There are a lot of customer relationship management (CRM) solutions out there, including many by large and well-known companies, but that doesn’t mean it’s easy to find a solution that works for wealth management firms and the advisors working with them. In our experience, the opposite is true – when we talk with potential clients who are interested in the NexJ Integrated Advisor Desktop (IAD), what we hear is a lot about what doesn’t work for them.

Having our finger on the pulse of the wealth management industry allows us to develop solutions that address the challenges firms, like yours, face. To that end, hearing from folks at firms like Charles Schwab, Merrill Lynch, Morgan Stanley, BNY Mellon and Raymond James among many others at the Aite Wealth and Asset Management Forum on November 9th provided valuable insights on the current challenges they face.

Until advisors can clone themselves, the only path to growth for them – and the firms for which they work – is to get more done in the same amount of time. Technology is part of the answer, but how that technology is applied is even more important.

How do we define CLM?

Client lifecycle management can mean different things to different people. For instance, there is often a tendency to focus on onboarding as the starting point or that servicing an individual as a client is the goal. The reality, from our perspective, is that CLM is everything from first contact with a potential client, through prospecting, onboarding, servicing and offboarding (although hopefully not the last step if you’ve got it right!). Acquiring a name and phone number to initiate a process that will result in the successful onboarding of new clients leads directly to the mandatory practice of meeting compliance requirements such as KYC reviews and loyalty programs that ensure clients are delighted with their experience and hopefully allow you to gain a greater share of wallet.  

In the latest in our series of NexJ employee profiles, we are pleased to introduce Andrew Cant, Vice President for Financial Services Solutions. Below, Andrew shares some insights into his role leading R&D efforts and fostering a culture of innovation, what gets him excited about the future of integrated advisor desktops, and his passion for protecting our coastlines from coastal erosion.

In our recent blog article on Orion’s acquisition of Redtail, we called out some potential issues with the “most-in-one” technology suite that the combined firm claims to be pursuing, and the limitations that could place on advisors and wealth management firms. Wealthmanagement.com has also published an article about Orion’s acquisition strategy, highlighting its shift from acquisitions to the integration of the platforms it has acquired over the past several years.

In recent years, software has predominantly been made available as a service on the “cloud”. Unfortunately, the cloud infrastructure to date has been “horizontal” or not reflective of the unique infrastructure requirements of a specific industry. We are at an inflection point, however, where this is changing and vertical clouds are being made available. As a result you should be asking yourself, do you choose a “horizontal” cloud that is built for a wide variety of industries or a “vertical” cloud that is designed for your specific industry?

At NexJ, we are enormously proud of the talent and dedication of our 100+ employees. They are the heart of NexJ and our most valued asset. We are pleased to introduce Jelena Duma, Senior Director of Enterprise Architecture. Below, Jelena shares a bit about her role at NexJ, why she’s excited about the future, and how playing drums in a rock band is the ideal way to relax after a hard day’s work: