Dynamix Capital – Giving you the means to better understand your clients

Everyone has heard of Salesforce, right? Many wealth managers use it. It is a well-established part of the Tech scene in Canada and is used by banks and their subsidiaries alike. It’s a big company with a good generic offering. But today good and generic, while valuable, does not mean suited for all. Wealth management firms need something more than a generalist offering. They need a data model with specific wealth management fields to capture client data from prospecting, onboarding, and conducting ongoing client reviews. Having a 360-degree view of each and every client that is up-to-date and full of contextual information is a must! And wealth managers are an esoteric bunch. So each firm needs CRM data capabilities with built-in CLM processes that are not only tailored to the wealth management industry as a whole, but also fully configurable to their firms’ individual needs and processes. General does not work in a world of specifics. The Canadian Consumer Privacy Protection Act (CPPA) will shine a bright spotlight on all of this. The need to have software that suits the needs of the individual wealth management firm, is easily configurable, and can manage data for compliance without undue fuss will become very apparent.

How does the CPPA change Tech needs?

The Act deals with the way that data is stored and managed. This will mean that wealth managers will need to up their game when it comes to conscientiously inputting and storing data. The need will be to have a single golden copy of data and a single view of the customer – to ensure that data is used only as consented to. Firms will avoid excessive data collection, instead focusing on collecting only the data they need. They will also need to anonymise data if they want to use it for analytical purposes.

Is your legacy CRM able to do this? Dynamix Capital can.

Legacy CRMs, like Salesforce, were not designed to meet the specific needs of wealth managers or to make data compliance with the CPPA easy. They were designed to hold data in silos, not in one place as a single, accurate source of truth. The risk with that is that several copies of the same data, some accurate and up-to-date and some not, could still end up being held in separate silos. Think of it like having lots of slightly different versions of a photograph. This matters! Wealth managers have a lot of different systems that make it hard to see the client’s overall situation. Dynamix Capital solves this neatly by bringing together all data and housing in a single place, making for a quality and reliable single, 360-degree view of the customer. This provides the experience and service level that customers want and expect, leading to positive net promoter scores, stickiness, and referrals. And holding data in silos won’t work with the CPPA because wealth managers need to know that the data they are using has come with the appropriate consents. Multiple copies of data need multiple consents and that is just not practical. Multiple copies of data also don’t work with the need to prospect and onboard effectively and efficiently to form the bones of a single client view. That data can be added to as the relationship unfolds so that all the data for a single client is held and viewed in the same area, as a single, consented and compliant version. Only one single photograph should be chosen, consented to, and used. While Salesforce, on the surface, looks to provide a single source, the fact of the matter is that it lacks the nuances that wealth managers need. This makes compliance with the new regulation much harder to achieve and maintain.

How can Dynamix Capital help?

But that does not mean that wealth managers need to rip out Salesforce entirely. The good news is that Dynamix Capital can work both with Salesforce in a modular approach, thus adding specialist capability to a generalist solution. It can also fulfil the CRM/ CLM role in its entirety for wealth managers who do not have existing software in place. Specifically, by making it possible to enter data once and then hold it in a single place, Dynamix Capital provides a 360-degree view of the client. That makes compliance easier and also acts as a cockpit for Advisors. It also means those looking at other business areas can also see a 360-degree client view. As well as being specially designed to meet the specific needs of wealth managers when it comes to collecting and maintaining data in a single place, Dynamix Capital also offers the following specialist wealth management value adds.

Tailored compliance

Dynamix Capital can adapt to specific compliance environments when it comes to consent, KYC, suitability AML, and other requirements. It has automated workflows and a ‘Compliance by Design’ approach to make sure nothing is missed when capturing data.

Ease of customisation

Dynamix Capital provides an ‘out of the box’, best-practice configuration for its solutions. But it has also been designed to be easily customisable so that wealth managers of all shapes and sizes can use it and adapt it without too much hassle. A modular approach underscores the needs of wealth managers to combine solutions as they see fit. It can provide all or a part of a wealth manager’s CRM/ CLM solution. Dynamix Capital is also a willing and collaborative tutor when it comes to getting the best from out of the system.

Easy to configure security

Dynamix Capital also has easy-to-use security options, including tokenisation of client-identifying data – something that is important in the context of the CPPA. The robust features and customisation techniques that Wealth Dynamix has have all been designed specifically for the wealth management industry – to fit exacting needs. With the CPPA those needs will only become more exacting. So, it makes sense to complement your existing tech stack with something that can fill in the bespoke requirements of the CPPA, and enhance your Client Lifecycle Management into the bargain.