Phil Hales on Wealth in One

Phil Hales Presentation at #OWIN2015

This is an edited transcript from the presentation about our product Wealth In One, held by Phil – Business Development Manager – last December 2nd in London, during Objectway [IN], our first International Customer Conference.

In this session I want to talk about our solution, Wealth In One, which was launched earlier this year and how we think Wealth In One can address many of the challenges facing stockbrokers and wealth managers in the UK market today.

So let’s look at some of these challenges…

Of course some of these pressures drive longer-term goals or strategies within the business, but often they are related to what is happening today or in the short-term. Ultimately, whatever your view on the timeframes or priority of each challenge, you need a strategy to manage them in an ever changing environment.

Recognising this is crucial, if for no other reason than the regulator will expect companies to have considered these influencing factors and catered for dealing or controlling them. Objectway can help lift some of this burden and provide a platform to address these challenges now and in the future.

Wealth in One Is a Matter of Engagement Also

As wealth moves through the generations, more and more clients are getting younger or just getting more tech savvy; they expect a level of digital engagement often not available from their Investment Manager. According to a recent study by Gartner, the trend for clients demanding greater digital engagement will increase rapidly over the next two to three years.

Of course there are still many clients that still expect the existing model of interaction with their advisor; paper output and face to face meetings, but industry analysists expect this to change with more and more clients expecting to interact when they want to and via the same channels that they are using for social media and retail experiences. This means the ability to access their portfolios and services when they want to, to receive information how and when they want it and with the responsiveness that they expect from their on-line retail experience. This is a challenge for all firms; you have to find a low cost way of meeting this digital demand, that is both responsive, cost effective and scalable.

Over the last couple of years we’ve all seen new entrants that are shaking things up and introducing new methods for client engagement.

Only time will tell us how successful these firms will be and whether their operating models will become the norm, but these market disruptors are satisfying a demand that is out there and will ultimately influence the way that business is done in the future.

When this is your sole delivery model or you are building from scratch and implementing a digital engagement solution this can be relatively simple; the challenge many companies are facing is how to move from more traditional models and to create this new model using their existing systems.

Challenge: Regulation

We have all seen over the last few years a huge increase in both the number of regulatory changes and also more onerous regulation.

These changes are undoubtedly making all companies consider how they can still service their clients and introduce the levels of oversight and control required by the regulator.

Although thankfully delayed, MIFID II is coming and it is going to be a huge change to our industry, with significant changes to the way that you transaction report and the way that you maintain adequate client records to name just a couple of areas. Looking at what is coming, gathering data from clients, retaining it in a useable form and actually doing something with it is going to be essential.

The need for and the demands made on technology are greater than ever for this industry.

With many companies running old and in some cases a complex topology of technology, technology is a headache that many would prefer not to be distraction.  How do you provide the business with a joined up solution that is capable of meeting the demands from client to back office?

When you follow the principle of best of breed systems as many have, you can end up with a complex set of interfaces to maintain, a solution incorporating a variety of products on different evolutionary tracks and managing multiple vendor relationships. This is something that is not easy for any company to manage and advance, whilst focusing on their core service to clients.

Cost of ownership can mean many things to many people, but in simplistic terms with more transparent fees and greater demands being made, companies have to carefully control the costs incurred to service a client whilst continuing to deliver the quality that they expect.

Meeting these goals whilst keeping the cost of ownership at an acceptable level is a challenge. Adding automation around areas such as client on-boarding, performing suitability reviews and digital distribution of client output, all reduce cost by driving process. To succeed, companies will have to find ways to deliver more, for less, whilst maintaining service excellence.

Excellence and outsource

How do you maintain operational excellence?  You achieve and maintain this by introducing automation, process, rules that drive the business in your chosen way.  By creating this structure resources are freed up to focus on exception management.

