CRM & Client Communications
General Data Protection Regulation (GDPR)
Global and Fund Custody Selection
Interim Management & Recruitment
Market Entry (Vendors & Service Providers)
Market Entry (Wealth & Asset Managers)
Operating Model Design
Programme & Project Management
Market Entry Strategy (Wealth & Asset Managers)
We have been asked to advise several clients on the technical and operational aspects of offering their services in the UK. Our consultants have a great deal of experience advising firms looking to open a UK branch, and for firms looking to setup a new business in the UK.
If the firm is part of a larger group then it is sometimes possible to utilise some aspects of the parent group’s technical infrastructure, although this is often not possible due to the nuances of the UK market e.g. tax wrappers such as ISAs and SiPPs, onshore bonds, offshore bonds etc. There is no ‘one size fits all’ solution although with a green field site it is often best to outsource as much as possible in order to allow firms to concentrate on their core competencies of managing their clients’ money and providing excellent client service. This might be a full outsource or a hybrid model including use of some existing group systems, perhaps around front office and client servicing and outsourcing middle and back office functions.
The first step on the journey is usually for our client to work with us to gather requirements and to prepare a target operating model. Once these have been done we recommend following our well established, pragmatic, tried and tested system / service selection methodology. Due to our extensive knowledge of the software vendors and service providers we can usually fast-track the process in order to arrive at a targeted list of firms to be invited to tender, this saves our clients a lot of time compared to doing it themselves with in-house resources.
Please do get in touch with us to discuss how we can assist you with your market entry strategy.
Case Study – Private Client Firm – Ultra High Net Worth Individuals (UHNWI)
- Producing business requirements for front, middle and back office functions, including client communications and custody
- Producing the RFI/RFP and outsource vendor short list
- Managing the due diligence and selection process
- Assisting with the establishment of the operational infrastructure for the UK business
- Writing the operational procedures and model office test scripts
Case Study – Start-up Robo Adviser
We were engaged by a start-up “Robo” advice firm to review their proposed Target Operating Model (“TOM”) and select a provider of outsource solutions.
This involved the following processes:
- Reviewed and refined TOM
- Produced a list of potential outsource providers who could support the “Robo” advice model
- Using our excellent relationships with the outsource providers, we arranged and participated in initial meetings to gauge the willingness of the service providers to support start-up firms
- Following the initial meetings, we recommended a preferred supplier and managed the due diligence process up to the point of signing contracts
- Using our market knowledge of outsourcing firms’ fees, we assisted our client with the contractual negotiations in order to allow them to get a very satisfactory outcome