Invessed is a complete client engagement platform for Financial Advisors and Wealth Managers, including Client Experience, Advisor Productivity, Financial Integrations and Crypto Custody suites.

HubSpot's customer relationship management (CRM) platform includes the necessary marketing, sales, service, and operations software to help your business grow. It allows businesses to store customer data, track interactions, and manage inbound marketing, sales, and customer service in a centralised system.

Dynamics 365 is a leading CRM and business application platform that connects your entire business. It has a proven record of delivering a 200%+ ROI over 3 years, including Sales and Marketing, Service, Finance, and Supply Chain Management.

DocuSign is a digital transaction management platform that eliminates manual paperwork by streamlining document workflows. It offers secure and legally binding electronic signatures, allowing users to sign and manage documents online. With DocuSign, businesses can speed up document processes, enhance collaboration, and ensure regulatory compliance.

Intelliflo is a Software as a Service (SaaS) platform that provides advisors and wealth management firms with access to financial advice. Intelliflo's technology helps streamline operations by managing workflows, addressing consumer and regulatory requirements, and facilitating the entire advice process to promote growth in the financial services industry.

Xplan is a financial planning and wealth management software designed for advisers. It allows firms to store and manage client data, analyse risk, and perform market research. Unlike generic CRM systems, Iress Xplan is specifically designed for wealth management and financial advice, offering unparalleled functionality in a single platform.

Salesforce is a cloud-based CRM software designed to help businesses find more prospects, manage customer relationships, and close more deals. With Salesforce, businesses can store and organise customer data, track sales opportunities, automate workflows, and analyse customer interactions. The platform is highly customisable and adaptable to different industries. One of its key features is Customer 360, which enables teams to have a shared view of customer information and build stronger relationships.

FE fundinfo is a platform that provides fund data, research, and analytics for investors and financial advisors. It offers real-time updates on prices, NAVs, and financial data. FE fundinfo also provides advanced reporting and customised reports to analyse investment strategies. The integration of Invessed with FE fundinfo combines both platforms to deliver a comprehensive investment solution.

Xero is an accounting software that provides a cloud-based platform for managing financial data, invoicing, and financial reporting. It is designed to simplify financial management processes and improve accuracy by automating tasks and providing real-time synchronisation with other applications.

Morningstar is a leading provider of independent investment research and data. They offer a wide range of financial information, including fund and stock analysis, ratings, performance metrics, risk analysis, and portfolio management tools. Morningstar's comprehensive database and expertise enable investors to make more informed decisions and manage their investments effectively.

Nexus from Pershing is a comprehensive wealth management platform that powers our middle and back office systems. It offers a wide range of investment products and services, including custody, trading, and clearing services. With their extensive resources and expertise, Pershing enables financial advisors and their clients to efficiently manage their investment portfolios and access real-time market data.

LSEG is a global financial markets infrastructure and data provider that offers trading services, market data, and technology solutions to a wide range of clients, including investors, traders, and issuers. It is recognized for its strong market infrastructure and deep liquidity, ensuring efficient and reliable trading.

FIS, also known as FIS Global, is a leading provider of financial technology platforms and services. They offer a wide range of solutions to help financial institutions streamline their operations and enhance their technology infrastructure. With their expertise in financial technology, FIS plays a key role in the integration with Invessed to provide a comprehensive solution for financial institutions.

Client Onboarding Software for Wealth Management Firms: Challenges, Solutions, and Benefits

Posted by: Adam Weston

12 January 2024

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As global wealth management firms prioritise digital engagement and customer experience (CX), the client onboarding experience takes centre stage.

The demand for mobile apps and client portals packed full of self service-tools increases at pace.

The need to attract new clients while meeting KYC/AML compliance through a seamless client onboarding process, and to reduce operational costs by leveraging technology increases as more asset and wealth managers identify onboarding as a key action to enhance the business impact of the organisation’s digital activities.

Disconnected systems and manual processes mean the process of onboarding clients can be complex and time-consuming with an abandonment rate that can be as high as two-thirds due to a poor digital experience. Let’s explore the challenges faced by wealth management firms during client onboarding, the solutions provided by client onboarding software, and the benefits they bring to the table.

5 Key Challenges in Client Onboarding for Wealth Management Firms

The use of legacy platforms and onboarding processes can result in duplication across the business, inefficiency, and a fear of missing out on investments for clients or the deployment of the client's investment for advisors.