Achieving a fully integrated and highly configurable solution, that can drive high levels of automation across the whole business and fully support every aspect of the service to the end client in a seamless manner, can be a challenge.  This operational efficiency is delivered by implementing tightly integrated, best of breed interoperable products from a single vender.

Finally, let’s not overlook the outsource market.

Yes there are firms offering a range of outsourced services or BPO offerings, but that model is not for all and there are still many organisations that see controlling their own destiny and running their own operation as a key differentiator to their competitors.

Outsourcing can be effective, but it has to be for the right reasons. A good example is the outsourcing of technology, which we all do now with email services and selective hosting. Extending this strategy to core platforms can enable companies to focus on what they do best, investment management, and leave the technical headache to a qualified provider such as Objectway.

To address these challenges in one unified solution Objectway has created Wealth in One…

A vertical, integrated, seamless solution

With the creation of this new offering we are delivering a vertical solution that supports the whole business from transaction processing, though relationship management and trading to client digital engagement. All using best of breed products, that are fully integrated and each underpinned by a clear product roadmap.

So let’s talk about how WinOne addresses those challenges…

Using recognised industry standards, our Conectus product enables you to create a cohesive and functionally rich user experience, whether it be for clients, agents or advisors. Conectus provides clients with a complete view of the portfolio, enables the distribution of documentation, co-browsing between advisor and client, generates notifications and allows clients to digitally interact in real-time with Investment Managers.

With seamless integration via Conectus, our new CRM product, Client Engage, has been built using the latest Microsoft Dynamics technology, guides the on-boarding process from prospect to new client. Using built-in workflow, it manages the whole process through a compliant set of defined stages, such as gathering data, suitability review, and mandate setting. For existing clients, Client Engage ensures adherence to regulatory controls by retaining client records and monitoring suitability.

Providing Investment Management systems is our world, so we have to ensure that they remain compliant with the latest regulatory changes.

With Wealth In One, Objectway actively manages regulatory changes impacting both the individual products, but also the whole solution to ensure compliance at every level. As a solution it provides automation, control and monitoring of compliance rules and exception management, for example a diarised view of suitability reviews and mandate adherence.

Fully Managed, Cost Effective

Objectway delivers Wealth In One as a fully managed solution from our Data Centres, leveraging the latest Microsoft technologies. We take responsibility for all aspects of the hosting, operational management and solution delivery, all measured against a solution driven SLA.

We aim to remove the need for our customers to worry about the technical aspects of providing a performant service to their business users and end clients.

As a fully managed service, Objectway provides the operational hardware and takes care of any upgrades that are required, whether it be vender patching, application updates or resizing to cater for increased operational volume. Objectway delivers interoperable functionality across the whole solution, eliminating the need of costly multi-vendor, regression testing.

As a fully integrated and highly configurable solution, Wealth In One can drive high levels of automation across the whole business. Fully supporting every aspect of the service provided to our customers their end clients, whilst supporting their ambition to deliver service excellence.

At Component Level

Wealth In One supports all models of investment management, whether it be discretionary, advisory, self directed investments or execution only.

So what does this mean at a product(component?) level?

  • Clearing & Settlement and Books & Records we can deploy either of our industry strength back office products, Altimis or Beta Global.
  • The Investment Management function is delivered via our award winning eXimius Portfolio Manager.
  • With CRM, client on-boarding and campaign management delivered via ClientEngage.
  • At the Client/Advisor end, we deploy Conectus to create a unique user experience, rich in interchangeable functional widgets.

So in summary, what makes Wealth In One different from other solutions in the market?

It is a collaboration of tightly integrated, best of breed products, delivered as a fully managed service, supporting the whole business and provided by one vendor in partnership with its customers.

Objectway offers a broad functional solution, with a strong referenceable client base and possibly most importantly, a wealth of experience implementing systems and incorporating full client transactional history.

I’d like to leave you with one clear message: Wealth In One is leading edge technology, that is both scalable and affordable to all.

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