The Digital Client Experience - Technology Tools for Today · • Acquired by SS&C Advent ... o Salesforce o Microsoft Dynamics ... The Digital Client Experience The Office of the

The Digital Client Experience The Office of the Future Isn’t in the Office

Dave Welling

Co-General Manager of SS&C | Advent

Industry Perspective

© 2017. SS&C Technologies. Confidential

or Infomercial?

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


Print and Flip

Era 1

T3 2017: The Evolution of the Client Experience

The Digital Client Experience

Era 3


Point and Click

Era 2

The New Era of Financial Advice


Client Lens

Advisor Lens

What’s Really Happening?


One Client Experience

Client Lens

It Starts with Trust

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Edelman Trust Barometer, 2015

Consumer Confidence


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

Robomania


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

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

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

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


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

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

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%


The Punchline – It’s Perception

It’s not about automation

of investments…

… it’s about

communication and your

clients understanding the

value they receive.


Advisor Lens

Advisor Business: Three Main Challenges

FIRM GROWTH

(ORGANIC AND INORGANIC) CLIENT PERCEPTION

OF VALUE

ADVISOR EXPERIENCE

(and EVOLUTION)


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


It’s About Investors Understanding Value


Similar Performance Outperform in Bad Markets Similar Performance

Blue = Advisors

on Black Diamond

Red = S&P Return

2007

2008

2009

2010

2011

2012

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


The Reality of Geography

• How far do your clients

want to drive for a

client meeting?

• How far should you?



• Hyatt Orange County

to Beverly Hills


1h 42 min



• Hyatt Orange County

to La Jolla

1h 52 min

The Advisor Office of the Future


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?


The Infomercial Starts Now

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


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


Wealth Management Technology Overview


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

• 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


• 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

The Black Diamond Wealth Platform

Best Client Communications

Best Account Aggregation

FTF News Technology

Innovation

BLACK DIAMOND 2016

RECOGNITION


Thank You!

Learn more at blackdiamond.advent.com


Documents

The Digital Client Experience - Technology Tools for Today · • Acquired by SS&C Advent ... o Salesforce o Microsoft Dynamics ... The Digital Client Experience The Office of the