare company Lyft provides a themed taxi (the "Minnie Van Service") for visitors who desire more private carriages to the ball, so to speak.

The lesson for wealth managers? We need to get our propositions to clients by interacting with them on their terms through an omnichannel approach.

We need to meet them wherever they are in their lives, when their financial needs arise. While some prefer virtual consultations, others value in-person interactions. Digital platforms may suffice for portfolio reviews or payments, but many clients seek personal assurance before making significant changes like investment alterations.

Investing in infrastructure for omnichannel connectivity, like Disney, enhances client experiences. This involves ensuring core systems have diverse APIs for various channels. It’s not just about having an API, but a rich suite of APIs tailored to specific customer journey needs, akin to Disney’s modes of transport. Examples include WebSocket APIs for data streaming, RESTful APIs for data fetching or updating and GraphQL for targeted queries.

Additionally, infrastructure that is interoperable with modern APIs is critical for embracing new technologies, like generative AI (GenAI). Modern APIs connect systems like puzzle pieces, allowing data to flow freely. GenAI needs these APIs to access data and to function, allowing you to create features like conversational interfaces and personalised recommendations for better client experiences.

There’s more happening down the rabbit hole than you think Behind every great customer interface lies a potentially sprawling backend infrastructure. Nowhere is this truer than at Disney’s Magic Kingdom. The entire theme park is built above a cleverly concealed underground level that houses the ‘backend of the theme park’. Hidden from visitors, this network of tunnels and corridors — known as ‘utilidors’ — is vital for park operations. It houses forklifts moving stock to various locations, Cast Members transitioning between areas and a complex system of pipes and chutes transporting waste, water and ventilation across the park’s 100 acres.

Thanks to these utilidors, repairs and modernisation can happen without needing to close areas of the park for extended periods. The benefit of these tunnels is that guests get pristine customer experiences, without disruptions that might spoil the magic. It keeps guests immersed and increases the time they want to spend at Magic Kingdom.

The next lesson is the recognition of the need for multiple disparate functions to harmoniously come together to create good customer experiences.

Each function must be well-managed and interact seamlessly with others. In the park, hidden utilidors enable different teams to function perfectly. During a character dining experience, food supplies are transported, Cast Members get into costume and travel to the restaurant, while maintenance teams concurrently attend to essential services and repairs, ensuring the restaurant’s smooth operation.

Above ground, visitors to the park are oblivious to this inner world but benefit from it and enjoy the seamless experience immensely. This experience only happens when the infrastructure is connected and intelligently designed.

In wealth management, technology can optimise your key functions like onboarding, payments, portfolio and account management through microservices.

This allows each function to evolve independently, yet is connected with ease to compose and orchestrate client experiences.

CLIENT EXPERIENCE TOOLKIT 21

www.thewealthmosaic.com

In wealth management, there's a lot to be learned from this. First, keep customers within an experience without breaking it. The way Disney keeps guests immersed in an environment and oblivious to its inner workings is something we should emulate. We need to ensure there are no breaks across experiences that cause clients to switch channels, apps or mediums unless they want to.

You won’t need a genie when you have this app The Walt Disney World app is the mother of all apps.

A one-stop shop for experiencing the park, it lets visitors take care of everything from buying tickets and merchandise to navigating the resort and coordinating plans with family and friends.

Cast Members are also equipped with similar technology to assist guests, upon request.

Consequently, all visitors can access information, book tickets and plan travel, irrespective of their preferred method.

The app is a critical part of the infrastructure that has helped Disney increase the capacity of daily visitors.

But it also runs off an innovative ecosystem, powered by a combination of high speed Wi-Fi across the resort, partnerships with third parties (e.g. Google and Apple) and radio frequency technology readers.

The lesson for wealth managers is that tech infrastructure can help you to scale your business and offer better customer experiences. A well-designed system should connect all of your services, exchange and surface information from one location to another at the click of a button and be accessible through multiple channels. The infrastructure should allow rapid changes and updates to enhance the experience without lengthy test and release schedules at specific points in the year. Solid technological infrastructure powers extraordinary experiences.

If you don’t have or want to use a mobile device, Disney offers alternative solutions, like RFID (Radio Frequency Identification) cards and Magic Bands (wearable RFID tokens) that mimic app functions.

The real magic happens behind the scenes

You will also struggle to fully embrace and realise the potential of new and emerging technologies in CX, like GenAI. It’s important to recognise that client experience is not just about the frontend — it relies on a solid backend to build upon.

This is why investing in robust technology infrastructure is crucial for wealth managers. It enables smooth account management and omnichannel servicing, as well as real-time data interactions. This empowers advisers to focus on personalised services and building strong relationships with their customers, delivering the kind of magical experience you’d get at Walt Disney World. Disney’s success underscores that technology infrastructure investment isn’t a luxury for wealth managers, but a necessity for delivering exceptional client experiences.

Technology infrastructure can and should help wealth managers scale their business and offer better customer experiences.

Solid technological infrastructure powers extraordinary experiences.

23

www.thewealthmosaic.com

It’s the same in wealth management. Advisers can be charismatic and client portals sleek. But if your backend system is clunky, clients will get frustrated by service delays and platform outages. You may not even be able to attract clients because you can’t access them. Evidence suggests younger clients are leaving wealth managers because of a lack of digital engagement and transactability.

CLIENT EXPERIENCE TOOLKIT

As we all know, Walt Disney World's magic spell is cast by star attractions and rides that keep everyone entertained. Yet without dependable infrastructure, there’s a risk that this spell could be broken.

WealthOS

Client Experience Toolkit 2024

SOLUTION OVERVIEW WealthOS provides cloud-native middle-and-back office software for wealth management. Our software as a service (SaaS) lets you focus on building your customer’s experience, because we take care of all the back-end technology, infrastructure and processes to run the next generation of digital investment and retirement products.

Our modular platform significantly reduces operational time and costs through extensive automation and orchestration of processes, as well as remote maintenance and updates. Whether you're launching or upgrading an existing digital wealth management product, you can get to market 3x faster and 40% cheaper than other technology platforms today.

WealthOS Solution Overview

24

SOLUTION OVERVIEW

FEATURES & BENEFITS

WealthOS is a backend operating system designed to empower financial institutions to deliver seamless digital wealth management experiences. Our comprehensive solution tackles the challenge of outdated back-end systems by providing a modern, modular software as a service (SaaS). This means institutions can access the latest technology to streamline the entire client lifecycle. From onboarding to portfolio management and account servicing, WealthOS manages complex middle and back office processes, allowing you to focus on delivering exceptional client experiences.

WealthOS offers a comprehensive suite of features for your digital wealth management needs. Our modular architecture allows you to choose the components you need, ensuring a perfect fit for your specific requirements and reducing development time.

This flexibility dramatically reduces development time, enabling you to launch innovative products and services much faster than traditional methods.

WealthOS prioritises a frictionless client experience by automating workflows and eliminating manual tasks, enabling faster onboarding, quicker transactions and better user experiences that keep clients engaged and satisfied.

Built by industry practitioners for industry practitioners, WealthOS combines the expertise of wealth management product specialists and technologists.

This deep understanding of wealth management and clients drives the development of our experienceled infrastructure, creating a backend SaaS product designed to power a robust range of cutting-edge client experiences.

The software includes a rich suite of APIs to connect your client-facing applications to our powerful backend technology. This enables integration with cutting-edge technologies like AI, blockchain and the Internet of Things.

WealthOS also features a built-in marketplace connecting you with top third-party vendors across various domains, such as AML/KYC, payments, securities, Open Banking, market data, transfer gateways and more. This empowers you to create a best-in-class WealthTech ecosystem and deliver an enriched client experience.

With WealthOS, build or digitalise your wealth management propositions in months, not years, and at a fraction of the traditional cost.

DISCOVER MORE GET IN TOUCH Shri Krishnansen Chief Commercial Officer WealthOS shri@wealthos.cloud

COMPANY WealthOS

WEBSITE www.wealthos.cloud

EMAIL shri@wealthos.cloud

USE CASES Our solutions serve investment platforms, traditional wealth managers, financial product providers, private/ retail banks, financial advisers, robo-advisers, brokerages and custodians.

Client case studies: Quai Digital — digital transformation involving integration with proprietary technology, rationalising the existing technology stack, migration onto our core operating system and introduction of new capabilities.

Canadian startup — a practice management system for advisers that provides end-to-end capabilities including connectivity to multiple custodians.

We're working on implementing solutions with several organisations, which will be announced once those products are publicly launched, including ISAs (stocks & shares, cash, LISAs, JISAs), SIPPs, workplace SIPPs and cash management products.

HQ London, UK

FOUNDED 2019

EMPLOYEES 21 - 50

CLIENTS 1 - 10

CLIENT TYPES EAMs, Bank Wealth Managers, Advisers, Insurance-based, Platforms, Pension Providers, Third-Party Administrators, Business Process Outsourcers

CLIENT LOCATIONS UK, Europe, United States, Asia, Middle East

Client Experience Toolkit 2024

Roadshow SEP- OCT 24

To support this report and bring insights, networking discussion and relevant technology offerings further into the market, we will host five Roadshow events as part of this Toolkit project. Each event will feature an introduction to the Toolkit, a presentation on CX trends and developments from a relevant consultant, a panel discussion with industry leaders on client experience and up to six individual and topic-focused technology vendor demos/presentations.

Each event is free to access for relevant wealth managers.

Interested in joining the roadshow?

Contact us for more info and sponsorship opportunities. >

Get in touch

Geneva

Zurich

London

September 24

September 25

October 3

SSE Genève

EY, Maagplatz 1

Eight Club Moorgate

Discover more

Discover more

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www.thewealthmosaic.com

Singapore

Dubai

October 10

October 15

80RR FinTech Hub SG

DIFC

Discover more

Discover more

SHOWCASE #2 CORE

SATELLITE

INVESTING A unique opportunity to cater to clients' specific preferences and investment needs A core satellite investment approach provides banks with a unique opportunity to cater to their clients' specific preferences and needs by leveraging the bank's investment expertise and creating a distinctive offering.

Contributed by

Client Experience Toolkit 2024

www.finfox.ch

"By incorporating satellite modules based on investment themes into the portfolio construction, banks can showcase their expertise and their ability to cater to discerning client needs in the advisery process."

Core-Satellite Investing

29

ABOUT FINFOX

Finfox is a hybrid investment advice solution for banks, advisers and their clients, developed by Zurich-based WealthTech firm ECOFIN Software and Technology.

2 Core Satellite Investing

Client Experience Toolkit 2024

Leveraging technology for a superior client experience

Core-Satellite Investing

30

By Andreas Borg, Chief Executive Officer, Finfox A core satellite investment approach provides banks with a unique opportunity to cater to their clients’ specific preferences and needs by leveraging the bank’s investment expertise and creating a distinctive offering. WealthTech solutions like Finfox enable financial institutions to present high conviction investment themes in a compelling and dedicated format, conveying the specific value-add of advisery services and enhancing the overall client experience.

Engaging clients with targeted satellite modules In short, a core satellite investment approach is based on a broad diversification within the core portfolio to minimise investment risk and achieve normalised riskadjusted returns over the long term.

Satellite investments, on the other hand, allow for targeted high conviction positions in specific key sectors or themes that the bank focuses on, thus reflecting a client's specific interests and preferences.

Furthermore, the satellite investments enable flexible, tactical plays based on changing market conditions, capitalising on short-term opportunities without disrupting the long-term core positions. This fosters a more responsive, tailored investment approach that ideally generates alpha or at least a subjective value-add for the client on the specific high conviction investment opportunity.

An illustrative example of this high conviction investment approach is promoting ESG principles by aligning them with the United Nations Sustainable Development Goals (SDGs) in satellite modules or, going one step further, prioritising impact investing topics over expected market returns. This level of personalisation helps clients feel more connected to their investments and allows for a mental investment bucket where the primary focus can be shifted away from a return-only perspective.

Competitive differentiator and enhanced value proposition By incorporating satellite modules based on investment themes into the portfolio construction, banks can showcase their research expertise and their ability to cater to discerning client needs in the advisery process. They can utilise satellite investments to shine a spotlight on unique investment themes and create a highly personalised offering which distinguishes them from competitors (e.g. ESG, crypto assets, emerging technologies). That way, the core-satellite approach provides a distinct value proposition for the client and unlocks a competitive edge in wealth management for the bank, especially if it is supported by a state-of-theart technology solution that allows for a value-adding, seamless client experience.

Improved client communication and transparency Best-in-class technology solutions offer the bank’s clients easy access to well-structured client reports, dashboards, and appealing visualisations that clearly and transparently show the performance and composition of their satellite portfolios.

Separate reporting for both the overall portfolio and the various satellite components helps clients understand how each part of their satellite portfolio is performing.

This transparency translates into a direct value-add for the bank’s clients. It supports the bank to foster a more client-centric communication in general and, even more importantly, to position topics and themes which the client is passionate about.

Detailed satellite module reports and factsheets provide clients with comprehensive information, allowing the bank to convey the message behind the high conviction offering in a dedicated context. The varied and structured presentation of information supports financial literacy and helps clients engage with satellite content in a flexible and attractive way, enhancing the identification with their investments and their digital experience.

CLIENT EXPERIENCE TOOLKIT

A well-implemented core-satellite approach, combined with a best-inclass technology solution puts the client experience centre stage.

Best-in-class technology solutions offer the bank’s clients easy access to well-structured client reports, dashboards, and appealing visualisations that transparently show the performance and composition of their satellite portfolios.

www.thewealthmosaic.com

31

Client Experience Toolkit 2024

Increased bank efficiency and standardisation in the advisery process

Core-Satellite Investing

32

Banks providing wealth management services almost always have both a discretionary and advisery mandate offering. In our opinion and through discussions with clients, we are convinced a core-satellite investment approach combines the best of both worlds.

•

Discretionary mandates For banks, discretionary mandates are highly efficient, scalable, and profitable. Hence many banks strive to shift advisery mandate clients to discretionary offerings, especially for the lower end of the wealth management segment. This works well for passive clients who don’t want to be involved in their investments, but leaves many engaged clients dissatisfied and uncatered for.

•

Advisery mandates Advisery mandates allow banks to showcase the full value-add of their client adviser and research capabilities. However, in the lower end of the wealth management segment it is timeconsuming, hard to scale and, in most cases, not as profitable as equivalent discretionary mandates for the bank. Clients, on the other hand, benefit from individualised services that are tailored to their needs and interests.

The core satellite offering provides the basis to combine the advantages of both solutions – for the client and for the bank. This is achieved by integrating discretionary building blocks into an advisery offering facilitated through satellite modules.

In comparison to advisery mandates this approach significantly reduces the required discussions on instrument level and induces a shift of focus on high conviction themes. In return the themes are based on discretionary building blocks ensuring efficiency, scalability and, additionally, a centralised active management. Yet clients still receive an individualised service and a portfolio tailored to their needs and interests.

