The Digital Client Experience - Technology Tools for Today · • Acquired by SS&C Advent ... o...
Transcript of The Digital Client Experience - Technology Tools for Today · • Acquired by SS&C Advent ... o...
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The Digital Client Experience The Office of the Future Isn’t in the Office
Dave Welling
Co-General Manager of SS&C | Advent
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Industry Perspective
© 2017. SS&C Technologies. Confidential
or Infomercial?
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Democratization
of Investment Management
The Age of the
e-Enabled Advisor
Efficiency in the Back and
Middle Office
Enriching the
Advisor – Investor Dialogue
Era 1 Cloud Delivery and
Outsourcing
Scalability and Advisor
Productivity
Era 2
Era 3
T3 2016: The Evolution of Advisor Technology
© 2017. SS&C Technologies. Confidential
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Print and Flip
Era 1
T3 2017: The Evolution of the Client Experience
The Digital Client Experience
Era 3
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Point and Click
Era 2
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The New Era of Financial Advice
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Client Lens
Advisor Lens
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What’s Really Happening?
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One Client Experience
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Client Lens
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It Starts with Trust
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Edelman Trust Barometer, 2015
Consumer Confidence
© 2017. SS&C Technologies. Confidential
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What’s Important When Choosing an Advisor?
94%
91% 90%
81%
74%
95%
92% 92%
82%
68%
97%
93% 91%
84%
69%
60%
70%
80%
90%
100%
Honest andTrustworthy
Transparency andKeeps Informed
Investment TrackRecord
Fees orCommissions
Referral fromTrusted Source
Mass Affluent
Millionaire
UHNW
Spectrem Group: Today’s Affluent Investors: Insights & Opportunities (2013) © 2017. SS&C Technologies. Confidential
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Robomania
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Consumer Sentiment is Shifting
40 to 45% Of affluent consumers who
changed their primary wealth
management firm in the last two
years moved to a digitally led firm
Source: McKinsey June 2015 Report © 2017. SS&C Technologies. Confidential
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Consumer Sentiment is Shifting
72% Of investors under the age of
40 are comfortable working
with a virtual financial advisor
Source: McKinsey June 2015 Report © 2017. SS&C Technologies. Confidential
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Myth #1: My Clients Don’t Want Digital
Head of a new robo:
“We think seniors are the most
exciting market in financial services
today.”
Source: InvestmentNews, Nov. 2016 © 2017. SS&C Technologies. Confidential
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The Investor-Advisor Disconnect on Robos
Source: Capgemini 1Q2016 (North America results shown)
Would You (or Your Clients) Consider Using a Robo?
34%
18% 0%
10%
20%
30%
40%
50%
60%
70%
HNW Investors Advisors
2015
© 2017. SS&C Technologies. Confidential
HNW Investors: Would you consider having a portion of your wealth managed by an automated advisory service?
HNW Advisors: In your view, would your HNW client consider having a portion of their wealth managed by automated advisors?
68%
38%
0%
10%
20%
30%
40%
50%
60%
70%
HNW Investors Advisors
2016
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Myth #2: My Clients Call Me First
• Most important source of financial information is
changing:
Source: Spectrem Group, Where are Affluent Investors
Getting their Financial Information © 2017. SS&C Technologies. Confidential
Millionaire investors Financial articles
Millennial investors Twitter and blogs
60 and older Financial professional
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Why Investors Switch Advisors Millionaires UHNW
1 Not returning phone calls in a timely
manner
58% 67%
2 Not providing good ideas or advice
52% 59%
3 Not being proactive in contacting me
49% 50%
4 Not returning emails in a timely manner
44% 53%
5 Long term losses to portfolio
37% 53%
Spectrem Group: Today’s Affluent Investors: Insights & Opportunities (2013) © 2017. SS&C Technologies. Confidential
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The Punchline – It’s Perception
It’s not about automation
of investments…
… it’s about
communication and your
clients understanding the
value they receive.
© 2017. SS&C Technologies. Confidential
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Advisor Lens
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Advisor Business: Three Main Challenges
FIRM GROWTH
(ORGANIC AND INORGANIC) CLIENT PERCEPTION
OF VALUE
ADVISOR EXPERIENCE
(and EVOLUTION)
© 2017. SS&C Technologies. Confidential
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It’s About Time
16%
27%
24%
14%
11% 7%
0%
20%
40%
60%
80%
100%
Business
Development
Client Relationship
Management
Investment
Management
Planning & Advice
Ops and Tech.
