Wealth Dynamix, or WDX, has reported a 700 per cent surge in revenues over the 12 months to 30 October, as the firm sees high demand, fuelled it says by regulations, for its client relationship management solution.

UK-based Wealth Dynamix, or WDX, has reported a 700 per cent surge in revenues over the 12 months to 30 October, as the firm sees high demand, fuelled it says by regulations, for its client relationship management package.

The firm’s CRM Solution won it the Best IT Newcomer award at the WealthBriefing European Awards 2014, an event held at London’s Guildhall by the publisher of this news service.

The 12-month period has seen the firm expand from three to more than 30 staff; it has relocated new offices in the Shoreditch area of London and opened its first continental European office, in Luxembourg.

The firm has been able to take advantage of how the wealth and investment management industry is increasingly under the microscope of the UK’s Financial Conduct Authority, which is enforcing improved client due diligence and record keeping, particularly in the area of client suitability, WDX said.  

“Conduct Risk Management is a huge but necessary regulatory responsibility on the UK’s wealth management sector and customer protection is now both a cultural and technological challenge as much as compliance issue,” Gary Linieres, chief executive at the firm, said in a statement.  

“Many firms are still missing a trick - those that embrace this technological approach will not only avoid potential FCA penalties but also improve the efficiencies of their day-to-day business. We see our clients increasing their own customer retention with a better and more personalised service as well as growing new business by improving their sales, marketing and on-boarding processes,” he continued.  

Linieres said that he has been particularly pleased by how firms such as Charles Stanley have used the WDX solution quickly.
The WDX CRM solution is based on the Microsoft Dynamics CRM platform and is specifically deployed to enhance sales and marketing activity, client on-boarding, suitability, risk profiling, client management, client operations and the mobile experience of wealth managers.