Given that the approach is implemented well, it should also provide banks with a hedge against the ongoing pricing pressure they face in the discretionary mandate offering, as the average perceived value and service delivered by the client adviser is greater.

Driver for hybrid investment advice A well implemented core-satellite investment approach is also a driver of adoption towards a successful hybrid investment advice offering.

In the bank’s self-service channels, clients are given the opportunity to engage with topics of interest and inform themselves through dedicated reports written by leading experts and analysts. However, a client adviser is still available for advice in connection with their portfolio at the push of a button. Depending on the offering of the bank and the self-service tool in place, even self-execute investments, which are being checked for suitability in the overall portfolio context, are an option.

Furthermore, today’s omnichannel capabilities allow the bank to know in real-time what their clients are searching for, enabling the advisers to proactively catch up with their clients on topics they have shown interest in. That leads to more frequent client interactions and fosters closer client relationships.

For example, FinfoxTouch, our tablet-based advisery tool, transforms client meetings into a hybrid, superior client experience. Using clientcentric tools like FinfoxTouch for a core satellite offering, advisers benefit from various features: •

User-friendliness FinfoxTouch allows to select core and satellite modules with just a few clicks, either before or during advisery meetings, tailoring portfolios to clients' preferences in an easy and appealing way.

•

Centralised management The tool provides a central hub where all information related to the bank’s core and satellite modules is stored and easily accessible, ensuring consistency in service delivery.

•

Transparency FinfoxTouch brings full transparency regarding satellite performance and costs.

In summary, a well-implemented core satellite approach combined with a best-in-class technology solution puts the client experience centre stage, and sets new standards in wealth management.

CLIENT EXPERIENCE TOOLKIT

Technology plays a pivotal role in implementing and enhancing core-satellite investment strategies by providing banks with advanced tools that streamline processes, improve decisionmaking, and foster client engagement. Best-inclass technology solutions actively involve the bank’s clients in the advisery process and bring complex topics to life in an interactive way.

Today's technology plays a pivotal role in implementing and enhancing core-satellite investment strategies.

33

www.thewealthmosaic.com

Leveraging best-in-class technology in the advisery meeting

Finfox

Client Experience Toolkit 2024

SOLUTION OVERVIEW Finfox is one of the leading software solutions for hybrid investment advice for banks, advisers and their clients, developed by Zurichbased WealthTech firm ECOFIN Software and Technology AG. Thanks to intelligent business logic, a consistent data set and full omnichannel capability, our software makes the advisery process a high-quality, regulatory compliant and seamless experience across all channels and client touchpoints. Private banks, savings banks and Swiss cantonal banks equally trust in Finfox. We offer solutions for all segments from wealthy to affluent and retail clients.

Finfox Solution Overview

34

SOLUTION OVERVIEW

FEATURES & BENEFITS

Finfox’s smart software suite combines personal advice with digital services, thus enabling a real hybrid advisery model and creating individualised advisery experiences – whether in a personal conversation, a digital meeting or at home via guided self-services.

As a result, Finfox boosts client engagement at all touchpoints and effectively conveys the value-add of the bank’s advisery offering by delivering specific and relevant content that is tailored to the bank's clients.

FinfoxPro is the adviser’s individually configurable digital workplace. This is where advisers centrally manage all their client relationships and monitor related portfolios. All information is available at all times via the dashboard, with multidimensional drilldown functions enabling access to specific client and portfolio data. Advisers receive clear prompts about required actions and pending items, enabling them to complete their tasks in just a few clicks.

Finfox solutions are automated and standardised for the bank yet perceived as individualised by their clients. That way, Finfox combines a personalised user journey with an efficient set-up for the bank that keeps processes lean for the advisers.

FinfoxTouch is the tool for interactive client advice transforming client meetings into a hybrid experience.

The intuitive tablet solution can be used in a host of advisery scenarios: on a projector in the conference room, on a tablet in the client’s home or via screen sharing using the bank’s collaboration platform.

FinfoxTouch enables advisers to verify the client profile, illustrate investment strategies and proposals using interactive graphics and spontaneously respond to client requests.

FinfoxAdvice is the digital channel for the bank’s clients and their guided self-services. Clients can research, advise themselves and access suitable investment solutions in a completely digital and independent way, whenever and wherever they want.

Hybrid advice is supported by a flexible status and notification system, allowing advisers to keep track of their clients’ actions in any scenario.

DISCOVER MORE GET IN TOUCH Andreas Borg Chief Executive Officer Finfox andreas.borg@ecofin.ch

COMPANY ECOFIN Software and Technology AG

WEBSITE www.finfox.ch

EMAIL USE CASES To enable even greater flexibility, the platform’s functionality is made available by FinfoxPublicAPI, a set of standardised and modular business services.

To achieve the ambition of open banking, it can be integrated with the front- and back-end systems of banks or third-party providers. As such, Finfox technology can be tailored to precisely fit into any IT architecture. Apps, front ends, widgets and back-end services directly access data from Finfox and use Finfox services via the API. Solution use cases: • • • • • • • •

Campaign management Digital transformation ESG Goal-based investment advice Hybrid investment advice Private banking Retail advisery Thematic investment advice

finfox@ecofin.ch

HQ Zürich, Switzerland

FOUNDED 1986

EMPLOYEES 51-100

CLIENTS 11-20

CLIENT TYPE Bank Wealth Managers

CLIENT LOCATIONS Switzerland, UAE, Singapore

SHOWCASE #3

DELIVERING WITH

DATA

The importance of data in delivering great CX Wealth managers are looking to data-driven insights like never before. As the financial landscape becomes more complex and clients' expectations evolve, the integration of these insights and automation capabilities has become essential.

Sponsored by

Client Experience Toolkit 2024

www.futureform.uk

Delivering with Data

37

“Today's wealth professionals are looking to get more out of data.”

ABOUT FUTUREFORM

Futureform are experts in the seamless and smart application of Salesforce specifically for financial services.

3 Delivering with Data

Client Experience Toolkit 2024

The importance of data in delivering a great client experience

Delivering with Data

38

By Barney Haywood, Co-Founder of Futureform Today’s wealth management professionals are increasingly looking to get more out of their data.

Coupled with the need to onboard clients efficiently while often dealing with complex integration environments and differing technology, wealth managers are looking to data-driven insights like never before. As the financial landscape becomes more complex and clients' expectations evolve, the integration of these insights and automation capabilities has become essential. This transformation enables wealth managers to enhance client experiences by providing more accurate, timely, and personalised services, all facilitated through the consolidation of information and advanced technologies like AI.

The growing importance of data-driven insights Data-driven insights are increasingly crucial in the wealth management industry. Clients now expect their wealth managers to provide not only expert advice, but also data-backed strategies that can readily adapt to market changes and personal circumstances. By leveraging big data and advanced analytics, wealth managers can gain deeper insights into market trends, investment opportunities, and risk factors, gaining valuable information to share with their clients, to deliver more relevant and personalised advice, and of course, a better CX.

Enhanced decision-making Access to real-time data allows wealth managers to make more informed decisions. They can analyse historical performance, forecast future trends, and identify potential risks, leading to more effective portfolio management. For instance, using predictive analytics, wealth managers can anticipate market shifts and adjust investment strategies proactively, thereby protecting client wealth and maximising returns. It can also ensure wealth managers know which clients they need to focus on serving more and how many client service requests are coming in.

Client segmentation Data analytics enable wealth managers to segment their clients more effectively based on various criteria such as wealth levels, investment goals, risk tolerance, and life stages. This segmentation allows for more targeted and relevant service offerings, enhancing the overall client experience.

“Having all client information in one place is paramount.”

Consolidation of information Having all client information in one place is paramount for delivering a seamless and efficient client experience. Wealth managers often deal with a plethora of data sources, from financial statements and transaction histories to personal client preferences and market data. Consolidating this information into a single, integrated platform can significantly improve service delivery. A Customer Relationship Management system, like Salesforce, can be a particularly effective tool here, especially as clients expect a modern digital interface that can be customised to their unique needs.

Unified client view A centralised system provides a 360-degree view of the client’s financial situation. This holistic perspective is essential for understanding the complete picture of a client's assets, liabilities, income, and expenses. It enables wealth managers to offer more comprehensive and customised advice, addressing all aspects of the client's financial life.

Efficiency and accuracy Consolidation reduces the risk of errors that can occur when data is fragmented across multiple systems. It also streamlines workflows, making it easier for wealth managers to access the information they need quickly.

This efficiency not only saves time but also enhances the accuracy of financial planning and reporting.

Automation capabilities through AI

Personalisation in the client journey

Artificial intelligence and automation are revolutionising the wealth management industry by automating routine tasks, providing advanced analytics, and enabling personalised client interactions. These capabilities are driving efficiencies and cost-savings to enable wealth managers to focus more on strategic activities and client relationships.

Personalisation is key to creating exceptional client experiences in wealth management.

Clients expect services that are tailored to their unique circumstances and preferences.

Personalisation fosters trust and loyalty, critical in the wealth management sector.

Client Experience Toolkit 2024

Automated portfolio management

40

AI-driven algorithms can manage investment portfolios by continuously monitoring market conditions and adjusting asset allocations to optimise performance.

These robo-advisers can perform tasks such as rebalancing portfolios, tax-loss harvesting, and even executing trades, ensuring that portfolios remain aligned with clients' goals and risk profiles.

Client interaction and support AI-powered chatbots and virtual assistants can handle a range of client inquiries, from answering basic questions to providing updates on account balances and transaction statuses. These tools are available 24/7, offering clients timely support and freeing up wealth managers to handle more complex issues.

Machine learning can also help automate routine tasks like Periodic Review bookings, making product recommendations and delivering the most relevant and concise response to customer requests.

Delivering with Data

Predictive analytics AI can analyse vast amounts of data to identify patterns and trends that may not be apparent to human analysts. AI capabilities that are baked into a CRM like Salesforce can monitor client transactions and valuations, identify potential assets at risk and make recommendations on how to remediate, enabling proactive management and timely interventions.

Customised financial plans By leveraging data analytics and AI, wealth managers can create highly personalised financial plans that reflect each client's goals, risk tolerance, and time horizons. This level of customisation ensures clients receive advice and strategies that are specifically suited to their needs.

Behavioural insights Advanced analytics can provide insights into client behaviour and preference. For example, understanding a client's spending patterns, saving habits, and investment preferences allows wealth managers to offer more relevant and timely advice. This insight can also help identify when clients might need additional support or new services.

Dynamic adjustments Personalisation is not a one-time event but an ongoing process. Clients' circumstances and goals evolve over time, and their financial plans should reflect these changes. AI and data analytics enable continuous monitoring and adjustment of strategies to ensure that clients remain on track to achieve their objectives.

Integrating technology into client experiences The integration of data-driven insights, consolidated information systems, AI, and personalisation capabilities transforms the client experience in wealth management. It requires a strategic approach to technology adoption and a commitment to leveraging these tools to their fullest potential.

Technology platforms Modern wealth management platforms should integrate various data sources and analytical tools into a unified system, but legacy platforms can lead to constant rekeying. Selecting a system with market-leading APIs can help platforms function as they should and provide wealth managers with comprehensive dashboards and reporting tools, making it easier to access and analyse client information, drawing insights like which campaigns are most productive and allowing clients to self-serve their own analytics.

Data security As wealth managers handle sensitive client information, ensuring data security and privacy is paramount. Advanced encryption, secure access controls, and compliance with regulatory standards are essential to protect client data and maintain trust.

Onboarding Onboarding clients should be a streamlined and seamless process, but legacy systems can sometimes get in the way of delivering a consistent experience.

By leveraging the power of data-driven insights and AI, wealth managers can make onboarding more detailed, efficient and more enjoyable for clients.

This ensures they can track where they are at with onboarding clients and how effectively and timely they are handling client service requests.

Conclusion Wealth management professionals face increasing client expectations and data complexity, necessitating a shift to data-driven practices. The integration of data-driven insights and automation is essential, allowing wealth managers to deliver accurate, timely, and personalised services.

Utilising big data and advanced analytics enhances decision-making, client segmentation, and portfolio management. Consolidation of client information into unified systems, such as CRM platforms, ensures efficiency and accuracy in service delivery. AI and automation streamline routine tasks, provide advanced analytics, and personalise client interactions, fostering trust and loyalty.

This technological integration transforms client experiences, emphasising the importance of strategic technology adoption, data security, and continuous training for wealth managers. By leveraging these capabilities, wealth managers can gain a competitive advantage, increase revenue, and provide better experiences to their customers.

Futureform CRM

Client Experience Toolkit 2024

SOLUTION OVERVIEW Futureform is a financial services focused Salesforce consultancy dedicated to clients in wealth and asset management as well as private equity and insurance. Whether you’re a relationship manager, operations or wealth management executive, we help you maximise the power of Salesforce, providing you with a single place to view all your client information. We can help you bring a consistent approach to your adviser onboarding, simplify interactions with real-time data through the creation of a client portal and enable real-time valuation and financial account performance monitoring.

Futureform Solution Overview

42

SOLUTION OVERVIEW

FEATURES & BENEFITS

Salesforce Financial Services Cloud streamlines the client relationship management processes, improves customer service, and drives growth for financial institutions. As a trusted Salesforce implementation partner, Futureform has created its proprietary Wealth Management industry template, designed to help firms get the most out of Salesforce in 70% less implementation time. The template extends Salesforce to deliver a full set of Practice Management Capabilities with prebuilt capabilities / business processes tailored to the UK&I market.

Our Wealth Management industry template has lead to a number of feature implementations and benefits for our clients. With the template, clients have been able to build out unique models for onboarding new IFAs. They have been able to automate the sales pipeline process and opportunity and lead management to determine win/loss ratios and conversion rates. They've also been able to build out branded member portals to allow clients to view their portfolio, submit service requests and provide secure reporting. We've helped integrate Salesforce with Docusign which helps automate the document review process to ensure all compliance procedures were followed. Our template has also helped streamline client service tools and reports to validate and enforce all requirements for sales processes.

Our template is now used by a growing number of Advice firms and networks and remains a key point of differentiation compared to similar technology implementation providers.

DISCOVER MORE GET IN TOUCH Barney Haywood Co-Founder Futureform barney@futureform.uk

COMPANY Futureform

WEBSITE www.futureform.uk

EMAIL info@futureform.uk

USE CASES Through our template, our clients have been able to enhance their client experience. From an onboarding perspective, they’re able to provide a fully streamlined journey for their customers. For our IFA clients, they are also able to expedite the speed in which they can pay their members. Since the system automates the process, members can be paid within 48 hours - up to 10x faster than the industry average.

Wealth management forms the core of our customer base with clients including Lawsons Network, St. James Place and Floreat. With our proprietary industry template, we've helped advisers increase their efficiency and level of service to their clients.

Some of the client success we've seen includes helping AlphaWealth increase operational efficiency by 20%, helping Lawsons Network onboard global clients 7x faster and helping Path Financial deliver a digital-first wealth advice capacity.

