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iress.com
iress.com
“Voice of the client”
Response to Compeer clients’ view research of a 1,000 high net worth and
affluent investors
Simon New Group Executive - Strategy
Alex Hore Head of Key Account Management
iress.com
Account opening
Reporting
Brand & reputation
Digital
Key themes from research
Access
to markets
Robo
iress.com
Key topics
Account
opening
Client
reporting
Mobile apps
RoboBrand &
Reputation
Access to
markets
iress.com
Key topics
Account
opening
Client
reporting
Mobile apps
RoboBrand &
reputation
Access to
markets
Over 81% of UK investors found it easy to open an account!
iress.com
But compared to what?
Traditionally account opening is perceived as being complicated
iress.com
But compared to what?
With many steps from on-boarding, fact find, KYC…
iress.com
But compared to what?
involving multiple systems and the re-keying of information…
iress.com
Reality
Clients - on-boarded quickly & efficiently
Provider - paddling madly underneath!
iress.com
Real client case study – streamlined account
opening
• Previously the client struggled to organise themselves to on-board
clients quickly and efficiently.
• To help them achieve an effective on-board process, we:
• embedded information capture and data use, which gave our
client a single entry point for information
• provided online image capture, which meant they could take a
picture of a document and the information from the document
populated the relevant fields
• automated AML, KYC & PEP checks for on-boarding, ongoing
and real time transfers to speed up transfer of funds to their
business
• used biometric recognition in place of signatures.
iress.com
Streamlined account opening – case study
High STP
with supporting
workflow
Online
image capture
Automated AML,
KYC & PEP checks
Embedded
information capture
& data use
Slick supporting
transfer processes
Biometrics - facial,
voice recording
& fingerprint
We now have high levels of straight-through processing & connectivity between the systems
These benefits helped our client differentiate themselves & provide a smoother customer experience
iress.com
Key topics
Account
opening
Client
reporting
Mobile apps
RoboBrand &
Reputation
Access to
markets
Client reporting is consistently raised by clients as a key driver of satisfaction
iress.com
Client reporting
• State of the nation - static, paper based, impersonal, dull, and
potentially confusing.
• But clients are being influenced by interactions with other
industries such as Netflix, Uber and Deliveroo.
• Clients are now used to automation, 24/7 availability, bespoke
configurations.
iress.com
Client reporting
But the industry struggles to deliver great customer reporting due to:
× multiple data sources
× legacy systems
× inadequate data
× inconsistent performance calculation
× handling a growing breadth of instruments
leading to manual checking, interventions & inconsistent
performance calculations. This has certainly driven our approach to
software design.
iress.com
PRE-TRADE & POST-TRADE INTEGRATION
Consolidated
Client Report
PERFORMANCE CALCS
Single Data Layer
Wholesale
Custodian
Internal Back
Office
Insurance
Providers
Retail
Platforms
Product
Manufacturers
Market makers
(RSP)
Executing
brokers
PAPER ONLINE MOBILE
How we deliver consistent and comprehensive reporting
iress.com
What does good
reporting look like?
iress.com
Presentation flexibility
Digital channels empower clients to interact in the way they choose
iress.com
Key topics
Account
opening
Client
reporting
Mobile apps
RoboBrand &
Reputation
Access to
markets
iress.com
Mobile applications
53%
Germany
47%
Singapore
59%
US
36%
France
20%
UK
30%
Switzerland
A big surprise from the research is that UK investors are out of kilter with other
geographies when it comes to accessing their investment via a mobile application.
iress.com
Mobile applications
Why is this so low? Only a quarter of UK wealth managers offer digital
channels beyond email
iress.com
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
Mobile applications
Neat, agile, fast
Shows real performance
Goal tracker
Current research
Secure messaging
Transaction history
Fees
News
Not enough apps or not enough functionally rich apps?
iress.com
Key topics
Account
opening
Client
reporting
Mobile apps
RoboBrand &
Reputation
Access to
markets
Brand and reputation now the key criteria for clients selecting a wealth manager
iress.com
Brand & reputation
iress.com
Protecting your reputation – embedding protection into
your workflow
Client has insufficient available cash for this transaction
This stock is a restricted list
Benchmark deviation exceeds tolerance
levels
Analyst recommended sell on this stock you are
attempting to buy
Transaction would push client outside of tolerable
level
Annual Suitability review has not been completed for this
client
iress.com
Key topics
Account
opening
Client
reporting
Mobile apps
RoboBrand &
Reputation
Access to
markets
iress.com
What is Robo?
75% of those surveyed did not know
iress.com
Integrated Robo
Execution
Only
Self-directed
“Robo” Advice
Guided
Advice: Face
to Face
Guided
Advice: Phone
/ Online
Holistic
Advice
Full Service No service
Integrated Wealth Desktop
Consistent and common:
Compliance • Risk Profiling • On-boarding • System Management • Configuration • Security • Management
Information • Integration • Workflow • Investment Ethos
iress.com
Key topics
Account
opening
Client
reporting
Mobile apps
RoboBrand &
Reputation
Access to
markets
Access to markets and trading environments remain a priority for many businesses
iress.com
iress.com
Presentation flexibility
Digital channels empower clients to interact in the way they choose
iress.com
Summary and conclusions
Account
opening
Client
reporting
Mobile apps
RoboBrand &
Reputation
Access to
markets
iress.com iress.com
Thank you
T: 0345 068 3000
sales@iress.com
Simon New - Group Executive – Strategy
Alex Hore - Head of Key Account Management

