1. Client On-boarding
Effectively Managing the Client Lifecycle

2. Agenda
 Introduction
 Stages of On-boarding
 Client Onboarding Lifecycle Management
 Automating Onboarding Processes
 Doxim OpenAdvantage
 Q&A

3. Doxim Inc.
 Leading service provider to wealth management firms
 Founded in 1999
 3 locations, 100+ staff
 Products and Services:
 Automated Client Onboarding
 Statement/Confirm Processing
 ePresentment
 Tax Form Processing
 Enterprise Risk Management

4. Client On-boarding
 Beyond account opening
 Opportunity - engage and grow new customers
without increasing expense
 A focus on customer experience

5. Why Does it Matter?
 During on-boarding, customers and assets are in motion
 Customers most receptive to cross-sell during this period
 Market driver – differentiate yourself with
“Customer Forward Thinking”
* Harland Clarke Financial Industry Studies (2011)

6. Increased Pressure
 Capped fees and historically low interest rates
 Changes to regulatory oversight; compliance costs
 Diminished customer loyalty

7. Client On-boarding Gone Wrong
 Opens an account and doesn’t hear from
you until statement time
 Doesn’t consider additional products,
because he doesn’t hear about them
 Doesn’t see you as a trusted partner
 Will leave your firm for another with
lower fees or better advertising

8. Tech Gap
• 30% of wealth management firms have no
integration of back office systems
• Information silos, firms are not nimble enough
• Need to start evolving processes
around onboarding before:
– Regulatory imperatives demand it
– Changing nature of customer
engagements force your hand

9. Optimized Client On-boarding
 Clear strategy for data capture
 Targeted and timely communications
 Purchases additional products during
critical on-boarding period
 Develops early and lasting loyalty to your firm

10. So… How Do We Get There?
• Relationships, not just forms
• Client-centric communications
- Right Channel
- Right Time
- Value Add
• Immediate personal response to
questions or concerns

11. 3 Stages of Onboarding (Aite Group)
1. Straight through process for one product, from
prospect to customer (Account Opening)
2. Extend on-boarding through first year,
maximize business unit opportunity
3. Manage on-boarding process in an
operationally responsive and active way,
extend benefits across the enterprise

12. Start with Account Opening…
• Get to the funded account as fast as possible -
while remaining compliant
• Make account opening a conversation
• Meet the client at their chosen location
• Provide information in their preferred format
• Automate the back end to speed open times
and ensure transparency
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13. … And Build
• Just getting your account opening right is a good
first step
– The right questionnaire
– The right data captured
– The right workflow behind the scenes for approvals
– The right personalized welcome kit for the client
• But don’t stop there!

14. Moving to Stage Two
• Maximize the upsell and cross sell opportunity
• Ask questions to determine the client’s needs
and act on it!
• Aite Group estimates that
“72.5% of firms haven’t moved to Stage 2 yet”
• Great opportunity for competitive differentiation
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15. On-boarding Lifecycle Management

16. Next Steps in Automation
• A good next step - automating asset transfers.
• Process is cumbersome and time sensitive
• Forms are complex and government mandated
• Clients are tense when their money is moving
between institutions
• They want transparency and
they want speed.
• Automating the process
offers them both.

17. Client Issue Resolution
• Client questions and issues are a fact of life for
wealth management firms.
• How you handle them?
• That’s what leaves a lasting impression.
• Automate the issue resolution
process to increase
– Speed
– Traceability
– Accountability within your firm

18. More Best Practices
• Capture the data on where cross-sell and up-sell will be
fruitful
• Make booking follow-ups part of your process
• Automate prompts for advisors to make contact
• Institutionalize your best practises for client contact

19. Stage Three Onboarding - Goals
• Eliminating process silos
• Capture and reuse data in an intelligent manner
beyond individual processes.
• Examples of patterns & data elements to pay
attention to:
- Multiple addresses for a single client (pattern)
- Strong credit score (data)
- Investment level has changed
significantly (pattern)
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20. Even More Best Practices
• Leverage data to engage with client
– Invitations to educational events, webinars, etc.
• Consider demographics and preferences, not
just net worth
• Make asking for client referrals part
of the onboarding process

21. Sounds Expensive!

22. Account Opening Costs
• Manual, paper-based system
- No scalability
- Slow, time-consuming process
- Duplicate data entry, high error rate
- Low customer satisfaction
• Inflexible proprietary system
- $100,000 yearly updates
- Long development lead time
- Does not support the need to make changes quickly
due to M&A, new regulations and products

23. Doxim OpenAdvantage®

24. Introducing OpenAdvantage®
Configurable Client Management Platform
• PDF forms and HTML questions supporting business rules,
workflow and document generation
• User interface enables configuration. No coding required
• Understands data – not just form filling
• Not just KYC, but understand your customer better
• Experience with direct, managed accounts
and clearing broker models
• Integration with enterprise systems:
- Back-office, CRM, e-signature
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25. Introducing OpenAdvantage®
• Client welcome kit is generated automatically reducing the
representatives need to “understand the paperwork”
• Fill in existing PDFs, utilize form libraries or build dynamic
documents line by line
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26. Questionnaire and Business Rules
• Interactive Question & Answer
• Present only relevant questions
• Highlight mandatory fields
• Reduce Data Entry
• Interview like process produces all necessary documents
• Back-office integration eliminates duplicate data entry
• Save partially completed questionnaire
• Stop, save and print at any point
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27. Workflows
• Multiple Workflows
• Based on user, product
• Perform Account Updates
• Automatically identify which accounts need updating
• Different updates can have different workflows
• Approvals
• Multiple levels of approval
• Serial and concurrent approval workflows
• Graphical risk governance models
• Email notifications
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28. Integrated E-Signature Ready to Go
• Out-of-wallet questions used to confirm the identity of the signer - information
based on light-touch credit check
• Questions can be detailed or based on key metrics e.g. DOB, Driver’s License
• Documents can be signed in multiple places (similar to initialing)
• Process can be repeated by multiple signers each notified via e-mail
• Once the document is signed customer
is presented with list of completed
documents for review
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29. Account Transfers
• Our questionnaire takes the place of account transfer paperwork including
government mandated forms
• Once completed, all asset transfer information is captured, reducing
representative’s need to “understand the paperwork requirements” for the
Request for Transfer
• No need to retrain employees on updated paperwork requirements should
forms change
• NIGO checks ensure the asset transfer forms are completed correctly and
all documentation is present.
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30. OpenAdvantage® Benefits
• Improved customer experience and increased sales
• Speeds process and reduces costs – estimate 60%
• Increases data accuracy for better compliance
• Simple configuration and maintenance
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31. Q&A

32. Connect With Us
facebook.com/doxim
@Doxim_Inc
linkedin.com/company/doxim-inc.
doxim.com/blog
youtube.com/doximTV
www.doxim.com