HQ London, UK

FOUNDED 2019

EMPLOYEES 51-100

CLIENTS 51-100

CLIENT TYPE EAMs, Bank Wealth Managers, Family Offices, Advisers, INsurance-based, Platforms, Networks, DFMs

CLIENT LOCATIONS Africa, Europe, Middle East, North America

Editorial Programme

Toolkit Reports 2024/2025

The Toolkit Report Series covers thematic, geography and wealth manager segment-focused reports, each tasked with delving into the topics and supporting technologies of relevance to help wealth managers of all types better understand how they should bring technology into their business and in which areas.

AI Toolkit

Family Office Toolkit

Q4 2024

2024/2025

Focused on Artificial Intelligence (AI), the AI Toolkit 2024 Report will seek to bring in 10-15 Showcases from contributors, each tasked with highlighting how AI can be used to support a specific area of need for a wealth management business. The report will be supported by Toolkit Roadshow events in November 2024.

Focused on family offices, the Family Office Toolkit 2024/2025 Report will seek to bring in 1015 Showcases from contributors, each tasked with highlighting how family offices can uses technology to support a specific area of need for their business.

The report will be supported by Toolkit Roadshow events in January/February 2025.

Thematic

>

Segment

Read more >

Read more

www.thewealthmosaic.com

Middle East Toolkit

UK Toolkit

Q1 2025

Q2 2025

Focused on the Middle East region, the Middle East Toolkit 2024 Report will seek to bring in 1015 Showcases from contributors, each tasked with highlighting how an area of technology and their offering can support the business needs of a wealth management firms in the region. The report will be supported by Toolkit Roadshow events in February/ March 2025.

Focused on the UK, the UK Toolkit 2024 Report will seek to bring in 10-15 Showcases from contributors, each tasked with highlighting how an area of technology and their offering can support the business needs of a wealth management firm in the UK. The report will be supported by a Toolkit Roadshow event in April/May 2025.

Geographic

Geographic

> >

Read more

Read more

SHOWCASE #4

USER-CENTRIC

TECHNOLOGY

Re-defining wealth management: the rise of user-centric technology To thrive in today's environment, wealth managers need WealthTech solutions that go beyond basic functionality and offer an intuitive, personalised, and accessible user experience.

Contributed by

Client Experience Toolkit 2024

www.croesus.com

47

User-centric Technology

The human-centric approach is not just about making technology usable - it's about making it empowering.

ABOUT CROESUS

Croesus provides innovative, high-performance, and secure wealth management solutions that include portfolio management systems, portfolio rebalancing tools, and application programming interfaces.

4 User-Centric Technology

Client Experience Toolkit 2024

Redefining wealth management: the rise of user-centric technology

User-centric Technology

48

By Romain Faraut, Switzerland Business Development Leader at Croesus In the intricate world of wealth management, wealth managers juggle a multitude of information.

To thrive in this environment, they need WealthTech solutions that go beyond basic functionality and offer an intuitive, personalised, and accessible user experience (UX).

Wealth and asset management professionals must consider numerous factors in their daily decisionmaking. Accessing the right information quickly and intuitively is paramount. This is where UX steps in, ensuring that critical data is readily available and presented in a clear, organised manner.

"UX is much more than aesthetics. It involves designing a product, system, or service by stepping into the end user's shoes, understanding their needs, habits, and behaviours to create an intuitive and natural solution," explains user experience expert, Marie-Eve Denis.

Denis is Director of Software Development at Croesus, a user-centric wealth management technology provider. She emphasises that good UX goes beyond visual appeal, encompassing the entire user journey – from ease of use and efficiency, through to overall satisfaction. An effective UX empowers financial advisers to swiftly access pertinent information, make well-informed decisions, and deliver exceptional service to their clients.

"Our goal is to design WealthTech solutions that work the way financial advisers think. Like a chef's kitchen, our solutions keep essential tools at hand while ensuring specialised features are readily accessible as and when they are needed", says Denis.

A key differentiator In today's competitive wealth management landscape, UX has emerged as a key differentiator. Financial advisers seek solutions that optimise their time, minimise errors, and boost productivity. A seamless, intuitive UX directly impacts their bottom line.

WealthTech platforms that prioritise delivery of a positive UX can see tangible benefits, such as: •

Increased client acquisition and retention: A user-friendly interface and efficient processes enhance the client experience, making them more likely to choose and then stay with a firm.

•

Higher adviser productivity: By automating repetitive tasks and providing easy access to essential information, advisers can focus on building client relationships and providing personalised advice.

•

Improved client satisfaction: When clients can easily navigate their portfolios, understand their investments, and communicate with their advisers, this fosters greater trust and brand loyalty.

The Zendesk CX Trends 2024 report underscores this point, revealing that client expectations have evolved, with demands for speed, personalisation, and highquality experiences. A human touch is essential in wealth management, and a solution with a strong UX delivers exactly that.

The human-centric approach to UX

Luc Larose, Vice President of Client Experience at Croesus, echoes this sentiment: "Clients are looking for partners who understand their challenges, advise them, and help them achieve their goals. The human approach involves attentively listening to users, transparent communication, and a willingness to create solutions tailored to their needs."

Croesus' commitment to this approach is evident in their emphasis on building true partnerships with clients, simplifying and humanising wealth management. This approach has been proven effective, with a Boston Consulting Group study revealing that a staggering 70% of digital transformation projects fail due to neglecting the human element in their design.

In fact, an intuitive and user-centric tool will be adopted faster and more easily than a complex and confusing one. A design focused on human needs and behaviours thus accelerates the adoption of these solutions and considerably reduces the time and costs associated with user training. Ultimately, the human-centric approach translates into significant time and productivity gains for businesses and also increased user satisfaction and a sense of belonging.

A human-centric approach translates into significant time and productivity gains for businesses.

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User-centric Technology

"The human-centric approach is not just about making the technology usable; it's about making it empowering," she says.

"By understanding the unique needs and workflows of financial advisers, we can create solutions that truly enhance their ability to serve their clients and grow their business."

Client Experience Toolkit 2024

Denis believes that human touch is key to designing solutions that cater to the unique needs of each user, considering their preferences, work habits, and professional environment.

The Client Experience Toolkit 2024

Collaboration fuels UX innovation

www.thewealthmosaic.com

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Close collaboration between technology providers and end users is a cornerstone of this human-centric approach. At Croesus, this collaboration is central to the development process, with volunteer user groups actively participating in product improvement.

"The more clients participate, the better we understand their needs. This translates into better, more intuitive, and more functional products," says Denis.

This collaborative approach facilitates rapid identification of issues, testing of new features, and swift iterations to enhance UX. User feedback is invaluable in guiding future developments and ensuring solutions meet the market's actual needs.

Personalisation and accessibility Personalisation is a vital component of a comprehensive UX strategy, as each user has unique needs and preferences based on their role, clientele, organisation, and individual work habits.

"We need to offer a common core of features, then provide customisation options so each user can adapt the tool to their needs," explains Denis.

Recognising that each user has unique needs and preferences, leading WealthTech firms like Croesus are championing customisable solutions. This includes tailoring dashboards, widgets, and data displays to individual preferences, as well as ensuring accessibility for users with disabilities through features like zoom, keyboard navigation, and text descriptions for images.

"We design our products so that they can be used by everyone," emphasises Denis.

The future of UX in WealthTech UX is constantly evolving, and WealthTech is no exception. Emerging technologies like artificial intelligence and machine learning present new opportunities to enhance the user experience.

For Denis, the future of UX in WealthTech lies in an increasingly human-centric approach.

"Users are becoming more demanding and expect intuitive, personalised, and accessible solutions. WealthTechs that can meet these expectations will have an undeniable competitive advantage."

In conclusion, user experience with a human touch is a critical component of success in the WealthTech industry. By adopting a humancentric approach, collaborating closely with users, and personalising their solutions, WealthTech can create products that truly meet the needs of financial advisers and their clients, ultimately improving their efficiency, satisfaction, and performance.

Croesus Central

Client Experience Toolkit 2024

SOLUTION OVERVIEW Croesus provides innovative, high-performance, and secure wealth management solutions that include portfolio management systems, portfolio rebalancing tools, and application programming interfaces.

These solutions empower wealth management professionals to improve their productivity, enhance their client relationships, make informed decisions, and maximise the management of their assets under management. Croesus’s mission is to provide a superior experience to its clients, users, partners, and employees and to positively impact the community. With 200 employees in its Montréal, Toronto, and Geneva offices, Croesus has won several industry awards for being a high-quality solution provider and an outstanding employer.

Croesus Solution Overview

52

SOLUTION OVERVIEW

FEATURES & BENEFITS

Croesus Central is a comprehensive automated portfolio rebalancing solution designed for portfolio managers at financial institutions and wealth management firms. It addresses the common challenges of time-consuming manual rebalancing, multi-country tax optimisation, compliance risk, and the need for scalable personalised investment strategies, providing both confidence and exceptional performance.

Croesus Central is tailored to the evolving needs of modern wealth management, delivering tangible benefits that drive efficiency, compliance, and client satisfaction:

The solution's advanced automated task manager facilitates efficient administration of numerous accounts simultaneously. It integrates portfolio analysis, rebalancing, modeling and scenario analysis. Its cloud-based architecture ensures easy deployment in both global financial institutions and independent firms, seamlessly integrating with thirdparty Portfolio Management Systems (PMS) to offer a comprehensive and adaptable solution for modern wealth management.

• • • • • • • • • •

Automated Rebalancing Automated Portfolio Grouping Multithreaded Rebalancing What-If Scenario Modeling & Analysis Tax Optimisation Regulatory Compliance Management Robo-Tasks Order Aggregation Seamless Integration Intuitive Interface

Croesus Central empowers professionals to deliver personalised service, optimize investment outcomes, and enhance operational efficiency, providing a competitive advantage in today's dynamic financial landscape.

DISCOVER MORE GET IN TOUCH Romain Faraut Switzerland BD Leader Croesus communications@croesus.com

COMPANY Croesus

WEBSITE www.croesus.com

EMAIL WHY CHOOSE US? Productivity Significant time savings for wealth management professionals.

Flexibility Customisable solutions from the firm to the end user.

Security Solutions, infrastructures, and processes to safeguard vast amounts of confidential data.

Reliability Solutions designed to withstand extreme market volatility.

Robustness Solutions that meet the needs of the most demanding financial institutions.

communications@croesus.com

HQ Montréal, Canada

FOUNDED 1987

EMPLOYEES 101-500

CLIENTS 101-500

CLIENT TYPE EAMs, Bank Wealth Managers, Family Offices, Advisers, Insurancebased, Platfroms, Brokers/Dealers

CLIENT LOCATIONS North America, Western Europe

SHOWCASE #5 NEW

AFFLUENT EXPECTATIONS

Discover the value of crafting affluent inclusive client experience and investment journeys Technological transformation has lowered the barriers to entry and made it possible for affluent inclusion in the wealth management space. In this article, we look at why client experience is key to addressing this segment, and what firms need to consider when creating investment journeys.

Contributed by

Client Experience Toolkit 2024

www.aixigo.com

“To make a mass affluent journey profitable it must be highly scalable, while at the same time it must provide a fantastic client experience for the consumer.”

New Affluent Expectations

55

ABOUT AIXIGO

aixigo provides the world's fastest API-based Wealth Management Platform for creating individual, innovative and profitable wealth management services.

5 New Affluent Expectations

Client Experience Toolkit 2024

The affluentisation of wealth management: enhancing the client experience

New Affluent Expectations

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By Christopher Baxter, Country Manager UK at aixigo Capgemini's Wealth Management Top Trends report highlights the affluent segment as a key opportunity for wealth management firms to boost their top line.

As the total addressable market size for fee revenue in the affluent segment is estimated to be up to USD 40 billion annually, this presents a significant opportunity to wealth managers. While Capgemini state that the affluent segment is not currently being targeted, we are now beginning to see the affluentisation of wealth management in action with Swiss Private banks, such as, UBS launching My Way, a modular portfolio management journey starting at 250K € of investable assets or Vontobel launching Volt, a digital wealth management service, allowing their clients to invest according to their convictions with a recommended starting amount of just 25,000 CHF.

Millennials and Gen Z over the next 20 years means that the type of client that wealth management firms serve will also change. This means that most of the clients will be in a different stage of their life and furthermore, digital natives. They will therefore expect a true digital experience in their wealth management journeys. It is no surprise, therefore, that both UBS and Vontobel market the availability of their offerings via smartphone, emphasising the need for a true digital experience for these affluent journeys available through the clients preferred channels, always on and always available. Concomitantly, a great client experience will provide a truly omni-channel journey for the client.

While Capgemini lists price as the primary consideration for wealth management firms when targeting the affluent segment, technological transformation has lowered the barriers to entry and made it possible for affluent inclusion in the wealth management space. To make a mass affluent journey profitable it must be highly scalable, to the extent that one portfolio manager can look after thousands of clients, while at the same time it must provide a fantastic client experience for the consumer in line with the journeys for the HNW and above. This article will focus purely on the client experience aspect. In this regard, we will look at why client experience is key to addressing the affluent segment, and what wealth management firms need to consider when creating investment journeys.

With the rise of digital natives entering the consumer space, not only will a multi-channel journey be expected, but the experiences and the expectations of journeys are no longer measured against other wealth management peers, rather, against other industries.

Tiktok or Instagram can recommend a video to their consumers, knowing they will like it without having to ask. This is the level of experience digital natives have come to expect. Therefore, to appeal to this affluent segment, wealth management firms require hyper-personalised offerings. A clear example of this is through impact investing. With the growth of the environmental, social and governance (ESG) investing, we have seen an example of clients personalising their portfolios to align with their values. “The uptake of a more thematic approach to sustainable investing is providing them an opportunity to utilise their capital to support outcomes that align with their personal values, be that green energy, clean water, smart cities, gender equality or more” An example of such an offering is Radicant, a Swiss bank focusing on sustainability. The bank allows clients to align their portfolio with the UN’s Sustainable Development Goals (SDGs). Designed to generate long-term returns while contributing to the achievement of the 17 UN Sustainable Development

A new tech-savvy clientele To start with, we need to understand who the client is that the wealth manager will address? Through another key current trend in the wealth management industry, we are seeing a shift towards a new techsavvy clientele. The great wealth transfer which will see 72 Trillion USD being inherited by Generation X,

Hyper-personalisation

Goals (SDGs). These journeys allow affluent investors to secure their financial well-being, at the same time adding a positive contribution. Therefore, when creating new journeys, the core idea of hyperpersonalisation is precisely the segment of one, that each client can personalise their portfolio to align with their own goals.

