PIMFA WealthTech partners with WealthOS in latest Tech Sprint targeting the Client Onboarding process

PIMFA WealthTech, the market network and technology platform created with principal strategic partner Morningstar, and WealthOS, the operating system for digital wealth management, a leading financial technology company, today (16 October 2023) invite FinTechs to participate in a new Tech Sprint to meet a challenge focused on digitising and automating the client onboarding process.

Both PIMFA WealthTech, launched last year by PIMFA, the trade association for the wealth management, investment services and the investment and financial advice industry, and WealthOS, are focused on bringing wealth managers and FinTech together to accelerate digital transformation in the sector.

The Tech Sprint will be overseen by a Client Onboarding Advisory Group, chaired by Jaclyn Anderson, Head of Strategic Change at discretionary wealth manager Quilter Cheviot.

PIMFA WealthTech wants to use this latest Tech Sprint to highlight FinTech solutions and processes that can help financial institutions onboard clients more efficiently by using, for example, automation technologies to improve productivity in procedures such as data extraction, searching third-party websites and orchestrating onboarding workflows across multiple vendors.

Automation could allow wealth managers to reduce the time involved in onboarding new clients and potentially reduce the cost by up to 50% with significant increases in the accuracy of work completed. Such benefits would also contribute to an improved client onboarding experience, enabling wealth managers to build better long-term relationships and increase client conversion.

Adopting FinTech solutions to automate client onboarding and improve customer experiences offers numerous benefits to wealth managers, including enhanced efficiency, higher customer satisfaction, increased security and compliance, cost reduction, and richer data-driven insights.

Embracing FinTech in these areas allows organisations to differentiate themselves, provide seamless customer experiences, and stay competitive in a rapidly evolving financial landscape. As technology continues to evolve, the potential of FinTech in client onboarding and automation will only grow, solidifying its importance in the future of the advisory, wealth and investment management industry.

Jaclyn Anderson, Head of Strategic Change at Quilter Cheviot, commented: “Wealth Managers currently spend considerable time and effort onboarding new clients, with extensive regulatory and compliance requirements that must also be met.”

New providers and technologies have the potential to help the industry save time and money, increase efficiency, and enable businesses to capture client data in a standardised digital format that can be used to create a much more impactful and simpler client onboarding journey.

We are pleased to be working with PIMFA WealthTech and WealthOS on this important Tech Sprint and invite FinTechs to participate and show the investment management industry the breadth of innovation and support they can offer.”

Shri Krishnansen, Chief Commercial Officer at WealthOS, commented: “As Will Rogers said, you never get a second chance to make a first impression; that’s why onboarding is such a crucial step in securing client relationships. However, across the wealth management industry today, a combination of disjointed and resource-heavy onboarding processes threatens client acquisition. This too, amidst a backdrop of improving experiences in other industries –  entertainment, e-commerce and even retail banking – that have set a high bar for client expectations across all the services they procure.

We built WealthOS to bring startup-like agility and speed of digital transformation to wealth managers through our easy-to-compose, modular backend platform. So, we’re thrilled to partner with industry leader PIMFA Wealth Tech in powering innovation efforts across the industry, beginning with that all-important first impression of client onboarding.”

If you are a FinTech who fits the criteria and can demonstrate to wealth and investment managers how your technology can help them onboard clients more efficiently, please register your interest at here.  Registration is open and will close on 3rd November 2023 at 5pm.

About PIMFA – the Personal Investment Management & Financial Advice Association

  • PIMFA is the trade association for firms that provide wealth management, investment services and the investment and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
  • The sector currently looks after £1.7trillion in private savings and investments and employs over 63,000 people.
  • PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.
  • PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
  • PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision and the FSCS levy – read more.
  • PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
  • Further information can be found at pimfa.co.uk

About WealthOS

  • WealthOS is a cloud-native, middle and back office platform for digital wealth management.
  • The composable modular platform takes care of all the backend technology, infrastructure and processes to run the next generation of digital investment and retirement products, allowing wealth managers to focus on building the best customer experiences.
  • WealthOS significantly reduces operational time and costs through extensive automation and orchestration of processes as well as remote maintenance and updates.
  • Whether wealth managers are launching or upgrading GIAs, ISAs, SIPPs, or other wealth management tools, they can start building their proposition now and get to market 3x faster and 40% cheaper than other technology solutions.
  • Founded in 2019 with product specialists and technologists who have over six decades of experience at financial institutions such as Fidelity and London Stock Exchange Group, the team is highly skilled and experienced in designing, developing and deploying mission-critical software platforms.
  • As a minority-founded business, WealthOS’ mission is to build digital infrastructure that enables equitable financial access for everyone, everywhere.
  • Learn more at wealthos.cloud or follow us on Linkedin.

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