Clients and advisors frequently encounter delays in client onboarding and face challenges in obtaining transparency regarding the current status of the onboarding process. These challenges arise due to the following reasons:

Manual Paperwork: Traditional client onboarding processes involve a significant amount of paperwork, leading to delays and errors. Handling and managing multiple documents can hinder the onboarding process, causing delays in completing necessary paperwork.
Lack of Automation: Legacy platforms and onboarding processes rely on manual steps and disconnected systems, making it difficult to track the progress of the onboarding process. Lack of automation leads to inefficiencies and delays in completing onboarding tasks.
Communication Gaps: Communication channels between Clients, Advisors, and internal teams may not be streamlined, resulting in delays and miscommunication. Lack of real-time updates and effective collaboration can lead to misunderstandings and a lack of clarity on the current status of the onboarding process.
Regulatory Compliance Complexity: Compliance with regulatory requirements adds complexity to the onboarding process. Staying updated with changing regulations and ensuring compliance throughout the process can cause delays and challenges in obtaining necessary documentation and approvals.
Data Security: Protecting sensitive client information is crucial for wealth management firms. With increasing cybersecurity threats, ensuring data security during the onboarding process is a major concern.

€200bn

Estimated combined AuM of Invessed key accounts. We work with Asset and Wealth managers, Private banks and Fintech creators across Europe and beyond.

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Solutions Offered by Client Onboarding Software

To successfully tackle these challenges, wealth management firms can utilise client onboarding software that will automate workflows, significantly enhance communication, ensure strict regulatory compliance, and provide real-time visibility into the status of the entire process. A cutting-edge client onboarding solution will effectively streamline the onboarding process, minimize delays, and boost transparency for both clients and advisors.

Automated Workflow: Client onboarding software streamlines the onboarding process by automating workflows. It eliminates manual paperwork, enabling wealth management firms to digitise and centralise client information, reducing errors and delays.
Regulatory Compliance Management: Advanced client onboarding software incorporates regulatory compliance checks into the workflow. It ensures that all necessary documentation and disclosures are completed accurately and by relevant regulations.
Enhanced Data Security: Client onboarding software prioritises data security by implementing robust encryption measures and access controls. It provides a secure platform for storing and sharing sensitive client information, protecting it from unauthorised access.
Collaboration Tools: Client onboarding software facilitates seamless communication and collaboration among team members involved in the onboarding process. It offers real-time updates, task assignments, and notifications to ensure efficient coordination.

Benefits of Client Onboarding Software for Wealth Management Firms

Improved Efficiency: By automating manual tasks and eliminating paperwork, client onboarding software significantly improves the efficiency of the onboarding process. It reduces the time taken to onboard clients, allowing wealth management firms to focus on providing personalised services.
Enhanced Compliance: With built-in compliance checks and automated documentation, client onboarding software helps wealth management firms ensure regulatory compliance throughout the onboarding process. It minimises the risk of errors and omissions, protecting the firm from compliance-related penalties.
Better Client Experience: Streamlined onboarding processes result in a better client experience. Client onboarding software enables wealth management firms to provide a seamless and efficient onboarding journey, enhancing client satisfaction and building trust.
Cost Savings: By eliminating manual paperwork and reducing errors, client onboarding software helps wealth management firms save costs associated with time, resources, and potential compliance penalties. It optimises operational efficiency and improves the return on investment (ROI).

A smooth onboarding experience has the potential to significantly enhance client trust, funding, and retention.

Onboarding presents a valuable opportunity to deliver an outstanding client experience, without it feeling like a data-gathering nightmare! A smooth onboarding experience has the potential to significantly enhance client trust, funding, and retention. By integrating onboarding procedures with client portal software, advisors and operations firms can offer a seamless omnichannel experience from the web to the mobile app, ensuring a hassle-free journey for clients.

Invessed for client onboarding

As a leading provider of wealth management client portal software, Invessed confidently simplifies the process of client onboarding and lifecycle management. We offer secure messaging centers, document libraries, and an API marketplace specifically designed for wealth managers. With our platform, you can efficiently distribute account documentation, collect Know Your Client (KYC) and Anti-money Laundering (AML) material, and obtain e-signatures. Our solution significantly enhances client experience and digital engagement, empowering advisors to expand their business.

Invessed seamlessly integrates with various industry-leading systems, including:

Popular CRMs such as Microsoft Dynamics, SalesForce, HubSpot, XPlan, Inteliflo, FolioMetrics, and Backstop.
Custodians and providers of Market Data, such as MorningStar, FE FundInfo, Refinitiv, and Alphavantage.
Identity and legal functionality providers, including IDNow for KYC/AML checks and DocuSign for e-signatures.

Are you ready to optimise your client onboarding? Trust Invessed with delivering exceptional results.

Streamline your operations, optimise investment strategies, and deliver exceptional client experiences. Schedule a demo today and unlock the future of wealth management.

Adam Weston is a Founding Director at Invessed

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Client Onboarding Software for Wealth Management Firms

Challenges, Solutions, and Benefits