Here, wealth management can take inspiration from the retail industry. With their digital transformation, high street brands were able to offer on brand experiences online and off, and through the leveraging of technology they could track customer interactions across each touchpoint, enabling personalised marketing, efficient customer service and a cohesive shopping experience. In summary, the trend of sustainability as a personalisation example, has the potential and power to enable new attractive and clientfocused business models and attractive (service) offers for financial institutions. This is especially true in the context of the great wealth transfer and the needs of the younger generations which will soon be very wealthy. At the same time, this could promote the transformation of financial flows into sustainable investments, as envisaged by the EU Commission in terms of the taxonomy and disclosure regulation.

Client needs The needs of clients are also changing, while baby boomers have been in the decumulation phase, these new inheriting generation are accumulating their wealth. Furthermore, as opposed to the HNW and above, affluent clients have different aims when investing their money. While HNW and above may focus on growth or estate planning, affluent clients need a more goals-based approach. For example: Do I have enough money to go into retirement?

Can I afford to gift money to my children earlier etc. Therefore, a different approach is needed for these clients moving to a client-specific approach as opposed to a client centric approach which we have previously seen. Goal-based journeys align more with the needs of the affluent segment providing a holistic approach to their finances.

In summary To conclude, the trend of wealth managers targeting the affluent segment has already begun and this is a key market which can support wealth management firms to increase their top line. To take advantage of this segment wealth management firms need to offer scalable solutions without losing the ability to personalize these journeys. These journeys are for a demographic that expect communications which are direct, succinct, and accessible via their preferred channels. They must empower the clients to reach their goals and invest in line with their own personal values by providing a truly personalised experience to the client.

aixigo:BLOXX

Client Experience Toolkit 2024

SOLUTION OVERVIEW aixigo provides the world's fastest API-based Wealth Management Platform for creating individual, innovative and profitable wealth management services! The high-performance aixigo:BLOXX of the Wealth Management Platform provide all technological capabilities for the application in investment advisery, portfolio monitoring and analysis, portfolio management and financial planning. aixigo's platform enables banks, financial service providers and wealth managers to master the challenges of digitalization and empowers them with speed, scalability and flexibility. aixigo’s international customers, including Bank Vontobel, BNP Paribas and Commerzbank, are already benefiting from the aixigo platform.

Furthermore, aixigo was awarded the Banking IT-Innovation Award by the University of St. Gallen (Switzerland), the German Innovation Award by the German Bundestag and the German Industry, and was repeatedly included in the WealthTech100 by FinTech Global.

aixigo Solution Overview

58

SOLUTION OVERVIEW

FEATURES & BENEFITS

aixigo provides the world's fastest API-based Wealth Management Platform for creating individual, innovative and profitable wealth management services!

aixigo is a software company specialised in offering APIs – so-called BLOXX – for financial services and wealth management. aixigo’s core product is the modular and flexible open API-based aixigo:BLOXX Wealth Management Platform.

The high-performance aixigo:BLOXX of the Wealth Management Platform provide all technological capabilities for the application in investment advisery, portfolio monitoring and analysis, portfolio management and financial planning. aixigo's platform enables banks, financial service providers and wealth managers to master the challenges of digitalisation and empowers them with speed, scalability and flexibility. aixigo’s international customers, including Bank Vontobel, BNP Paribas and Commerzbank, are already benefiting from the aixigo platform.

Furthermore, aixigo was awarded the Banking ITInnovation Award by the University of St. Gallen (Switzerland), the German Innovation Award by the German Bundestag and the German Industry, and was repeatedly included in the WealthTech100 by FinTech Global.

By (currently) offering 31 flexibly combinable, standardised BLOXX modules and being based on an industry-leading architecture, it enables financial service providers to create individual, value adding journeys for their clients as well as their advisers. The 31 aixigo:BLOXX are clustered into 4 Solution Kits – the Advising, Analysing, Managing and Planning Kit – which each bundle the technological capabilities and create business value in a defined area of application.

Altogether, the high-performance platform provides all technological capabilities for the application in investment advisery, portfolio monitoring and analysis, portfolio management and financial planning.

Customers and partners can freely and modular select and combine our BLOXX as they like to digitalise their offerings and make innovation a reality.

Having already spent the past 25 years in the wealth management space, we can provide bespoke wealth management journeys with a rapid time to market.

DISCOVER MORE GET IN TOUCH Christopher Baxter Country Manager UK aixigo christopher.baxter@aixigo.com

COMPANY aixigo AG

WEBSITE www.aixigo.com

EMAIL solutions@aixigo.com

USE CASES To complement our aixigo:BLOXX offering, aixigo also continuously expands its service offering. Our “Wealth Lab” services offer a unique combination of wealth excellence, design thinking, moderation, empathy, and communication to help customers develop individual innovative solutions and services. We also provide a comprehensive range of Managed Services (Infrastructure & Hosting, Application Management, Product, Success & Extended Services) to maximise the value of our customer’s use of BLOXX. As knowledge about and proficiency with our product serves as a valuable asset to make the most out of our solutions, our Partner Academy offering allows partners to become a certified BLOXX expert, while our Community Portal serves as the central knowledge base for everyone interested.

Avaliable case studies include: Vontobel, Commerzbank, BNP Paribas, Targobank, radicant, Deka, and investify.

HQ Aachen, Germany

FOUNDED 1999

EMPLOYEES 101-500

CLIENTS 101-500

CLIENT TYPE EAMs, Banks, Advisers, Platforms

CLIENT LOCATIONS Germany, Switzerland, UK

SHOWCASE #6

GENERATIONAL

INVESTOR SHIFT

Engaging the next generation of investors through digital innovation Success hinges on human factors like trust and accountability, and the strategic use of technology to enhance client and adviser engagement. As digital natives, the new generation of investors demands seamless, personalised, and transparent digital experiences. Wealth firms must adapt their strategies, focusing on robust digital platforms and AI-driven solutions to attract and retain this techsavvy clientele, ensuring their relevance in a rapidly evolving financial landscape.

Contributed by

Client Experience Toolkit 2024

www.objectway.com

“The new generation of investors demands seamless, personalised and transparent digital experiences.”

Generational Investor Shift

61

ABOUT OBJECTWAY

Objectway is an international wealth, banking and asset management software provider empowering clients to embrace their future challenges while providing great performance today.

6 Generational Investor Shift

Client Experience Toolkit 2024

The Impact of Generational Shift on Client Experience for Investors

Generational Investor Shift

62

By Roger Portnoy, Chief Strategy Officer at Objectway There has been much market commentary on the wave of capital that will be intergenerationally transferred in coming years. The question many are asking is - is this nothing but a myth? Despite widespread market predictions, will the actual pace and scale of asset transfer predicted by many lag behind these forecasts? Today's baby boomers and silver surfers, driven by longer lifespans and evolving lifestyle choices, may retain their wealth and liquidity far longer than pundits predict. Are we overestimating the speed and magnitude of this financial shift?

If this is the state of play, the fundamental question to answer will be whether or not the extended household that could span three generations becomes a single ‘unified’ client for the wealth manager, or instead fractures into different types of providers, service models and relationships. The former represents the most desirable outcome for any firm servicing the primary wealth owners of today, with the latter clearly to be avoided as far as possible.

The outcome of the above will be influenced and decided mostly by human factors, such as trust, past experience, accountability, and firm reputation. Technologies and solution designs that directly address customer experience and adviser engagement with clients will become key factors that determine if wealth owners encourage or discourage their children, grandchildren etc., to follow their own relationship pathway or not.

This perspective would seem to be supported by our own and more broad recent market research, which shows a common sentiment within wealth firms regarding the importance of client experience, along with adviser engagement; both sit at the top of the expected new investment priorities, and thus will take precedence in terms of spending and innovation over the next few years.

Given the importance of engaging with next generation investors and fulfilling their experience, what is the best and most effective way to manage with them?

The new generation of investors will have a more diverse range of wealth “scenarios” encompassing both de-accumulation and accumulation pathways, and a broader range of behaviours and expectations, different from that of their parents' due to their digital fluency, social and environmental awareness, and desire for convenience, transparency, and accessibility. As digital natives, millennials expect seamless, user-friendly digital experiences, including in investing. They use more digital tools and value the convenience of interacting with advisers through these platforms. Additionally, they prioritise educational resources that help them make informed decisions.

To attract and retain these new clients, financial services firms will have to enhance their digital offerings. This includes developing robust digital platforms, mobile apps, and intuitive interfaces that allow easy access from any device. Personalised solutions will also be crucial, tailored to individual investment styles, behaviours, risk profiles, and preferences.

Moreover, the next gen appreciates convenience and automation in its financial activities. Investment firms may leverage artificial intelligence and machine learning to provide personalised investment recommendations and automate portfolio rebalancing according to individual risk profiles and goals.

Understanding and adapting to these preferences will be essential for financial services firms to thrive in such an evolving landscape.

Regardless of age cohort, every investor, millennials included, seeks personalised, accessible, and transparent investment support. Technology and WealthTech partners can deliver this through AIpowered algorithms that analyse preferences, risk tolerance, and financial goals to offer tailored strategies and optimise portfolios. AI enhances customer relationships by automating administrative tasks, improving profitability and customer experience. About 80% of banks are investing in AI, and plan to increase spending in this area. However, operationalising AI's benefits remains challenging.

With the continued expansion, use and sophisticated monitoring of digital channels, organisations especially the larger ones - have a significant opportunity to improve their ability to deliver scalable advice to clients through virtual agents and AIassisted tools for advisers. However, even though the pool of relevant digital data that is acquired through engagement and transactional events continues to grow, the pace of adoption may be slower than predicted. When it comes to money matters beyond simple budgeting and personal financial management, human trust in a fully machine-based virtual agent for critical financial questions and life-changing events is still slow to emerge, although the advances in personalisation and plain-language conversations introduced by LLM and GenAI are promising and clearly game-changing.

The digital engagement landscape will certainly continue to evolve and grow, but for a while yet, the nature of this engagement will - especially for investors in the earlier stages of experience, confidence, and wealth accumulation - be more on awareness, education, and guidance, rather than on full outsourced decision making or full auto-pilot.

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Summary In conclusion, there are both generic aspects to the evolution of client engagement and client experience, and those that will be delivered to attract and retain the specific next-gen cohort. This speaks to not only increased focus, spending and innovation, but also perhaps, and most importantly, a significantly different approach toward UI/UX design principles to enable more omnichannel agility, and more real-time and near real-time response and engagement.

Generational Investor Shift

So, what kind of support or advice do young investors want when it comes to investing?

In terms of where differentiation might occur, the emerging generation of investors is fully attuned toward their mobile device as a highly versatile and powerful smart integration platform for communication, data sharing, and engagement. This will anticipate that much more client engagement for wealth service provision will be satisfied through mobile as the primary vehicle, rather than either a gateway or ancillary touch point. This trend is driven by the growing demand for anytime, anywhere access to investment monitoring, real-time collaboration, digital banking, and selfservice tools. However, at the end of the day, their effectiveness depends on the wealth firm's or bank's overall strategy for customer engagement. Mobile apps should be part of a comprehensive digital front-end that supports omnichannel seamless interaction, automated digital onboarding, and frontoffice productivity, supplemented by a full range of digital capabilities.

Client Experience Toolkit 2024

Moreover, much of what our own research and market analysts foresee so far will happen regardless of the backdrop of intergenerational wealth movement or the entry of new digital-first clients into the wealth management space, delivering value and enrichment to all client segments.

Objectway Platform

Client Experience Toolkit 2024

SOLUTION OVERVIEW Leveraging on 30+ years of business expertise, Objectway empowers 250+ clients in 15 countries with a comprehensive digital end-to-end Platform for Banks, Wealth Managers, Asset Managers, and their investors to scale their business, with a broader societal objective: preserve capital and improve financial wellbeing.

Our unified, cloud-based platform integrates front to back-office operations, offering superior scalability and performance. As a global TOP-100 FinTech provider, we successfully manage over €1 trillion in assets and support 100,000+ investment professionals in overseeing €700 billion AUM for 5+ million investors. In a challenging market, Objectway’s as-a-service model ensures consistent, secure service delivery worldwide.

Objectway Solution Overview

64

SOLUTION OVERVIEW

FEATURES & BENEFITS

The Objectway Platform provides a flexible, personalised solution design, leveraging a comprehensive suite of end-to-end digital and service capabilities seamlessly integrating front-to back-office operations into one as-a-service growth platform, including SaaS, BPaaS and EaaS, to deliver key benefits across the entire value chain.

Specifically, The Client Engagement, Adviser & Investment Management consists of the following three pillars: 1.

Self-Service and Hybrid Digital Channel, that integrates automated tools for independent financial management with personalised guidance through digital platforms, optimizing client interaction and enhancing financial decisionmaking capabilities.

2.

Adviser/Banker Workstation providing a comprehensive platform equipped with analytical tools, client management interfaces, financial planning and real-time data access, enabling advisers and bankers to offer tailored financial guidance efficiently.

3.

Investment Service Management which includes sophisticated advisery and portfolio management tools, risk assessment models and asset allocation strategies, empowering clients and advisers to make informed investment decisions in line with financial goals and market dynamics.

The Objectway Platform is made of two distinct yet interoperable technology layers: •

•

Client Engagement, Adviser & Investment Management Solutions: enhancing client engagement, front-office productivity, and optichannel interaction. We offer an online portal, mobile apps for digital banking, and investor self-service functionality. Relationship managers can efficiently handle discretionary portfolios, advisery services and execution-only investments, with robust reporting, suitability reviews, risk management and compliance monitoring.

Wealth, Asset & Banking Operations Solutions: supporting securities management services, cash and payments, FX and treasury, credits and loans, along with STP (straight through processing) automation, regulatory and compliance reporting, including processing and execution of open and alternative funds.

DISCOVER MORE GET IN TOUCH Roger Portnoy Chief Strategy Officer Objectway roger.portnoy@objectway.com

COMPANY Objectway

WEBSITE www.objectway.com

EMAIL USE CASES Objectway Portal & App: Deliver a client-centric online experience, offering instant access to investment information via mobile devices anytime & anywhere, ensuring personalised interaction through an omnichannel digital experience platform, and providing a coherent client experience across devices.

Objectway’s Investment Advice Solution: Provide holistic analysis of clients’ asset allocation, enable advisers to generate personalised investment proposals without subjectivity, and benefit from Cloud and SaaS-enabled delivery for a lean, scalable, and flexible solution supporting long-term growth.

Based on a 25-year partnership, Objectway has supported Rathbones Group Plc providing a core asset servicing platform, a new multi-channel Client Portal and MyRathbones app where the client can access and consume personalised investment content, configured for prospecting to servicing the long-term client relationship.

