WEALTH MANAGEMENT SOFTWARE COMPANY CASE STUDY

From Forerunner to Market Leader

The client specialises in software for the Share Dealing and Wealth Management communities.

Their main software product is a fully integrated STP (Straight Through Processing) solution and is unrivalled in its depth and richness of functionality and process automation. It is used by leading stockbroking and wealth management firms with a wide range of business models.

As one of the first companies in this space the organisation grew organically and through recommendations during their first two decades in business. However with competition that evolved through the advent of more vendor companies producing similar software solutions they needed to create a new market presence, sales organisation and philosophy.

As the company didn’t have the internal skill set to achieve this and wanted to gain a more objective perspective of their business Sales Kinetics became involved. With nearly 30 years in Sales and IT companies, Sales Kinetics’ Principal, Steve D’Souza, has vast experience in the Wealth Management and Portfolio Management sectors. He had the expertise required to take the company from its traditional base of stockbroking into the wider field of Wealth Management. The business had devolved their sales function to their outsourcing subsidiary for a number of years, and this contract was coming to an end.

There were a number of other key issues that needed to be addressed. Numerous software additions and upgrades to the software had been written on an ad-hoc basis for individual clients, and there was a need to package these solutions more effectively. In addition, the branding and website of the company had become outdated. