Wealth Management Tech Firm WDX Reports 115% Revenue Growth

Increasing demand for regulatory compliance, digitisation and business insight within the UK’s wealth management sector has enabled WDX, the sector’s leading CRM software company and only dedicated Microsoft Gold Partner to announce 115% growth in revenues over the past 12 months to £5.4 million, with further significant growth envisaged in the next year. Announcing its listing as the 11th fastest growing start up company in the UK in the coveted Sunday Times’ Sage Start Up Track 15 and further client wins and project completions including most recently Brown Shipley, WDX has become the fastest growing technology provider in the UK wealth sector.

The wealth and investment management industry is finally coming to terms with the use of the web as an important client engagement tool and the need to ‘join’ digital interaction with the client engagement, client management and operational processes within firms. A recent study by Scorpio Partnership found that 63% of UK wealth clients would now consider leaving (their WM) if they cannot make investments directly and firms now understand that technology is the key enabler to remain relevant to this changing demographic.

WDX’s focus for 2016 is to continue to drive digital transformation and business change to the wealth sector and to provide exceptional client insight capability; providing a future-proof and best-of-breed CRM backbone to UK wealth firms.

Along side the exceptional technology and digital connectivity capabilities of its award-winning Microsoft Dynamics-based CRM platform, WDX is launching ‘WDX Insight’; a business intelligence module that will bring wealth firms unrivalled data mining and analytics capability to deliver fast and efficient client and intermediary insight, sales and marketing metrics and enable best-in-class performance across all areas of Client Suitability, KYC, sanctions checking, revenue generation and conduct risk mitigation.

WDX’s success over the past three years has been founded on the concept that a Customer Relationship Management framework, specifically tailored for the Wealth Management sector, can change the way an organisation acquires prospective clients through digital and traditional marketing engagement. It also allows forward thinking firms to transform the way they organise, manage and communicate with existing clients and intermediaries allowing innovation and new efficiencies in day-to-day activity while evidencing all aspects of client interaction and adherence to conduct of business guidelines.

WDX has continued to grow its team to over 40 staff and has office locations in Shoreditch London, Luxembourg and the Baltics. An office in Singapore is planned for 2016 to launch WDX in Asia and increased focus on the UK and more traditional European markets remains key for 2016. The existing UK and maturing regulatory frameworks in Europe and Asia will drive technology innovation and demand in the areas of conduct risk and client management.

Commenting on the firm’s success, Mr Gary Linieres, CEO, said: “For the first time in the 15 years I have been involved, the wealth management industry in the UK is genuinely going through a period of fundamental technological change. This is being driven by a vigorous and motivated regulator, a new generation of demanding clients, innovative competition and apprehensive boardroom directors, all of whom are demanding better insight, detailed data, modern tools and a general raising of standards in conduct, client management and new client acquisition.

“I find it amazing that many wealth management firms still have only scratched the surface of what is possible with modern CRM and Digital technologies. Many firms are facing a demographic time bomb within their ageing client bases and have no real strategy of how to modernise the engagement models and business processes required to meet the needs of a demanding new generation of wealth. Those that embrace change will not only improve their growth potential, they will be able to drive a cultural change in their organisations and gain real insight in to how well their business and people are performing.

“WDX’s growth over the past two years has been a reflection of the changing market and the development of a leading technology solution to help meet that change. However, what really pleases us is getting strategically important clients like Brown Shipley live and leveraging technology to evolve the way they operate and fundamentally change the culture of their organisations for the better.”

Rob Kitchen, Chief Operating Officer at leading UK Private Bank, Brown Shipley part of the KBL group, said, “We have been working hard with WDX over the past twelve months and are delivering a CRM solution that will build upon our reputation for exceptional customer service. This is a significant technological advancement for us and dramatically improves our ability to manage our internal client management, compliance and new client on-boarding activities efficiently.”

The WDX CRM solution is based on the very latest Microsoft Dynamics CRM platform and is specifically deployed to enhance digital marketing and communications, sales performance, client on-boarding, suitability, risk profiling, client management, client operations, business insight and the mobile experience of wealth managers.