Objectway digitalised the full onboarding process for independent, Benelux-based wealth managers who rely on KBC Securities Services to safeguard their clients’ investment portfolios, transforming it from labourintensive, paper-based to an automated process.

marketing@objectway.com

HQ Milan, Italy

FOUNDED 1990

EMPLOYEES 501 - 1,000

CLIENTS 101 - 500

CLIENT TYPE EAMs, Bank Wealth Managers, Family Offices, Advisers, Insurance-based, Trust & Fiduciary, Investment Platforms

CLIENT LOCATIONS Africa, Caribbean, Europe, Middle East, North America

Directory Content Research Events Marketplace Network Community Partnership Intelligence

Our online directory includes 2,750+ technology and related Solution Provider profiles and well over 6,250+ categorised solutions from across this community. This resource is supported by an extensive library of knowledge resources including New & PR, video and video interviews, podcasts & webinars, white papers & thought leadership, solution information and more. >

www.thewealthmosaic.com

The Wealth Mosaic is a curated online marketplace directory of solution providers and solutions relevant to the business needs of the global wealth management community.

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Marketplaces

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Business needs

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2,750+

Business profiles

6,250+

Solution profiles

3,000

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SHOWCASE #7

ASSET

DIVERSIFICATION

Easing the wealth preservation experience Diversification is a cornerstone principle in wealth management. From a performance perspective, mitigated risks and enhanced returns are universally recognised benefits of allocating investments across various asset classes.

From the client experience perspective, however, assuring well-diversified UHNWIs that their allocation strategies are on track is a significant challenge for wealth managers relying on manual workflows.

Sponsored by

Client Experience Toolkit 2024

www.altoo.io

“All asset diversification strategies have at least one thing in common: behind each is a wealth owner who wants peace of mind that his / her plan is being executed.”

Asset Diversification

69

ABOUT ALTOO

The Altoo Wealth Platform empowers wealthy individuals and their families to consolidate and interact intuitively with their total wealth.

7 Asset Diversification

Client Experience Toolkit 2024

Diversified assets, consolidated visibility: easing the wealth preservation experience

70

By Ian Keates, Chief Executive Officer at Altoo Diversification is a cornerstone principle in wealth management. From a performance perspective, mitigated risks and enhanced returns are universally recognised benefits of allocating investments across various asset classes.

analysis, and interpretation of portfolio data a tedious exercise. Typically, advisers taking this approach can provide their well-diversified UHNWI clients with a snapshot of their total wealth composition only a few times per year, and this after several hours of effort!

From the client experience perspective, however, assuring well-diversified UHNWIs that their allocation strategies are on track is a significant challenge for wealth managers relying on manual workflows.

In theory, quarterly reviews of allocation mixes should be enough to reassure UHNWI clients that their diversification strategies are holding up. In practice, today’s UHNWIs would like to receive such assurances far more often – and with little or no advance warning.

Similar to the way global cellular network coverage is not necessary until it is, on-demand access to comprehensive yet easily understandable portfolio breakdowns is not necessary until it is.

These strategies can take many forms, depending on growth goals and risk tolerances. For example:

Asset Diversification

•

Strategic asset allocation involves setting a longterm investment plan and designing a portfolio to maintain fixed percentages of certain asset classes.

•

Tactical asset allocation is a more dynamic approach, where a portfolio is adjusted to increase exposure to types of investments expected to perform well in the short term.

•

Core-satellite allocation combines elements of both of the above approaches. Strategic, relatively conservative “core” assets are chosen to ensure steady long-term growth. At the same time, a smaller portion of the portfolio is in tactical, riskier “satellite” assets predicted to outperform the market.

Even so, all asset diversification strategies have at least one thing in common: behind each is a wealth owner who wants peace of mind that his / her plan is being executed in line with an overall, agreed investment strategy.

Using spreadsheets to provide UHNWIs with this peace of mind is an outdated approach and highly timeconsuming for all involved parties. Reporting metrics differ among various asset types held with multiple banks and custodians, making the manual gathering,

Fortunately, technological solutions are available to help put this current asset allocation information at clients’ fingertips with minimal human effort. Here is a brief overview of these solutions and what they can offer UHNWI clients.

Client Experience Toolkit 2024

Behind the scenes: API connectivity and automated data processing The more relationships with banks and other financial institutional relationships a UHNWI has, the longer it takes their advisers to manually consolidate data from these institutions. Doing so is often a question of logging into online portals, downloading statements, copying statement data into spreadsheets or building up data channels to various custodians.

Ideally, this centralised location will be a platform that automatically optimises the incoming data for analysis, runs a wide range of asset-specific analytical processes, and visualises the results in intuitive dashboards. These dashboards can provide as much or as little detail as required, from the overall portfolio mix to the performance of individual holdings.

Online portals are not the only way to access client data. Many institutions support application programming interfaces (APIs), which are essentially “pipes” through which UHNWIs can authorise the automatic transfer of data to trusted third parties.

Since the data is handled continuously, all relevant information is updated in near real-time. Notifications can be promptly sent to clients regarding changes in markets, allocations, balances, asset values, and more. If such a change signals a need to rebalance a portfolio in line with an asset diversification strategy, the portfolio’s owner will be informed within minutes.

For complex portfolios, the key advantage of APIs is that they enable data from multiple sources to be consolidated in near real-time into a single, centralised location.

In addition to automation functionalities, a sophisticated platform of this type will also have advanced features for tracking and organising workflows around nonbankable assets, which are almost always present in an UHNWI’s total wealth.

Asset Diversification

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On clients’ screens: diversified portfolios, simplified anytime

CLIENT EXPERIENCE TOOLKIT

By automating the entire process of gathering, analysing, and visualising data on clients’ diverse assets, UHNWI advisers can provide a wide variety of near real-time insights into even the most complex wealth.

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What types of reporting and monitoring capabilities can automated data flows make accessible to clients on demand? A comprehensive set of examples can be found in the Altoo Wealth Platform, a solution that enables wealth owners and their advisers to easily understand the individual and aggregate performance of investments across multiple bankable asset classes:

Equities Tracking and benchmarking for both performance and fees, visibility of total exposure, and much more.

Private equity Tracking investments, commitments, and transactions; fund performance since inception; performance comparisons and measurement according to metrics like IRR, TWR, TVPI, RVPI, and DPI.

Cash and cash equivalents

www.thewealthmosaic.com

Liquidity management and planning; forecasting cash flows and dividends.

Fixed income Tracking of upcoming events; notifications of expiry dates; expense tracking; automatic FX conversions for comparing bonds issued in different currencies.

The platform also helps advisers streamline the UHNWI client experience in monitoring, geographically filtering, and optimising international portfolios of nonbankable assets like:

Real estate Modules for tracking expenses, P&L, and valuations for individual properties. Secure, on-platform messaging facilitates task assignments to property managers.

Artwork and other collectibles All items can be viewed in a single gallery together with valuations.

For wealth items in both bankable and non-bankable asset classes, all kinds of documents can be safely stored and attached.

Examples include asset allocation agreements, fee agreements, performance reports, purchase contacts, and insurance policies.

Leveraging API connections to over 3,500 financial institutions and available 24/7 via both the web and a dedicated mobile app, the Altoo Wealth Platform makes it simple for wealth managers to visually, accurately, and promptly help clients zoom out to see the big picture of their wealth and zoom in to see how particular assets are performing.

Effective asset diversification should not lead to a poor client experience, where wealth owners must wait weeks or months to confirm that their allocation mixes are on target. Sophisticated technology can automate data flows to make comprehensive portfolio insights available almost instantly. Wealth managers can quickly leverage this technology – without the significant upfront costs or time investments associated with in-house solution development – by partnering with an industry-focused platform provider like Altoo.

Altoo Wealth Platform

Client Experience Toolkit 2024

SOLUTION OVERVIEW Altoo is a wealth management fintech founded in 2017 and headquartered in Zug, Switzerland. The Altoo Wealth Platform, aggregates wealth data from multiple sources to deliver comprehensive wealth analysis, performance and reporting. It is a modern, highly secure, SaaS platform, 100% Swiss developed and hosted. Altoo was named among the best providers of Family Office Software by Forbes Magazine and a Top 5 Growth Startup at the Swiss Fintech Awards in 2023. Constantly seeking new ways to simplify complex wealth for clients in over 20 countries, the company recently partnered with Divizend to optimise the Altoo Wealth Platform’s cash flow and liquidity planning features.

Altoo Solution Overview

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SOLUTION OVERVIEW

FEATURES & BENEFITS

The Altoo Wealth Platform is at the forefront of revolutionising the wealth management landscape.

Unlike traditional banking platforms, Altoo embraces agility and flexibility, enabling rapid enhancements and responsiveness to client and partner feedback.

Consolidation - provides clear and dynamic reporting based on data from your whole portfolio.

The platform combines the power of data analytics, collaboration tools, and intuitive interfaces to empower individuals to control their wealth. One of the key benefits of the Altoo Wealth Platform for creating a lasting family legacy is the ability to consolidate assets in minutes. Altoo provides a unified report of your global assets, giving clients a comprehensive view of their assets in one place. This consolidation makes it easier to document important information for informed investment decisions.

Altoo also understands the importance of collaboration and networking in the wealth management industry. Through the Altoo platform, high-net-worth individuals can securely share access and data with other parties, fostering greater collaboration, transparency, and efficiency.

Analysis - accelerates financial analysis by giving you with the best tools for delving into every part of your finances.

Intelligence - involves intelligently watching your portfolios and automatically alerting you to insights.

Data - Easily import transaction and market data from a variety of sources. With different bank connections, the platform can digest assets from all areas and currencies for you.

Security - entails ensuring that your sensitive information is yours alone to disclose as you see appropriate.

Services - You can make the most of Altoo in a matter of days, and our wealth servicing team is standing by to ensure that you do.

DISCOVER MORE GET IN TOUCH Ian Keates Chief Executive Officer Altoo ian.keates@altoo.io

COMPANY Altoo AG

WEBSITE www.altoo.io

EMAIL USE CASES Our client, a Swiss-based family office consultancy, identified inefficiencies in its asset performance reporting, cash flow forecasting, and liquidity planning. Out of the five potential solutions the team evaluated, Altoo stood out for its simplicity, backing by an entirely Swiss-based team with a superior reputation, support for up to three-factor access authentication, software-as-a-service model without software installation or additional investments in hardware, and open architecture, allowing connectivity to any custodial institution with an application programming interface (API).

Our client was struggling to manually download PDF statements from multiple banks, enter data into Excel and an accounting software, and verify the accuracy of this data.

Thanks to Altoo, the team saves 20 hours per day by avoiding the manual tasks to accurately plan liquidity and report on the performance of multiple assets.

Financial data comes directly from institutions and is available to the appropriate stakeholders. The data quality is audited once every six months, as opposed to once a month.

hello@altoo.io

HQ Zug, Switzerland

FOUNDED 2017

EMPLOYEES 51-100

CLIENTS 21-50

CLIENT TYPE Digital Wealth Platforms

CLIENT LOCATIONS Asia, Cenral America, Europe Middle East, North America, South America

SHOWCASE #8

MASTER

EXPERIENCE FOR GROWTH

Client experience in wealth management includes every interaction a client has with their financial adviser or wealth management firm The importance of client experience and trust, exceed the ever-evolving needs and expectations of clients to deliver what they want.

Contributed by

Client Experience Toolkit 2024

www.corfinancialgroup.com

"At the heart of delivering a great (and relevant) client experience is the ability to consistently deliver what the client really wants."

Master Experience for Growth

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ABOUT CORFINANCIAL

corfinancial® helps its front, middle and back office clients to achieve compliance, improve efficiencies, save money and scale for the future.

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Client Experience Toolkit 2024

Experience for Growth

Master Experience for Growth

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Client experience – the new differentiator driving performance in wealth management

By Daryl Roxburgh, President and Global Head at BITA Risk® As technology (both FinTech and WealthTech) continues to influence the dynamic in the financial services industry at large, and across wealth management more specifically, the future of client experience in the wealth management sector is poised for further, significant transformation. With a notable shift in the nature of interactions between clients and advisers accelerated by the Covid pandemic, in what has today become an increasingly digital and interconnected world, clients are demanding more personalised, transparent, and convenient services from their financial advisers.

Historically, all eyes were firmly focused on overall business performance, as this was considered by many to be the key indicator of growth. It was also the main driver of the client’s initial decision in deciding to work with a specific financial institution. With continued pressure for growth, and today’s more open market where clients have freer and more comprehensive access to investment advice and general market intelligence, competition has never been greater especially in intergenerational wealth transfers, with the focus on client experience never more critical.

As private bankers and wealth managers work to differentiate themselves in a crowded marketplace, delivering exceptional client service has become a key differentiator as clients look beyond performance when they select which institution to build a (hopefully) long-term relationship with.

In this article, we look at the importance of client experience and trust in wealth management, and discuss strategies that can help firms enhance their service delivery to meet the evolving needs and expectations of their clients, to deliver on what clients really want. We also outline various approaches that wealth managers might consider to consistently deliver a great client experience to the various demographic segments in the market, with information that their clients care about, and in a format that clients can easily and readily understand.

Client experience today Today, client experience in wealth management includes every interaction a client has with their financial adviser or wealth management firm. It goes beyond providing just financial advice and investment solutions. It extends – or certainly needs to extend – far beyond client onboarding, as it involves building strong and lasting relationships, establishing long-term client trust, understanding clients' goals and aspirations, and consistently delivering personalised and holistic financial guidance in an easy to comprehend format, tailored to the client’s needs.

For over 20 years, BITA Risk has delivered solutions to the Wealth Management market, aiding the risk discussion with the client, leading to education and consistent assessment of needs, together with portfolio analytics and governance solutions, to ensure the best chance of delivering client goals.

A positive client experience can lead to increased client satisfaction, loyalty, and ultimately, client retention. On the other hand, a poor client experience can result in client dissatisfaction, loss of trust, and ultimately, loss of business. In today's digital age, where information is readily available at the click of a button, clients have higher expectations for the level of service they receive from their wealth managers. So delivering great client experience is paramount.

A positive client experience can lead to increased client satisfaction, loyalty, and ultimately, client retention.

The criticality of the client experience is underlined by recent research. According to the 2023 EY Global Wealth Research Report: •

•

High-quality digital experiences are now a minimum client expectation. Digital offerings are especially important to younger investors, with 32% of Millennials identifying them as an important driver of wealth manager choice — second only to a good performance track record (34%).

Engagement preferences change significantly over the investment lifecycle. In-person interactions are preferred by 44%, while it’s 37% for virtual when creating a financial plan. Virtual channels are, however, preferred when taking advice on external variables with virtual contact at 48% compared to 36% for in-person contact.

What do clients really want?

At the heart of consistently delivering a great (and relevant) client experience is the ability to deliver what the client actually wants. With multiple market segments in wealth management, the adage that ‘one size does not fit all’ has never been truer. Managers need to understand what information their clients want, how they wish this to be communicated or presented, and with what frequency. What matters to one – the ability to immediately access a real-time valuation of their investment portfolio, for example – may not matter to another client. In some cases, presenting a real-time valuation might even be detrimental to the overall client experience. Indeed, at a recent C-level gathering of executives, this very pertinent question was asked – with a notably inconsistent answer from participants!

