Client Management

When applied to the Wealth Management and Private Banking industry, MiFID II (Markets in Financial Instruments Directive), and similar regulations like the US Fiduciary rule, mandate that firms must act in the in the best interests of the client.

This means that firms must have an integrated approach to client information, client communications, understanding client risk profiles and client investment objectives and preferences and interests in order to create a portfolio that can be shown to be in the best interest of their clients.

Regulators and supervisors want to ensure that the products that are being sold are suitable for the risk profile of the client and that sales practices of organizations do not lead to conflicts of interest and ultimately to the the sale of high risk products, that while they generate better fees for the organization, are sold to clients without their understanding the risks involved in such investments.

In the mobile world, transparency and real time information has become an absolute expectation from clients.  Regulations like MiFID II mandate the need for Wealth Management industry to be transparent about best execution, fees being charged, and that transactions are being performed as defined by the clients.  Only straight through integrated systems can deliver on this transparency expectations.

In this highly competitive world, trying to retaining and growing clients is definitely a big challenge.  Your ability to survive as a business will more and more depend on providing efficient services with seamless, excellent customer service and transparency.

Client lifecycle management involves many processes starting from prospecting, converting the client, working with their objectives, collecting risk profile information, their current financial status and expected cashflows, assets and liabilities for financial planning and other details, create a model portfolio and have compliance verify the suitability. Once the client comes on board, the verification of source of funds and other client due diligence activities including AML screening and that all documentation is received and sent to the client correctly. Once trading on behalf of the client is undertaken, trade monitoring, fees and billing, best execution, client allocation, portfolio trends are all important to monitor. Giving clients their reports through portal and close to real time makes a big difference in client service.

Organizations have many point solutions which they use. Integration of data across these solutions is a big challenge. Streamlined end-to-end system single system is the only way to bring efficiency to the client management process. Having a 360° view information on each client is useful for many reasons and having information in multiple systems can become the Achilles heal of an organization in its ability to service the customer at  fast pace as well as have clean and correct information that the organization and the client can trust.

Aimed at the Wealth Management and Private Banking industry, our client management suite is a web based, tablet enabled end-to-end integrated, state-of-the-art platform, that connects the client, the client management teams and the compliance back office to offer transparency, operational efficiency, regulatory compliance and superior customer service. We provides access to everything needed by the Client Management group with respect to a client – manage client profile, do contact management (CRM) and secure communication, record risk profiles, portfolio objectives, funding requirements, investment experiences, cash flow requirements and other details. The model portfolios and products should be in the best interests of the client and should be provable to regulators. A click of a button can help them queue their requests to compliance.

The compliance portal enables request queue management, conduct suitability review, verify the portfolio for products, manage Client Due Diligence, KYC requirements, AML verification and do secure document sharing. Product guidelines, latest legally reviewed marketing collateral, trade monitoring, best execution, monitoring  fees and billing and client portfolio can all be done within the portal.

The client portal offers clients transparency to their information on portfolio, holdings, trades, fees and billing, analytics and research as well as interact with the organization from where ever they are for trade instructions, complaints or other requests.