Wealthtech: Asian Relationship Managers Don’t have Appropriate Tools or Time to Improve the Client Experience, a New Report Reveals


Wealth Dynamix, a digital Client Lifecycle Management (CLM) solution that aims to address the requirements of client acquisition and engagement, digital onboarding, regulatory compliance, and relationship management for wealth managers, has published a new report.

The report highlights the opportunities and challenges that relationship managers might face, as they work with clients and create revenue growth strategies for the coming decade.

Commissioned by Wealth Dynamix, this research study was carried out by Hubbis, an Asian wealth management community development company. The study reportedly surveyed 175 Asian wealth management professionals in February of this year (before the COVID-19 outbreak began to significantly affect businesses globally).

The 50-page report, titled “Empowering the Relationship Manager: Their Role in the Future of Wealth Management in Asia,” notes that relationship managers will continue to be “central to the delivery of wealth management services in Asia.” That’s because the region has a “robust and fast-growing” high-net-worth (HNW) and ultra-HNW (UHNW) sectors, the report revealed.

Over 80% of wealth management experts surveyed said that Asia’s private wealth accumulation will outperform other world regions, as they expect an 87% growth in this area.

About 84% say that Asian relationship managers are “operating reactively” to address clients’ requirements. Meanwhile, there are only 10% of relationship managers that “currently have time for proactive work,” the report noted.

Approximately 72% of relationship managers said relationships with their clients were either “average,” “below par,” or “awful.” Nearly 90% said that “a more process-driven, disciplined and structured CLM system would attract new clients.”

Around 87% noted that CLM automation could potentially improve client retention, 85% argued that talent acquisition and retention would improve, 85% said revenues would surge, and 65% expected cost reductions.

Dominic Gamble, head of Asia Pacific at Wealth Dynamix, stated:

“By leveraging technology like our WDX1 CLM platform to create operational efficiencies and enrich client experience, wealth managers [might] benefit from longer client relationships and relationship manager tenures, [and] … more tailored advice.”

WDX1 is a digital CLM solution offered by Wealth Dynamix. It aims to support the complex requirements of wealth management firms from a single unified platform.

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