The challenge, or indeed opportunity, is for managers to have access to tools, technology and data that enables them to present the information their clients want in a format and with a frequency that their clients care about. But this is not just about tools, technology and data – this aspect of the client experience needs to also take into account the method and channel of communication between the manager and the client, again tailoring this to the needs of the individual. The manager must be able to simply, clearly and compellingly articulate to their client the impact of any decision on the overall long-term performance of the client’s investments. This becomes even more important with intergenerational wealth transfer, and while interest in sustainable investing is by no means limited to the next generation, it is of key importance to them.

As research has also shown, being able to clearly set expectations with the client and establish the investment narrative at the start of a relationship, and consistently communicate this and reinforce it through the lifetime of the adviserclient relationship, is essential to delivering a strong client experience. Being able to deliver performance over time, and being able to explain / demonstrate to clients at any given moment where they are on their ‘journey of investment return’ is integral to maintaining client satisfaction, and is therefore a critical component of delivering a positive overall experience.

Having access to the tools to do so is key: telling the client the right thing, at the right time, in the right way…all contribute to a positive all-round client experience. This is something BITA Risk has done for many years – for example, our award-winning ‘Client Profiling’ offers the ability to educate the client in the market risks they might face, agree a risk profile and then test their portfolio against it. Setting their expectations, helps weather the storm when it comes, and sets a firm foundation of trust at the start of the relationship. This helps support the all-important investment narrative between manager and client, which of course contributes to a positive client experience.

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Master Experience for Growth

Why is client experience so important?

Client Experience Toolkit 2024

This is not just about tools, technology and data - client experience also needs to take into account the method and channel of communication between the wealth manager and the client.

The role of AI in delivering great client experience Artificial intelligence (AI) and machine learning are revolutionising the way wealth managers interact with clients – be this via report writing, or in gathering and then analysing data…for example, AI-powered chatbots can provide real-time assistance, answer client inquiries, and offer personalised investment recommendations based on a client's financial goals and risk tolerance. Machine learning algorithms can analyse vast amounts of data to identify trends, patterns, and opportunities for optimising investment strategies.

But while the allure of shiny new tools is great, they do not replace the need for understanding and core data analytics. If you do not understand the data, how can you verify the AI outcome?

Data analytics tools are not only enabling wealth managers to gain deeper insights into client behaviour, preferences, and financial goals, but just as importantly, into portfolio and investment outcomes. By leveraging predictive analytics built on the basis of quantitative models, firms can, identify potential risks (foreseeable harms), and proactively mitigate these. Data-driven decision-making can enhance the client experience by providing more consistent outcomes and building a narrative around investments that might cause deviation from expectations. Using BITA Risk’s BITA Wealth® governance monitoring solution, managers, the CIO and compliance can identify these issues, address them and record reasons why the portfolio is outside guidelines. This data, in addition to identifying foreseeable harms, delivers both management information on trends across the business as well as supporting root cause analysis and systemic issues.

One must not, of course, forget the strong case for human interaction – having access to data is one thing, putting it into context and marrying it to the relevant needs and desires of the client – that’s where the value and importance of the human interaction comes into play. As the adage goes, people relate to people who relate to them. This is where client matching (between adviser and client) has a role to play, underlying once more the importance of human interactions in the delivery of a great client experience, supported by insight and controls.

How to deliver great & lasting client experience

Ongoing client education and communication – sustaining an ongoing client narrative

There are a number of areas where wealth managers and advisers can – and in many cases already are – focusing their efforts to continue to enhance the client experience. A few of these are summarised below:

Effective communication is key to building trust and fostering strong relationships with clients. Wealth managers should strive to educate clients about financial concepts, investment strategies, and market trends in a clear and understandable manner. Regular communication can help clients stay informed and engaged in their financial planning journey.

Personalisation of investment recommendations By taking the time to understand each client's unique financial situation, goals, and preferences, advisers can tailor their recommendations and communication to meet individual needs. This can include customised investment strategies, regular progress updates, and proactive communication.

Technology integration It goes without saying that technology plays a significant role in shaping the client experience in wealth management. Firms that leverage technology tools such as client portals, mobile apps, and digital communication platforms can provide clients with realtime access to their financial information, streamlined communication, and enhanced transparency. By embracing technology, wealth managers can improve efficiency, streamline processes, and offer a more seamless client experience.

Take a client-centric approach Adopting a client-centric approach means putting the client's needs and interests at the forefront of every decision and recommendation. Wealth managers should actively listen to clients, demonstrate empathy, and show a genuine interest in helping them achieve their financial goals. By building trust and rapport with clients, advisers can create long-lasting relationships based on mutual respect and understanding.

Adapt to ever-evolving client preferences The future of client experience in wealth management will be shaped by changing client preferences, behaviours, and expectations. Firms must constantly adapt to meet the evolving needs of their clients. By staying attuned to client feedback and market trends, wealth managers can proactively adjust their service offerings to deliver a seamless and personalised client experience.

Client experience – the ultimate measure of performance in wealth management Today, client experience plays a more crucial role than ever in the success of wealth management firms. By focusing on personalisation, technology integration, education, communication, and by taking a clientcentric approach, firms can differentiate themselves in a competitive market and build lasting relationships with their clients. By prioritising client experience and continuously striving for improvement, wealth managers will in turn create sustainable competitive advantage and drive long-term success for their firm.

BITA Wealth supports this, from building a firm foundation through a common understanding of the clients’ needs and attitude to risk through BITA Wealth ProfilerTM, to ensuring deliverance against them via BITA Wealth MonitorTM - combining critical elements to ensure client management and ultimate satisfaction through a well-managed and compliant client experience. BITA Wealth’s ESG reporting was considered an industry game-changer, as it offers the ability to drill down into the detail of a client’s portfolio holdings, helping support the all-important investment narrative between adviser and client, which of course contributes to a positive client experience.

BITA Risk

Client Experience Toolkit 2024

SOLUTION OVERVIEW BITA Risk, with client AUM of over GB£180 billion, is part of the corfinancial group that provides software solutions to banking and financial services organisations worldwide. Its BITA Wealth® application is innovative, award-winning, software for high and ultrahigh net worth wealth managers. BITA Wealth provides investment teams, advisers/managers, and governance divisions the tools they need to develop and grow their businesses in a controlled way. Suitable for wealth management firms, broker-dealers, private banks, trust companies and family offices. Designed to integrate on a modular or end-to-end basis to easily enhance existing IT Architecture, maximising the return on existing investment. The BITA Wealth solution is deployed as a cloud-based service, significantly reducing IT overheads required to support complex solutions.

BITA Risk Solution Overview

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SOLUTION OVERVIEW

FEATURES & BENEFITS

BITA Risk, with client AUM of over GB£180 billion, is part of the corfinancial group that provides software solutions to banking and financial services organisations worldwide. Its BITA Wealth application is innovative, award-winning, software for high and ultra-high net worth wealth managers.

BITA Wealth Profiler - multi-dimensional suitability profiling of a client’s investment needs, matching to investment proposition and linking to portfolio building and monitoring.

BITA Wealth provides investment teams, advisers/ managers, and governance divisions the tools they need to develop and grow their businesses in a controlled way. Suitable for wealth management firms, broker-dealers, private banks, trust companies and family offices.

Designed to integrate on a modular or end-to-end basis to easily enhance existing IT architecture, maximising the return on existing investment. The BITA Wealth solution is deployed as a cloud-based service, significantly reducing IT overheads required to support complex solutions.

BITA Wealth Portfolio Analytics - institutional strength risk capabilities, risk models and portfolio modelling incorporating reporting, pre-trade compliance checks detailed risk analytics: factor exposures, stress testing and portfolio optimisation.

BITA Wealth ESG Manager - portfolio ESG and TCFD management combining investment and client preference perspectives - captures investor ESG preferences, ESG exposure modelling, reporting, trend analysis, and conflict monitoring and full TCFD reporting.

BITA Wealth Monitor - enterprise-level governance and monitoring of all portfolios with daily alerts across risk, portfolio, and investment factors. Delivering investment oversight & control to compliance teams and investment managers, supported with a structured exception management process.

DISCOVER MORE GET IN TOUCH Daryl Roxburgh President and Global Head BITA Risk daryl.roxburgh@corfinancialgroup.com

COMPANY corfinancial

WEBSITE www.corfinancialgroup.com

EMAIL USE CASES BITA Risk’s BITA Wealth solution enhances wealth management by providing advanced risk analytics and portfolio management solutions. It helps firms assess investment risks, optimise asset allocation, and supports regulatory compliance. With tools for detailed risk reporting, performance attribution, and scenario analysis, BITA Wealth enables wealth managers to make informed decisions, manage client expectations, and tailor strategies to individual risk profiles, thereby improving investment outcomes and client satisfaction.

In recent interviews with leading executives of BITA Risk clients, they explain how our technology is providing new perspectives which positively impacts the depth and duration of the client-adviser relationship and effectively supports client growth.

They explore why managers need client - rather than customer-orientated - relationships and tools designed specifically for the complexities inherent in the high-net-worth space.

info@corfinancialgroup.com

HQ London, UK

FOUNDED 1996

EMPLOYEES 51-100

CLIENTS 51-100

CLIENT TYPE EAMs, Banks, Family Office, Trust & Fiduciary

CLIENT LOCATIONS Europe, North America

SHOWCASE #9

CLIENT

CENTRICITY

Transforming wealth management The traditional model of high-touch, face-to-face interactions is giving way to a hybrid approach that leverages digital tools to enhance client experiences while maintaining the personal touch that highnet-worth individuals expect. This shift is not merely a technological upgrade; it represents a fundamental reimagining of client centricity in the digital age.

Contributed by

Client Experience Toolkit 2024

www.additiv.com

How can financial institutions leverage digital tools to build stronger, more meaningful relationships with their clients, ultimately fostering greater satisfaction and loyalty?

Client Centricity

85

ABOUT ADDITIV

Established in 1998, additiv empowers banks, insurers, asset and wealth managers and non-financial institutions to add innovative financial value propositions via their API-first platform.

9 Client Centricity

Client Experience Toolkit 2024

Client centricity in the digital age: transforming wealth management Yann Kudelski, Head of Strategy and Marketing at additiv In today's rapidly evolving financial landscape, wealth management is undergoing a profound transformation.

The traditional model of high-touch, face-to-face interactions is giving way to a hybrid approach that leverages digital tools to enhance client experiences while maintaining the personal touch that high-networth individuals expect. This shift is not merely a technological upgrade; it represents a fundamental reimagining of client centricity in the digital age.

Personalisation: the cornerstone of modern wealth management

The changing face of wealth management

For instance, the ATRAM Group, the largest independent asset and wealth manager in the Philippines, partnered with additiv, a leading provider of digital wealth management solutions, to create Wealth360, a digital wealth management platform. This innovative solution provides customisable advisery tools that deliver tailored investment guidance, demonstrating how technology can enhance rather than replace the human touch in wealth management.

Client Centricity

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Historically, wealth management has been characterised by standardised products and services delivered through intensive personal interactions.

However, as client expectations evolve and technology advances, the industry faces a critical inflection point. Today’s wealth management clients which are accustomed to seamless digital experiences in other aspects of their lives, demand similar convenience and personalisation in managing their finances.

This article explores how the concept of client centricity is being reshaped in the digital age, with a particular focus on the roles of personalised services, enhanced customer experience, and data-driven insights. By examining these key areas, the article demonstrates how financial institutions can leverage digital tools to build stronger, more meaningful relationships with their clients, ultimately fostering greater satisfaction and loyalty.

At the heart of this digital transformation is the ability to offer highly personalised services. Advanced data analytics, artificial intelligence, and machine learning are enabling wealth managers to tailor their offerings to individual client needs with unprecedented precision.

The power of personalisation extends beyond investment strategies. Digital platforms are now capable of offering personalised financial education, risk assessments, and goal-based planning tools.

These features not only improve client outcomes but also foster a deeper understanding of financial concepts, giving clients the tools and the agency to make more informed decisions. And clients that feel in control are clients that develop lasting loyalty.

The power of personalisation extends beyond investment strategies.

Enhancing client experience through digital channels The digitalisation of wealth management has dramatically transformed client interactions. Mobile apps, online portals, and digital communication tools now provide clients with 24/7 access to their financial information and services. This always-on availability meets the expectations of today’s clients who are accustomed to managing other aspects of their lives through digital channels.

However, the value of digital tools in wealth management goes beyond mere convenience. They enable a level of transparency and real-time reporting that was previously impossible. Clients can now track

their portfolio performance, receive instant notifications about market changes, and access detailed analyses of their investments at any time. This transparency builds trust and allows for more meaningful conversations between clients and their advisers.

The ATRAM case study illustrates this point effectively. Their Wealth360 platform provides clients with access to real-time market commentary and in-depth reports, enabling more informed decisionmaking. This combination of digital accessibility and expert insights exemplifies the hybrid model that is becoming the gold standard in wealth management.

CLIENT EXPERIENCE TOOLKIT www.thewealthmosaic.com

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Data-driven insights: the engine of client-centric wealth management The true power of digital transformation in wealth management lies in the ability to harness data for deeper client insights. By leveraging big data and advanced analytics, wealth managers can gain a comprehensive understanding of their clients' behaviors, preferences, and financial goals.

These insights enable wealth managers to anticipate client needs, identify potential risks, and proactively offer relevant advice and solutions. For example, predictive analytics can flag potential life events that might impact a client's financial strategy, allowing advisers to reach out with timely guidance.

Moreover, data-driven insights can significantly enhance operational efficiency.

By automating routine tasks and providing advisers with comprehensive client profiles, digital tools free up time for more valuable, strategic interactions with clients. This shift from transactional to consultative relationships is key to delivering truly client-centric wealth management services.

While there's a growing acceptance of digital channels, a significant portion of consumers still value human interaction in their wealth management relationships. This underscores the importance of a hybrid approach that combines digital efficiency with human expertise, as displayed in chart 1.

The rise of embedded finance: expanding the reach of wealth management

CLIENT EXPERIENCE TOOLKIT

As the boundaries between financial services and other industries blur, embedded finance is emerging as a powerful trend that could further revolutionise wealth management. The additiv consumer study reveals a growing trust in non-financial service providers to deliver regulated financial services. On average, 46% of consumers trust super-apps, e-commerce sites, or utility providers to offer financial services.

This trend opens up new possibilities for wealth management services to be seamlessly integrated into broader customer experiences. For instance, a retailer could offer investment products as part of its loyalty program, or a healthcare provider could embed retirement planning services into its patient care platform.

The implications for client centricity are profound. By meeting clients where they are and integrating financial services into their daily lives, wealth managers can deliver more relevant, timely, and accessible services.

This approach not only enhances client satisfaction and loyalty but also has the potential to dramatically expand the reach of wealth management services to previously underserved segments.

www.thewealthmosaic.com

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Embracing the digital future of wealth management The digital transformation of wealth management is not about replacing human advisers with algorithms.

