Client on-boarding


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  • Good Afternoon everyone! Welcome to today’s webinar; “Client Onboarding: Effectively managing the client lifecycle.Now for those of you who are new to Doxim webinars we kindly ask that you submit any questions or comments through the chat/comment box at the bottom of the gotowebinar user interface.And as a reminder we will be sending our an email tomorrow with a link to the ondemand recording of the webinar for you to view and share at your convenience.Now Im excited to have Adam Zimmer as our presenter for todays webinar. Adam is the V.P. of R&D and Chief Technology Officer at Doxim. Adam joined Doxim in 2012, following Doxim’s acquisition of Arius Software. Adam originally founded Arius Software while he was studying at the University of Waterloo. Following a number of consulting engagements with financial customers he identified a gap in the market for a client on-boarding application that would help streamline and automate the gathering of high quality client data; Doxim Account Opening was born to address this need.Before I pass things over to adam I’d like to get a level set on what we’ll be covering in today’s webinar
  • In todays webinar we will be covering off several key topics all centered on the subject of client onboarding.Well start by introducing the concept of client onboarding then proceed to speak the various stages of an optimized onboarding, we’ll also speak to how you can effectively manage the client onboarding lifecycle and dive deeper by talking about the things you might want to consider automating in the onboarding process. And finally we close things off with an explanation of our onboarding solution, Doxim OpenAdvantage. At that point we’ll answer any questions that you might have about any of the material presented today or anything regarding client onboarding in general.Now without further ado Adam the floor is yours….
  • Sure no problem Dan, but before we get into the webinar content I’d like to take a moment to give a brief introduction about Doxim as some of you may not be familiar with who we are and what we do.
  • What is client onboarding? It is most commonly defined as the first 90-120 days of a client’s life cycle with your firm, though some research groups identify it as the first full year of the client’s involvement with your firm. It is a time of unique opportunity to build engagement and loyalty and to encourage clients to purchase additional products from your firm.
  • According to Pitney Bowes, nearly 75% of all cross-sell opportunities occur within the first 90 days. Beyond this point the customer’s lifetime value and profitability will have been practically set in stone
  • Increased Pressure on Wealth Management Fees are capped, interest rates are at historic lowsIncoming changes to regulatory oversight You are under increased pressure – every new client has to countBarriers to client entry and exit are lower, relationships are less “sticky”
  • POLL1: what do you do today? (manual, in-house application, back-office application, other third-party solution, nothing)
  • Since you’ll need to integrate your back office systems anyhow, why not do so in a way that offers ROI early and on an ongoing basis?
  • Data Capture – don’t ask for too much at the onset; especially online the more you ask the more likely they will abandonCommunications – segment the data so that your communications are relevant to each customer/client – in fact having a communication strategy is a good start – according the JD power “only 64% of households received any form of follow up after opening an account and 17% of the households saying that any contact was made within 2 days”
  • Account opening which is about relationships, not formsClient-centric communications Right timeRight channelValue addSignatures and paperwork via esignature/email or wet signature/traditional formsImmediate personal response to client questions or concerns
  • This alone will decrease costs, cut account opening time down (in some cases to same-day opening),and increase operational efficiency while improving the customer experience. But that’s just a first step… – move to automate more processes, integrate with CRM, move from product specific onboarding -business unit specific onboarding-enterprise level intelligent onboarding. You can increase operational efficiency and ROI as you go, while uncovering previously hidden opportunities by observing your client’s behaviour in that pivotal first year, and acting on the patterns you uncover.
  • Don’t just ask the questions you are required to ask – ask more! Then feed the info back to CRM, and uncover the right product mix to offer the client.
  • Who are the customers, and what is their value to your firm? Onboard effectively.What value-added communications will increase customer “stickiness” in the first three months? What do they need to know to leverage their new products? What new products might they need?How are they most comfortable receiving info? Emails? Texts? Direct mailings? Personal follow up from advisors? Segment and conquer.When should you communicate with them? Within 90-120 days, sure, but frequency of contact?A/B test onboarding programs and optimize your client communication and sales strategy. Don’t just guess.
  • Clients don’t just arrive at your firm through account opening – as you know, a tremendous amount of time and money is spent processing asset transfers. Make sure you offer those clients the same caliber of experience – and you’ll benefit from increased operational efficiencies and reduced costs too.
