Wealth management technology firm WDX has signed up three major UK wealth managers to its client management platform.
Rathbones Investment Management, LGT Vestra and Brooks Macdonald have all agreed to use the firm’s WDX One platform as a basis to develop their own digital platform for signing on clients in addition to gathering business intelligence and client experiences.
The news comes after PwC's annual CEO survey warned wealth and fund firms risk be 'swept away' in the technological revolution in financial services.
WDX provides software for wealth managers to help manage their clients, as well as find new clients and bringing them on board.
The company said its platform is now live or being deployed in 10 of the UK’s top 25 wealth managers as well as many boutiques in the UK and Europe.
The platforms of two other WDX clients, Brown Shipley and Quilter Cheviot, have already gone live.
WDX chief executive Gary Linieres (pictured) told Wealth Manager he’s looking to sign on the other 15 top UK wealth managers and is also building towards striking deals with big name banks.
Looking to exploit the growing regulatory pressures facing the wealth industry, Linieres said: ‘The [Financial Conduct Authority] is always a bit ahead of the curve. The Swiss and US markets for example are only starting to catch up with the regulatory environment in the UK.
‘Client onboarding is quite a convoluted process. We provide the tools to help wealth managers through that process.
‘We’re targeting all of [the top 25 UK wealth managers], and looking to bring on as many of them as possible as clients. We’re meeting a compliance need with these guys.’
He added: ‘We don’t deal with, as yet, major tier one banks but we are working towards that now.’
Other WDX clients include Brewin Dolphin, which had to write off £32 million as it grappled with its technology platform Figaro, as well as Ruffer, Charles Stanley and James Hambro & Partners.
Commenting on his firm’s deal with WDX, Rathbones chief operating officer Andrew Butcher said: ‘WDX have clearly demonstrated a level of expertise and a track record of delivering CRM and client onboarding technology to the wealth management industry.
‘We look forward to working with them as Rathbones takes a leading role in adapting to technological evolution and continues to grow as a business.’
Having snapped up several UK clients in the last quarter of 2016 alone, WDX has also announced its intention to expand into the American market.
The firm has secured its first US client, having been appointed by private and commercial bank Banco Sabadell Miami.
Initially working from the United States, the team will integrate the WDX functionality into Banco Sabadell Miami’s core banking platform, Temenos T24.