Rather, it's about creating a hybrid model that combines the best of both worlds: the empathy and judgment of human experts with the efficiency and insights of digital tools.

As we look to the future, the most successful wealth management firms will be those that embrace this client-centric, technology-enabled approach. They will leverage digital platforms to deliver personalised services, enhance client experiences, and generate data-driven insights. At the same time, they will retain the human touch that is essential for building trust and navigating complex financial decisions.

By putting clients and advisers at the center of their digital transformation efforts, wealth managers can create enduring relationships, drive better financial outcomes, and ultimately redefine what it means to provide exceptional wealth management services in the 21st century.

Chart 1: Consumer preferences for receiving investment advice (Consumer study 2024, additiv)

additiv SOLUTION OVERVIEW

Client Experience Toolkit 2024

Headquartered in Switzerland, with regional offices in Singapore, UAE, UK, and Germany, additiv enables leading financial institutions and brands globally to develop new and transform existing business models. additiv's API-first cloud platform is one of the world's most powerful solutions in wealth management, banking, credit, and insurance.

The technology, together with the global ecosystem of regulated financial service providers, opens new opportunities for banks, insurance companies, asset managers, IFAs but also 'consumer brands' to offer their own and third-party financial solutions quickly and flexibly via existing or new customer channels.

A single, unifed platform for wealth, banking, credit and insurance Learn more

additiv Solution Overview

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SOLUTION OVERVIEW

FEATURES & BENEFITS

additiv’s platform seamlessly integrates best-inclass technology, regulated third-party financial services, legal and operating frameworks, enabling any distributor to efficiently and effectively provide exceptional, personalised client experiences at scale under their brand.

additiv's platform enables financial and non-financial companies to combine different financial service modules to create differentiating value propositions.

By leveraging its powerful cloud-native platform and its business transformation services, additiv can build upon any financial company’s existing regulated assets as well as source/add additional external third-party functionality to provide a new, seamless end-to-end solution to existing or new customers.

The platform brings together all parts within the financial services value chain covering investments, credit, insurance and payment services, enabling financial and non-financial clients to add or complement their existing revenue streams by designing and operating contextually rich financial experiences for each customer at their point of need. additiv provisions a broad range of relevant and comprehensive financial solutions to support goaloriented investments, pension planning, savings, insurance protection, and employee well-being, available on its orchestration platform or as standalone pre-packaged solutions.

additiv's platform automates the configuration, management, and interoperability of disparate systems, applications, and services to create a single end-to-end experience. additiv enables financial products and services to be seamlessly combined and offered intelligently and contextualised to endconsumers at their point of need.

Insurers, pension platforms, banks and neobanks, IFAs, wealth and asset managers and consumer platforms can offer tailor-made, low fee, low investment contextual products to suit the needs of the masses. These firms can unlock new use cases and often use proprietary data to improve financial inclusion worldwide, while reducing costs.

DISCOVER MORE GET IN TOUCH Yann Kudelski Head of Strategy & Marketing additiv yann.kudelski@additiv.com

COMPANY additiv

WEBSITE www.additiv.com

EMAIL sales@additiv.com

USE CASES HQ additiv's platform helps create personalised, highquality wealth, banking, insurance, credit and pensions services via their via API-first platform.

It enables firms to produce their own and source third party financial services, or to leverage existing endto-end financial solutions, such as Hybrid Wealth for a rich and seamless customer advisery experience across all client touchpoints, or Digital Wealth, a digital front-end offering the same superior quality service as traditional advice with the added efficiency of an automated approach. additiv serves clients in over 15 countries across Europe, Middle East and Asia Pacific, working with banks (e.g., PostFinance, PT Bank Commonwealth Indonesia), asset managers (e.g., ATRAM), independent advisery firms (e.g., NS Partners), insurance companies (e.g., Swiss Life), and major non-financial brands (e.g., Coop), to launch wealth/ pension, banking, credit and insurance services within their existing client journey.

Zurich, Switzerland

FOUNDED 1998

EMPLOYEES 101 - 500

CLIENTS 101 - 500

CLIENT TYPE EAMs, Bank Wealth Managers, Family Offices, Advisers, Insurance-based, Platforms, Networks, Consumer Finance Platforms, Non-Financial Brands

CLIENT LOCATIONS Asia, Europe, Middle East

Artificial Intelligence (AI) in Wealth Management

Editorial 2024 A five-sequence editorial and research programme designed to deliver the latest knowledge and insights into AI across the wealth management industry.

Artificial Intelligence (AI) is the hottest topic in technology across many industries today, and wealth management is no exception. However, many questions abound in the AI in wealth conversation. Our ‘AI in Wealth Management’ editorial programme, therefore, sets out to provide some of the answers.

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Read more

DATA An illustrative Market Map, highlighting the firms we know of in our ecosystem that have an AI offering and/or are incorporating AI into their offering/s. Categories are based on the Business Needs from our online Solution Provider Directory.

AI WealthTech Fact File DATA Related to the Market Map, the Fact File is a more detailed listing with supporting details for every firm listed in the Map. Includes web links, company and offering details, country and regional relevance and contact details.

AI in Wealth Management REPORT A research report, providing an overview of the role and relevance of AI in the wealth management sector. Mixes a wide array of relevant third-party research with opinion pieces and case studies, plus the AI WealthTech Market Map.

AI Toolkit REPORT The second in our new Toolkit Report Series, this report will allow vendor participants to own a specific ‘topic’ related to AI and to showcase how their offering delivers on this topic and is of benefit to wealth managers. Supported by roadshow events in relevant financial centres.

AI in Wealth Management Pulse RESEARCH The final part of the puzzle – the research. This project will divide the research into four regions – APAC, Europe, Middle East and North America. We will conduct executive interviews in each region, support that with an online survey, and release both regional reports and one summary report.

www.thewealthmosaic.com

AI WealthTech Market Map

SHOWCASE #10

CLIENT

TOUCHPOINTS Customer experience what's all the fuss about?

Client expectations have risen in line with the increasing influence of competitive offerings. With the much-discussed 'great wealth transfer' and the customer experiences seen in other industries, clients are now demanding more from their wealth managers.

Contributed by

Client Experience Toolkit 2024

www.olympicbankingsystem.com

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Client Touchpoints

What should wealth management firms focus on to deliver a great CX?

ABOUT ERI

ERI is the provider of OLYMPIC Banking System, a fully-integrated, front-to-back, parameter-driven digital platform supporting banks and financial institutions with streamlining their core business activities across their clients’ entire lifecycle.

10 Client Touchpoints

Taking a Holistic View Client Experience Toolkit 2024

By Jean-Philippe Bersier, Director, Sales and Marketing at ERI

Client Touchpoints

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Customer experience what's all the fuss about?

We should probably start by asking - and then answering - the fundamental question: why is there so much talk about client experience (CX) in the wealth management industry today? What is all the fuss about?

There are several reasons why CX has risen to the top of the agenda. One of the driving factors behind the rise of CX is, of course, competition. The dynamics and make-up of the industry have changed significantly in recent years - and continue to do so.

Traditional players, potentially 'held back' by large, complex and in some cases outdated technology infrastructures, are now facing nimble, more agile and innovative FinTechs and Neobanks that don't have to deal with legacy systems or complex and siloed processes. These new entrants, eager to capture market share and attract customers, offer a comprehensive omni-channel suite of products and services. They are targeting an evolving client demographic that prefers digital interactions with their wealth manager to face-to-face discussions over a round of golf. Delivering a truly exceptional CX has become table stakes in today's marketplace.

Client expectations have risen in line with the increasing influence of competitive offerings. With the much-discussed 'great wealth transfer' and the customer experiences seen in other industries, clients are now demanding more from their wealth managers.

Accelerated by Covid, clients want 24/7 access to their investment portfolios, real-time access to market information and personalised recommendations. While some segments of the market still value the human touch, many are increasingly relying on technology and digital channels to interact with their wealth managers and advisers. And they expect wealth management to be able to deliver the same, if not better, levels of CX than they might experience elsewhere, whether it is with their airline loyalty programme, their online shopping or their consumption of online entertainment.

If it can be done elsewhere, surely financial services can - must - keep up?

Finally, a key driver is differentiation. CX and the ability to consistently deliver a world-class experience at every touchpoint, from onboarding to the end of a client-adviser relationship, has become a key area of differentiation for wealth managers looking to build lasting, trusted relationships with clients. With the advent of AI and data analytics, and their combined potential to further enhance CX, wealth managers have recognised that CX is a critical area of differentiation to attract and retain clients, and ultimately increase assets under management (AUM) and profitability.

What should wealth management firms focus on to deliver a great CX? Let's be clear from the outset: no single part of the value chain! No single step in the client lifecycle should be considered in isolation. Rather, every single touchpoint with a customer across the value chain needs to be well orchestrated, with the links between each step carefully considered and the downstream impact of decisions considered. Do this well and you will deliver a strong and, crucially, consistent CX. Of course, we all know that we only have 'one chance' to make a good impression on a customer, at the beginning of the relationship through customer onboarding. This step needs to be simple, quick, efficient and frictionless (and compliant, of course!).

Creating transparency and building trust with clients at this stage is key - much like the first impression on a first date! To build and maintain a long-term relationship, every subsequent touch point with the customer must reinforce the promises and expectations created at the outset. One misstep can jeopardise the entire relationship. Whether delivering services via mobile applications or web-based interactions, the user experience (UX) and user interface (UI) must provide intuitive ways to engage with the adviser and wealth manager, while ensuring security. There is little point in delivering a great onboarding experience, only to have a poor execution of a client request at some point down the line undermine the level of service and client expectations set at the outset of the relationship.

Consistency, quality and immediacy are key.

Building on this, the way in which problems - should they arise - are addressed and resolved is as key to delivering a great CX as the service delivery itself. The importance of a strong problem resolution process and a 'delightful' experience is paramount. A great product, a great service - both can be quickly undermined if problems arise and are poorly handled, a point overlooked by many institutions today. In a world where experiences and dissatisfaction can be shared, liked and amplified at the touch of a button on a phone screen, dealing with problems or even anticipating them efficiently and effectively can quickly make the difference between winners and losers.

It's not just about technology Many will say today that technology is the Holy Grail and the panacea for every wealth management challenge. I beg to differ. While this may be true for operations such as Revolut, traditional banking, where the client-adviser relationship relies heavily on human interaction, cannot, should not and must not do without this element. Of course, technology is essential for banking, but the human touch remains key.

Especially when it comes to solving problems, as I mentioned earlier. All the chatbots and AI in the world cannot solve every problem.

Customers want an ongoing relationship based on transparent communication, a consistent experience, trust, and the relevance and personalisation of the information and recommendations they receive. The reality is that there needs to be a symbiotic relationship between technology and the adviser. And equally, if not more importantly, no amount of technology can compensate for poor business processes.

The adviser's ability to continually listen to the client, use technology to create feedback loops to learn and subsequently improve products and services is critical and is a fundamental aspect of a strong CX. Last but not least, the importance of upskilling and reskilling staff to efficiently use the technology at their disposal to consistently deliver exceptional CX cannot be overlooked.

Client Experience Toolkit 2024

Where to look for best practice?

Client Touchpoints

98

Many will point to the examples of Amazon or Netflix when discussing the importance of personalised recommendations based on understanding the customer and using data to predict future consumption.

But what about the automotive industry? Far more complex than financial services, the automotive industry is a powerful example of an industry built on seamless and streamlined processes. Major retail chains and the entertainment industry demonstrate the effective use of customer data and multiple communication channels to deliver a personalised, relevant and frictionless CX that fosters long-term loyalty and trust.

What's next for CX? Technology will continue to evolve. There will always be a critical role for human interaction between client and adviser. The real game-changer? Data. How data can be used - by humans, AI or a combination of both - to deliver predictive, low to no risk investment strategies AND a great CX. That's the game changer.

We all know that the industry is awash with data, whether it's sitting in legacy systems or being captured through front-end digital interactions. The trick is what that data can be used for to drive a better CX and, in turn, value for the wealth manager.

As always, the key to continued success will be finding the balance between using technology, using the human touch to build trust for long-term relationships and, of course, delivering a consistently excellent CX.

The real game-changer? Data.

How data can be used - by humans, AI or a combination of both - to deliver predictive, low to no risk investment strategies and a great CX.

The role of ERI As the market evolves, so does our product. With a strong heritage in the back-office arena, we have expanded our offering to comprehensively cover operations from front to back office. What we offer is clearly focused on client needs. As the market continues to change and client expectations shift, with wealth being transferred across generations, wealth managers are finding that they need to tailor and personalise their offering more than ever before.

They are now communicating with individual clients, not a broad audience, and as such the service they offer and the CX they deliver must reflect this. Our offering is dynamic and flexible, with a rich set of features that can be easily integrated with multiple applications and technologies through a bi-directional, open and secure API structure.

For the end-user, this means access to a simple, easyto-understand and easy-to-navigate user interface that provides real-time information, better enabling them to respond quickly when needed. We offer a unique, state-of-the-art solution that maximises the value of technology while maintaining a human touch, creating the perfect balance to deliver a consistent, strong and positive CX for the end user. It's a win-win-win for the wealth manager, the adviser and the client.

ERI

Client Experience Toolkit 2024

SOLUTION OVERVIEW ERI is the provider of OLYMPIC Banking System, a fully integrated, real time, front-to-back, parameter-driven technology platform. Over 400 banks and financial institutions across 60 countries have chosen OLYMPIC Banking System to streamline, automate and digitise their daily processes.

Our solutions assist various banking and financial segments in achieving cost and operational efficiency. The platform provides a complete set of decision-making, transaction processing and control tools to support domestic and international core services. It comprises a functionally rich client centric Core System and a wide range of integrated front, middle and back-office functions: CRM, Client Onboarding, Regulatory Reporting, Portfolio and Order Management, Advisery and Digital Banking.

ERI Solution Overview

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SOLUTION OVERVIEW

FEATURES & BENEFITS

OLYMPIC Banking System’s Digital Banking portal can be used to manage financial operations on the move, helping your customers make well-informed decisions. It is aimed at the bank’s customers as well as external users such as EAMs (external asset managers), and was built with remote access in mind. The portal provides comprehensive, fully digital services for a smoother client experience.

A 360° view Consult account statements, balances, client details and relationships and global valuations of assets and liabilities. All documents are made available for download.

Transactions Process all transaction types including payments and single and bulk orders. These transactions are processed in real time by the system.

Banking services Consult and modify personal and financial information: open and manage accounts, manage payment instruments, consult e-statements and e-documents, order chequebooks, block credit cards and order new cards, manage accounts with power of attorney, print IBANs, manage beneficiaries.

Secure messaging Interact with the bank via email and instant messaging in a totally secure environment. Securely exchange and manage documents.

Self-service, digital on-boarding Reduce on-boarding costs by digitalising resourceheavy processes. Facilitate the fast enrolment of prospects and clients thanks to automated documents and KYC workflows.

