Connecting the Client Journey

Wealth management firms globally are struggling to onboard new clients within four weeks for a standard High Net Worth Individual (HNWI). New research of global wealth management practitioners by Fenergo, a leading provider of digital Client Lifecycle Management(CLM) solutions, reveals that onboarding times have increased over the past five years, disappointing the expectations of younger investors.

17 September 2019 – Wealth management firms globally are struggling to onboard new clients within four weeks for a standard High Net Worth Individual (HNWI). New research of global wealth management practitioners by Fenergo, a leading provider of digital Client Lifecycle Management(CLM) solutions, reveals that onboarding times have increased over the past five years, disappointing the expectations of younger investors. Regulatory requirements around Ultimate Beneficial Ownership (UBO), Politically Exposed Parties (PEPs), sanctions, watch lists and Anti-Money Laundering (AML) obligations are hindering the onboarding process for firms that haven’t digitally transformed their processes.