The document discusses client onboarding and managing the client lifecycle. It outlines three stages of onboarding: 1) account opening, 2) extending onboarding through the first year, and 3) ongoing onboarding management. It emphasizes optimizing the client experience through clear strategies, targeted communications, and addressing issues promptly. The document then introduces Doxim's OpenAdvantage client management platform, which allows for configurable workflows, integrated e-signatures, and automating processes like account transfers to improve efficiency and compliance.

1. Client On-boarding
Effectively Managing the Client Lifecycle

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

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. Client On-boarding
 Beyond account opening
 Opportunity - engage and grow new customers
without increasing expense
 A focus on customer experience

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. Increased Pressure
 Capped fees and historically low interest rates
 Changes to regulatory oversight; compliance costs
 Diminished customer loyalty

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. 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. 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. 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. 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

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
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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. 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. On-boarding Lifecycle Management

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. 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. 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. 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)
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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. Sounds Expensive!

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. Doxim OpenAdvantage®

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
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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
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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
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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
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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
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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.
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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
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31. Q&A

32. Connect With Us
facebook.com/doxim
@Doxim_Inc
linkedin.com/company/doxim-inc.
doxim.com/blog
youtube.com/doximTV
www.doxim.com