Bus. Mgmt.
Where Principals Spend Their Time
Source: 2015 Fidelity Benchmarking Study
65% Of time engaged in
client experience
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It’s About Investors Understanding Value
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Similar Performance Outperform in Bad Markets Similar Performance
Blue = Advisors
on Black Diamond
Red = S&P Return
2007
2008
2009
2010
2011
2012
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It’s About More Than Investment Allocation
1. Maintaining current financial position
2. Having enough money to last
3. Creating an estate plan
4. Financial situation of children and
grandchildren
5. The health of my spouse; myself
6. Family health catastrophe
7. Having someone to care for me in
my old age
Additional Concerns of Retirees
1. Diversifying assets and selecting
investments
2. Planning for retirement
3. Establishing investment plan
4. Creating a financial plan
5. Cash flow for liquidity
6. Implementing tax strategies
7. Help for long-term care of parents
Top Concerns of Investors
Spectrem Group: Today’s Affluent Investors: Insights & Opportunities (2013) © 2017. SS&C Technologies. Confidential
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The Reality of Geography
• How far do your clients
want to drive for a
client meeting?
• How far should you?
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© 2017. SS&C Technologies. Confidential
• Hyatt Orange County
to Beverly Hills
The Reality of Geography
1h 42 min
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The Reality of Geography
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• Hyatt Orange County
to La Jolla
1h 52 min
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The Advisor Office of the Future
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Ask Yourself…
Client Lens
• Are we solving for our clients
biggest financial concerns?
• How are client expectations
changing?
• Do my clients understand the
difference between what we do
and what robos do?
Advisor Lens
• Where does my firm
spend its time?
• How much of “client time”
is actually spent with
clients?
© 2017. SS&C Technologies. Confidential
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The Infomercial Starts Now
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SS&C – Who We Are Leading provider of mission-critical, cloud based software for financial services
providers with a flexible, on-demand delivery model
• Founded 1986
• 73 Offices Worldwide
• 7500+ employees
• 10,000+ clients
• Our clients manage over
$44 trillion in assets
• 2nd largest Hedge Fund
Administrator in North America
• 45 acquisitions to date
© 2017. SS&C Technologies. Confidential
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SS&C Advent U.S. Advisor Footprint
30
70%
Source: Financial Advisor Magazine
60% of the top 50 U.S. advisors
leverage SS&C Advent wealth
management technology
of the top 100 U.S. advisors
use SS&C technology
Serve close to 3,000 wealth managers, advisory firms and family offices spanning RIAs, IBDs, Banks and Trust Companies
$5 Trillion Assets administered on
SS&C Advent solutions
© 2017. SS&C Technologies. Confidential
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Wealth Management Technology Overview
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SS&C
Global
Wealth
Platform
Black
Diamond Axys
Advent
Portfolio
Exchange
(APX)
Salentica Rules
Manager
Varden
BD
Rebalancer
Integrations
Integrations
Revenue
Center
Tamale RMS
SS&C Recon
Moxy
SS&C Core and Complementary Solutions
Integrations
Integrations
Integrations
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• CRM Experts in Wealth Management & Advisory
• 20 Years in the CRM Solution business
• Acquired by SS&C Advent – October 2016
• Serving a wide range of client types:
o RIAs
o Private & Institutional Wealth Managers
o Trust Companies
o Family Offices
o IBDs
o Asset Managers
© 2017. SS&C Technologies. Confidential
• Provides CRM solutions through multiple
platforms:
o Salesforce
o Microsoft Dynamics
• Full Solution Service Provider:
o Licensing
o Hosting
o Professional Services
• Professional Services include:
o Custom Development
o Data Migrations & Implementations
o Training
o Client Service & Technical Support
Who We Are What We Do
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The Black Diamond Wealth Platform
Best Client Communications
Best Account Aggregation
FTF News Technology
Innovation
BLACK DIAMOND 2016
RECOGNITION
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Thank You!
Learn more at blackdiamond.advent.com
© 2017. SS&C Technologies. Confidential