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Voice of the client - 1000 HNW and affluent investors

Editor's Notes

  1. The Compeer research provided us with valuable insight into a range of important themes which impact on high net wealth and affluent investors. Key themes to note were: client reporting still remains a priority client expectations appear to be evolving slower than anticipated for robo-advice and digital but there was also diversity in the responses
  2. We identified 6 key themes which stood out to us, which continue to impact on clients and their wealth managers/stockbrokers/advisers and brought together our thoughts and observations from working with a diverse range of business models.
  3. Account opening - over 81% of UK investors found it easy to open an account, which is very high.
  4. 81% of clients found it easy to open an account. But what is this compared to, as this something that has traditionally been known as not being easy.
  5. Account opening involves many steps from on-boarding, fact find, KYC/AML, suitability, application forms, transfer of funds, PEP checks and workflow review.
  6. Traditionally, account opening has involved multiple systems re-keying of information active engagement with information flowing back & forward between clients and their providers.
  7. There is a popular belief that client reporting is consistently raised by clients as a key driver of satisfaction. Whilst there are variances between geographies, the Compeer research reaffirmed this belief. Good reporting = good perception
  8. Clients expectations are being influenced by their interactions with other industries such as Netflix, Uber and Deliveroo and online travel check-ins. This means that clients are used to automation, ease of use, 24/7 availability, the ability to configure to their specific requirements. Investors understandably don’t know how tricky it is to get good reporting and why should they care. However, as an industry great client reports should be our ‘bread and butter’.
  9. These challenges have driven our approach to software design and fuelled our drive to deliver consistent and comprehensive reporting.
  10. We don’t control the output our clients do, but this is what we are seeing Good visuals Infographics Clear simple language Interactivity.
  11. Where clients are using digital, they’re empowering their clients to interact in a way that they choose. Building custom reports - where the user selects the report criteria relevant to them is increasing prevalent. Date range, benchmarks and visuals are all customisable.
  12. Only 20% of UK investors who participated in this survey said they would access their investment portfolio via a mobile application. This one really took us by surprise – the UK is really out of kilter with other geographies. This feels completely at odds not only with millennials, but with older generations and behaviours we see in other industries.
  13. So why is this figure so low? It’s important to remember that only, just over a quarter of UK wealth managers offer digital channels beyond email.
  14. So is simply that there aren’t enough apps out there? Or, is it because the apps that are out there aren’t functionally rich enough? The next generation of apps we are building include secure messaging, transaction history, fees, goal tracker, fees, news etc.
  15. Next item that deserves more analysis was the top criteria for selecting a wealth manager, which is now brand & reputation. This was a significant shift from other years – where investment performance was previously the top item.
  16. Our expectation was that performance would continue to be ranked number 1, but brand and reputation has now moved into that position. However, given the recent uncertain political landscape and perennial headlines about corporate fines perhaps not so much of a surprise. As an industry we continue to see lots of time and money invested in a range of brand enhancing activities from sponsorship through charitable foundations to media P&R. We are now seeing increased activity around prevention rather than just remediation. As an industry we continue to see lots of time and money invested in a range of brand enhancing activities – from sponsorship, through charitable foundations to media and P&R We are however seeing increased activity in prevention rather than just remediation
  17. Technology is playing an increasing role in protection & prevention with ‘flags’ and indicators designed to alert users. Through to more automation and MI to support compliance. It’s good practice to embed checks into workflow – for account opening, pre & post trading, ongoing client management. These checks and the MI generated can detect potential breaches and trigger actions. These can vary from a simple alert that can be consciously overridden by the user through to completely. ‘blocking’ next steps without appropriate authorisation.
  18. Fascinating to see that those surveyed struggled to understand what Robo advice is – 75% didn’t know. Possibly that is more a reflection of the uncertainty we as an industry have around robo and its relevance. Probably also a reflection of the grey lines between Execution Only, Guidance and Advice. Certainly calls out that there is a gap between expectation and reality. We continue to see high levels of activity in this space.
  19. From a systems perspective the same IT stack can power different propositions, from no service to full service. The challenge is to make sure that IT delivers relevant and consistent service for each proposition, in areas such as on-boarding, risk profiling and client outcomes.
  20. The final area we see as important is implied in the research rather than directly stated – is greater access to markets. Not only is the impact of Brexit driving this, but also an evolution in provider propositions as organisations seek to differentiate themselves and create compelling investment options.
  21. As propositions change, access to markets and trading destinations remain a priority for many businesses. Whilst we don’t see it as only a direct response to Brexit, we continue to see a proliferation of requests to extend market and trading destination coverage.
  22. Wealthify, one of our clients are using digital, they’re empowering their clients to interact in a way that they choose. Building custom reports - where the user selects the report criteria relevant to them is increasing prevalent. Date range, benchmarks and visuals are all customisable.
  23. In conclusion, the survey reinforces many beliefs we have and reflects changes we see in the market. It also raise topics and poses questions that will shape the market going forward. It certainly helps us to refine the way we develop software for today and tomorrow. Thank you and enjoy the rest of day.