Client On-boardingEffectively Managing the Client Lifecycle

Agenda

Introduction Stages of On-boarding Client Onboarding Lifecycle Management Automating Onboarding Processes Doxim OpenAdvantage Q & A

Leading service provider to wealth management firms Founded in 1999 3 locations, 100+ staff Products and Services:

Automated Client Onboarding Statement/Confirm Processing ePresentment Tax Form Processing Enterprise Risk Management

Doxim Inc.

Client On-boarding

Beyond account opening Opportunity - engage and grow new customers

without increasing expense A focus on customer experience

Why Does it Matter?

During on-boarding, customers and assets are in motion

Customers most receptive to cross-sell during this period

Market driver – differentiate yourself with

“Customer Forward Thinking”

* Harland Clarke Financial Industry Studies (2011)

Increased Pressure

Capped fees and historically low interest rates

Changes to regulatory oversight; compliance costs

Diminished customer loyalty

Client On-boarding Gone Wrong

Opens an account and doesn’t hear from you until statement time

Doesn’t consider additional products, because he doesn’t hear about them

Doesn’t see you as a trusted partner Will leave your firm for another with

lower fees or better advertising

Tech Gap

• 30% of wealth management firms have no integration of back office systems

• Information silos, firms are not nimble enough• Need to start evolving processes

around onboarding before:– Regulatory imperatives demand it– Changing nature of customer

engagements force your hand

Optimized Client On-boarding

Clear strategy for data capture Targeted and timely communications Purchases additional products during

critical on-boarding period Develops early and lasting loyalty to your firm

So… How Do We Get There?

• Relationships, not just forms• Client-centric communications

- Right Channel

- Right Time

- Value Add

• Immediate personal response to questions or concerns

3 Stages of Onboarding (Aite Group)

1. Straight through process for one product, from prospect to customer (Account Opening)

2. Extend on-boarding through first year, maximize business unit opportunity

3. Manage on-boarding process in an operationally responsive and active way, extend benefits across the enterprise

Start with Account Opening…

• Get to the funded account as fast as possible -while remaining compliant

• Make account opening a conversation• Meet the client at their chosen location• Provide information in their preferred format• Automate the back end to speed open times

and ensure transparency

1

… And Build

• Just getting your account opening right is a good first step – The right questionnaire– The right data captured– The right workflow behind the scenes for approvals– The right personalized welcome kit for the client

• But don’t stop there!

Moving to Stage Two

• Maximize the upsell and cross sell opportunity • Ask questions to determine the client’s needs

and act on it!• Aite Group estimates that

“72.5% of firms haven’t moved to Stage 2 yet”• Great opportunity for competitive differentiation

2

On-boarding Lifecycle Management

Next Steps in Automation

• A good next step - automating asset transfers.• Process is cumbersome and time sensitive• Forms are complex and government mandated• Clients are tense when their money is moving

between institutions • They want transparency and

they want speed.• Automating the process

offers them both.

Client Issue Resolution

• Client questions and issues are a fact of life for wealth management firms.

• How you handle them? • That’s what leaves a lasting impression.• Automate the issue resolution

process to increase – Speed– Traceability– Accountability within your firm

More Best Practices

• Capture the data on where cross-sell and up-sell will be fruitful

• Make booking follow-ups part of your process• Automate prompts for advisors to make contact • Institutionalize your best practises for client contact

Stage Three Onboarding - Goals

• Eliminating process silos• Capture and reuse data in an intelligent manner

beyond individual processes.• Examples of patterns & data elements to pay

attention to: - Multiple addresses for a single client (pattern)

- Strong credit score (data)

- Investment level has changed significantly (pattern)

3

Even More Best Practices

• Leverage data to engage with client– Invitations to educational events, webinars, etc.

• Consider demographics and preferences, not just net worth

• Make asking for client referrals part of the onboarding process

Sounds Expensive!

Account Opening Costs

• Manual, paper-based system - No scalability- Slow, time-consuming process - Duplicate data entry, high error rate- Low customer satisfaction

• Inflexible proprietary system - $100,000 yearly updates- Long development lead time- Does not support the need to make changes quickly

due to M&A, new regulations and products

$36.00per account open

$500 Kmin. upfront cost

Doxim OpenAdvantage®

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Introducing OpenAdvantage®

Configurable Client Management Platform• PDF forms and HTML questions supporting business rules,

workflow and document generation• User interface enables configuration. No coding required• Understands data – not just form filling• Not just KYC, but understand your customer better• Experience with direct, managed accounts

and clearing broker models• Integration with enterprise systems:

- Back-office, CRM, e-signature

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• Client welcome kit is generated automatically reducing the representatives need to “understand the paperwork”

• Fill in existing PDFs, utilize form libraries or build dynamic documents line by line

Introducing OpenAdvantage®

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Questionnaire and Business Rules

• Interactive Question & Answer

• Present only relevant questions

• Highlight mandatory fields

• Reduce Data Entry

• Interview like process produces all necessary documents

• Back-office integration eliminates duplicate data entry

• Save partially completed questionnaire

• Stop, save and print at any point

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• Multiple Workflows• Based on user, product

• Perform Account Updates• Automatically identify which accounts need updating• Different updates can have different workflows

• Approvals• Multiple levels of approval• Serial and concurrent approval workflows• Graphical risk governance models• Email notifications

Workflows

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Integrated E-Signature Ready to Go

• Out-of-wallet questions used to confirm the identity of the signer - information based on light-touch credit check

• Questions can be detailed or based on key metrics e.g. DOB, Driver’s License • Documents can be signed in multiple places (similar to initialing)• Process can be repeated by multiple signers each notified via e-mail• Once the document is signed customer

is presented with list of completed documents for review

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Account Transfers• Our questionnaire takes the place of account transfer paperwork including

government mandated forms• Once completed, all asset transfer information is captured, reducing

representative’s need to “understand the paperwork requirements” for the Request for Transfer

• No need to retrain employees on updated paperwork requirements should forms change

• NIGO checks ensure the asset transfer forms are completed correctly and all documentation is present.

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• Improved customer experience and increased sales

• Speeds process and reduces costs – estimate 60%

• Increases data accuracy for better compliance

• Simple configuration and maintenance

OpenAdvantage® Benefits

Q & A

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