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Wealth Management Client Onboarding Platforms

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6 May 2020
Awaad Aamir Andrew Schwartz

ABCD Vendor View

Abstract

In today’s post-COVID climate which is in part characterized by limited in-person contact, wealth managers are refocusing their IT investments towards digitization and remote communications. Onboarding is one of the critical functions that isn’t always entirely digital, given the highly sensitive nature of the KYC process and risk/compliance parameters that differ across firms. With client access to branch locations restricted, social distancing measures are driving the need for tools such as passive/active liveness testing, digital ID verification, paperless document management, digital signature, and audit trail functionalities.

Increasing client expectations for streamlined digital journeys is also causing many wealth managers to re-evaluate their onboarding processes. The millennial generation of investors and the rise of “robo” platforms has partially contributed to this trend. As one of the first parts of the client interaction lifecycle, an effective onboarding workflow is critical to starting the client relationship on a strong footing. Further, they allow wealth managers to eliminate unnecessary touchpoints, free up capacity for advisors, and realize cost efficiencies through automation.

In this report, Celent profiles and evaluates eight digital onboarding vendors, providing an overview of functionality, the customer base, and lines of business supported, as well as technology, implementation, pricing, and support. Solutions are also ranked in the Celent ABCD Vendor View, which shows at a glance the relative position of vendors in the following categories: Advanced Technology, Breadth of Functionality, Customer Base (number of clients), and Depth of Client Services on two separate x/y scales.

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