DISCOVER MORE GET IN TOUCH Jean-Philippe Bersier Director of Sales & Marketing ERI jeanphilippe.bersier@gva-eri.ch

COMPANY ERI

WEBSITE www.olympicbankingsystem.com

USE CASES The banks' clients will benefit from the usage of OLYMPIC Banking System Digital Banking solution for various actions and objectives. The Digital Banking portal covers the customer's lifecycle from the opening of the account (digital onboarding) to the eventual closure of the account, this includes: consultation of documents, management of payments and transactions, communications with the bank. Omni-channel integration includes mobile and web applications.

EMAIL info@olympicbankingsystem.com

LOCATION Meyrin, Switzerland

EMPLOYEES 101-500

CLIENTS 101-500

CLIENT TYPE EAMs, Bank Wealth Managers, Financial Advisers

CLIENT LOCATIONS Global

SHOWCASE #11

CLIENT CLIENT EXPERIENCE TOOLKIT

APPLICATION

www.thewealthmosaic.com

102

The client app: meeting your client's expectations Digital transformation is not a journey with an ending, it is an evolving process as technology becomes more capable.

We outline the three stages to digital transformation, and how we have come to change the way we think about technology.

Contributed by

Client Experience Toolkit 2024

www.moneyinfo.com

103

Client Application

“Digital transformation is not a journey with an ending, it's an evolving process.”

ABOUT MONEYINFO

moneyinfo is on a mission to make the wealth management community be the best it can be. By taking client engagement to the next level, one ambitious firm at a time.

11 The Client Application

Client Experience Toolkit 2024

The client app: meeting your client’s expectations

Client Application

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By Sim Sangha, Business Development Director at moneyinfo Digital transformation – the basics Everywhere you look there are examples of digital transformation that have changed our everyday lives.

These include online banking, shopping, parking, hailing a cab, listening to the radio, watching TV, photography etc. All have been radically transformed through the use of digital technology.

Google defines Digital Transformation as “a strategic initiative that incorporates digital technology across all areas of an organization. Digital transformation evaluates an organization's processes, products, operations, and technology stack to identify ways to improve operational efficiency and bring products to market faster.”

Digital transformation is not a journey with an ending, it’s an evolving process as technology becomes ever more capable. There are three stages to digital transformation, which started with the Internet, which changed how we use and think about technology:

Stage one – the Internet This got us using Google, online banking, online shopping etc. . This era was really kicked along into part two during Covid when video conferencing became a critical engagement tool and forced every one of us who wanted to communicate with anyone to use a PC or tablet.

Stage two – the smartphone The ability to access the services we use, wherever and whenever we need. Let’s face it, everyone’s delivering you an app on your phone. I even have one now to check my local council bin pick-ups. Did I think I needed this as an app? No, but it’s a lot easier than having to go to my PC and login to a website to find out what bins are being picked up this week. Given the proliferation of apps that your clients are using it’s easy to understand why your clients’ minimum expectations are that they can access your services through an app on their phone.

Stage three - Artificial Intelligence (AI) AI will really shake things up, and if you’ve not already developed a digital strategy, then you’re in grave danger of being left behind.

We’re currently somewhere between the middle of stage 2 and at the very beginning of stage 3. It’s an exciting time to be in digital technology as AI will change our lives to an even greater extent than the internet and the smartphone have.

An example of digital transformation - the humble parking app

Client Experience Toolkit 2024

The parking app is now integral to pretty much every car park and town centre. The apps were initially clunky – often requiring a password and different parking apps were required to pay for parking at different carparks.

The number of different apps is falling significantly and most now use biometric security which is so much easier than trying to type in a password on a mobile phone. If you are parking around my town, Sutton Coldfield, most of the machines no longer take cash.

As the machines break they’re not fixed. The council rely on RingGo and, if you want to park, you have to use the app.

If like me you pop into town most days to pick up shopping, walk the dog etc., the app is so much easier than carrying around change for the parking meter. It takes a few seconds to pay for parking and the app reminds me if my time is running low. It’s a better way of paying for parking as there’s no change to carry and as long as I’ve got my smartphone I can pay for parking. And it's definitely better than using a parking meter when it's raining.

But now consider how it’s also better for the council – no cash to collect, machines to fix and they can increase prices with little or no work. Increasing prices may be not so good for me but ultimately, we all save as the council raise more money with less cost and can hopefully spend the money on better things than fixing parking meters. Potholes spring to mind, particularly if you live in Daventry. See Welcome to Pot Hole City and Daventry Banksy for an amusing read.

Client Application

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The key thing here is that parking has changed because increased user adoption of the app(s) has been achieved. Partly through making the service better for the end user, and partly because you have no choice. My eighty-seven year old Mum was annoyed she can no longer park without using the app. Her grandkids showed her how easy it was to use and now even she’s a convert. Not through choice, but necessity is the mother of invention as the saying goes.

Switch now to the world of financial services, where financial advisers and wealth managers have had limited success in implementing client portal technology particularly through their platforms or back-office systems. Why? Because you can’t fully realise the benefits of digital transformation unless you think about the problem from your client's perspective (as per the parking app example).

Increased user adoption of the app(s) has been achieved.

Meeting your clients’ expectations

Client Experience Toolkit 2024

Your clients expect to access your services through whichever technology they have to hand when they receive a note from you. That means it’s got to be via an app, and your app needs to makes your clients’ lives easier and be an obvious improvement on the old way of doing things. Your clients will use your app if:

Client Application

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1.

You deliver them an app to access your services, conveniently across all the technologies they use – their laptops, tablets and smartphone.

2.

Your app uses biometric security, so they don’t need to type a password and deal with multifactor authentication to access their data or read a letter from you.

3.

They can view their investments and their data is regularly updated.

4.

Communicating with you is secure and as easy as talking with their friends via WhatsApp, with video, pictures and even emojis as part of the compliance record.

5.

They can keep track of and access all their important financial paperwork whenever and wherever it suits them.

6.

When they want to see you, they can book an appointment.

Adoption is key to your success, so it needs to be managed and it’s unlikely to be achieved on day-one as the natural habit is for both your clients and your staff to fall back into using email as it’s not easy to break a habit. But you’re doing this for a good reason and it’s going to benefit your clients because: 1.

They want to check their wealth. Not because they want to trade. It’s just reassuring to know they can view it whenever they want and see how it’s performing.

2.

They are uncomfortable with sending their financial information over email and they’re very uncomfortable with clicking on email links that ask them to sign paperwork and worse still, some of your really important email gets lost in their junk folder, which is not a great reflection on your service.

3.

The paperwork you deliver them is important.

They want it. They value it. They know it’s important. They just don’t know where to store it so they can access it when they need it.

Your new role as your client’s technology supplier

You need to consider that you are moving from the role of adviser into the role of a technology supplier as it’s your technology that you want your clients to use. As a technology supplier, it’s important that you think about the experience from your client’s perspective.

This is the key to success. You need to deliver a technology solution that meet’s your clients’ expectations. If you don’t, then all the benefits of a digital servicing channel will be lost to you. However, meeting your clients’ expectations is not as hard as you think.

Three things clients want – and need – from your app

Clients generally want three things from your app - access to their valuations, securing their financial information and organising their paperwork. If you deliver these so they can access them conveniently and easily then you’re on your way to complementing your adviser services with a digital service channel.

Driving client adoption At times, existing clients will revert back to using email. When they do, bring the email into your digital service and respond via secure messaging. Your clients will get a ping notification on their phone, allowing them to access the response with a simple biometric login, reassuring them every time they login that you’re taking their data protection seriously. Pretty soon, they’ll use the app as it’s more convenient and easier to communicate with you than email. It’s easier than the old way of working, they don’t need to think about who they are communicating with, the information can be tracked for them, it’s secure and they know they are safe from phishing attempts. An easier and better way for them to interact with you.

For new clients, adoption is easier. If you give them access to your app from the outset, your onboarding journey can be delivered through it. Your client learns to communicate with you through your app and will love seeing their fact find take shape and having all their paperwork organised – and let’s face it – there is a lot of paperwork.

It’s a better way of working for your clients and if you are consistent in using it, eventually you’ll reach critical mass and then like the council you’ll need to decide if you let the odd client continue to use post and email. That’s your decision based on the value to your business of a single way of working versus the cost of dealing with the odd exception.

This is the beginning of your digital journey but its sadly the end for many client portals, as if you don’t look at the technology from your clients’ perspectives then you won’t get to enjoy the great efficiencies that digital servicing can provide, sitting comfortably alongside your advice service.

moneyinfo wealth SOLUTION OVERVIEW

Client Experience Toolkit 2024

moneyinfo is a private fintech firm based in Henley in Arden, Warwickshire specialising in client portals and mobile apps for the wealth management industry.

Our commitment to transforming the digital landscape for wealth management firms has not only enhanced operational efficiency but has also amplified digital engagement between these firms and their clients. Our client-centric solution blends operational excellence with superior client engagement, featuring branded web front-end portals and mobile apps which seamlessly integrated with leading third-party portfolio management solutions including Third Financial, IRESS Pulse, Pershing, and IMiX, along with platforms, back office systems, and third party productivity tools.

Our client portal and mobile apps are the must-have technology for forward-thinking wealth managers.

moneyinfo Solution Overview

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SOLUTION OVERVIEW

FEATURES & BENEFITS

Making going digital easy for wealth managers. We deliver you a client portal and apps for Apple and Android that beautifully reflects your brand and meets your high net-worth client expectations.

We deliver a client portal for financial advisers and wealth managers that's always mobile and always in your brand.

moneyinfo seamlessly integrates with your portfolio management and CRM systems, so we can automate report delivery and deliver efficient client onboarding and reviews with our fully customisable KYC process. Game-changing digital engagement with biometric security, WhatsApp style secure communications, and access for your introducers will help you meet your Consumer Duty, MIFID and GDPR responsibilities. Multi-currency valuations, performance reporting and a multi-generational view of family wealth delivers the information clients expect whilst custom content delivery including video can reassure and inform your clients.

Our fully branded apps and adviser portals deliver nearly four times as many logins as a traditional web-based client portal. Increasing your client loyalty, improving your profitability and delivering complete compliance confidence.

Uniquely positioned as the UK’s most reputable provider of wealth manager branded applications across iOS, Android, and desktop, moneyinfo ensures comprehensive accessibility, significantly boosting user engagement. Our mobile app users log in four times more frequently compared to a desktop portal (last month across 130,000 private clients we saw 260,000 logins of which 192,000 were via the wealth managers mobile app). This results in markedly lowering operating costs and accelerating response times for critical client interactions like approvals and onboarding processes.

DISCOVER MORE GET IN TOUCH Sim Sangha Business Development Director moneyinfo sim.sangha@moneyinfo.com

COMPANY moneyinfo

WEBSITE www.moneyinfo.com

EMAIL USE CASES Supporting over 180 ambitious UK wealth management and advisery firms, moneyinfo stands out as a leader in client portal technology. These firms include Tideway Wealth & Retirement, Kingswood Group, Hawksmoor Investment Management, Saunderson House, RC Brown Investment Management, and Bentley Reid.

- Hymans Robertson Personal Wealth video case study - Gore Brown Investment Management video case study - O-IM video case study

sales@moneyinfo.com

HQ Henley in Arden, UK

FOUNDED 2014

EMPLOYEES 21-50

CLIENTS 101-500

CLIENT TYPE EAMs, Bank Wealth Managers, Family Offices, Advisers, Platforms

CLIENT LOCATIONS United Kingdom

Directory Content Research Events Network Marketplace Community Partnership Intelligence

www.thewealthmosaic.com

Leverage our established global network.

We generate better levels of engagement for our clients and members by leveraging our established global wealth management community. Our user base includes representatives from leading financial services, consultants, and investors from around the world. >

160k

Annual Users

30k

Contacts

Read more

10k

Subscribers

24m

Annual Impressions

6,750+

Social Followers

ABOUT

THE WEALTH MOSAIC

www.thewealthmosaic.com

Client Experience Toolkit 2024

TWM - built for a dynamic wealth management marketplace

The digital marketplace for wealth management

www.thewealthmosaic.com

114

The Wealth Mosaic (TWM) is an increasingly well-known and highly-regarded knowledge resource, closing the gap between the evolving business needs of wealth management businesses across the world and the growing marketplace of technology and related solution providers selling into the market.

The Wealth Mosaic is a UK-headquartered online solution provider directory and knowledge resource, focused specifically on the wealth management industry. Built around a curated and constantly growing and evolving directory of solution providers to the wealth management sector across the world, our business is founded on five core principles that make us different from other offerings in the market: • • • • •

Wealth management-focused Directory-first Research-led Online-first Accessible

Behind this report, the engine room of our business in delivering all of the above is our website. This is available to any user 24/7, 365-days a year. As of August 2024, our website hosts over 2,900 solution provider profiles and hosts over 6,250 solution profiles from these businesses. Each of these solutions is tagged to at least one of the 39 headline Business needs categories across our first two live marketplaces (Technology and Data, and Consulting, Research and

Support Services). These Business needs categories create the first level of filtering around our Solution Provider Directory.

Alongside our core directory focus, we continue to add and further develop the content, knowledge resources, and tools within our platform to support the user in their discovery, learning and engagement process.

For Wealth Managers For wealth managers, the buy side of our marketplace, TWM is designed to enable discovery of key solutions, solution providers and knowledge resources by specific business needs.

For Solution Providers For solution providers and vendors, the sell side of our marketplace, TWM exists to support the positioning, exposure and business development needs of these firms in a more complex and demanding market.

Client Experience Toolkit 2024

Our offering pivots around the following six core components which can be used individually or pieced together to support your needs.

As part of our goal of creating a deep knowledge resource for the wealth management sector, alongside the maintenance and development of our SPD, we offer the market six core ways of working with TWM: Membership Content Reports Campaign Events Research & Insights

Offering a supporting fuel to help drive the engine that is the SPD, each of these service pillars also features standalone service offerings available to both wealth managers and solution providers to support their specific business needs whether that be positioning, exposure, insight, learning, networking or more.

If you are interested in discovering more about our offering, projects and plan for 2024, please don't hesitate to get in touch. You can access more detail on how you can work with us in 2024 in our overview deck below. >

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Stephen Wall Founder stephen@thewealthmosaic.com

Mungo Hamlet Director, Head of Marketing & Operations mungo@thewealthmosaic.com

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Marc Bussell Head of Content & Memberships marc@thewealthmosaic.com

www.thewealthmosaic.com

• • • • • •

WWW.THEWEALTHMOSAIC.COM

GET IN TOUCH www.thewealthmosaic.com office@thewealthmosaic.com Copyright © The Wealth Mosaic 2024 All rights reserved This publication constitutes marketing material. The information and opinions expressed in this publication were collated by The Wealth Mosaic Limited, as of the date of writing and are subject to change without notice.