  • Automating the complaint resolution process is good for all clients, but contributes a great deal to the impression your recent onboards get of your firmIt is a natural next step to automate this process using your client onboarding system. Get the most use out of the system possible – you paid to install and configure it, after all.Remember, recently onboarded clients may have quite a few questions – automate here to provide relevant information fast, resolve their difficulties, and encourage them to deepen their relationship with your firm.POLL2: what are you most interested in automating? (account transfers, account opening, account updates, issue resolution, other) – multiple responses ok
  • Examples cited are from “ Intelligent On-Boarding Framework Benefits”, February 2011, Aite Group.
  • Sounds Expensive! Would be, if you didn’t automate it.Create appropriate workflows to institutionalize these best practisesReview your results and tweak your workflows. Test and perfect.Besides, it’s more expensive to open an account (price per account) and have that person become dissatisfied and leaveYou’ll need to gather more data to meet increased regulatory imperatives – might as well use it!
  • Account opening cost firms anywhere from $36 to $150 dollars per account.Firms often try to implement their own solutions but these tend to be very expensive both upfront and to maintain on an ongoing basis.It’s not just the cost of buying the dog, it’s the vet bills.
  • We’ve discussed WHAT you might want to automate, how you might choose to evolve your automation strategy, and so on, so here’s a chance to show you some nuts and bolts of HOW that automation might take place, using our client onboarding tool. Arius OpenAdvantage can support the initiatives described above. OA integrates seamlessly with your back office applications, becoming a key part of your Business Process Management initiatives and supporting the move towards intelligent, enterprise-wide onboarding.
  • One investment advisor expressed to me that he had to visit each client twice. Once to fill in the forms and a second time to fill in the forms he forgot the first time.
  • By asking only relevant questions the entire onboarding process is accelerated for example if someone is single you don’t need to collect spousal information.
  • Firms often have twice the staff time devoted to transfers as they do to account opening
  • POLL3: would you like to learn more about OpenAdvantage? Please select the response that best describes your level of interest
  • At this point, I’ll open it up to any questions that you’ve been asking during the webinar. Please keep the questions coming by simply submit them at in the chat box at the bottom of the GoToWebinar User Interface and we’ll try to answer as many as we can without going over the allotted time.First question….Q1: How long does this take to implement?Q2: What resources do we need (client side) to implement?Q3: Why cant I just take something off the shelf / out of the box?Q4: What do regulators think about esignature?Q5: Does Doxim offer a hosted environment for OpenAdvantage?Q6: What is the cost?
  • I’d like to thank for attending this webinar on “Client On-boarding: Effectively managing the client lifecycle”. If you would like to learn more about Doxim you can visit our or simply contact us at In addition we’ve listed some of the other ways you can stay connected with Doxim and to keep abreast on the latest news, trends and developments impacting your industry. As a reminder we will be sending out a follow up email tomorrow with an on-demand recording of this webinar for you to view and share at your convenience. Thank you again and have a great day.
  • Client on-boarding

    1. 1. Client On-boardingEffectively Managing the Client Lifecycle
    2. 2. Agenda Introduction Stages of On-boarding Client Onboarding Lifecycle Management Automating Onboarding Processes Doxim OpenAdvantage Q&A
    3. 3. Doxim Inc. 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
    4. 4. Client On-boarding Beyond account opening Opportunity - engage and grow new customers without increasing expense A focus on customer experience
    5. 5. 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)
    6. 6. Increased Pressure Capped fees and historically low interest rates Changes to regulatory oversight; compliance costs Diminished customer loyalty
    7. 7. 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
    8. 8. 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
    9. 9. 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
    10. 10. 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
    11. 11. 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 opportunity3. Manage on-boarding process in an operationally responsive and active way, extend benefits across the enterprise
    12. 12. 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
    13. 13. … 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!
    14. 14. 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
    15. 15. On-boarding Lifecycle Management
    16. 16. 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.
    17. 17. 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
    18. 18. 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
    19. 19. 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
    20. 20. 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
    21. 21. Sounds Expensive!
    22. 22. 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
    23. 23. Doxim OpenAdvantage®
    24. 24. 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 24
    25. 25. Introducing OpenAdvantage®• 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 25
    26. 26. 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 26
    27. 27. Workflows• 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 27
    28. 28. 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 28
    29. 29. 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. 29
    30. 30. OpenAdvantage® Benefits• Improved customer experience and increased sales• Speeds process and reduces costs – estimate 60%• Increases data accuracy for better compliance• Simple configuration and maintenance 30
    31. 31. Q&A
    32. 32. Connect With Us @Doxim_Inc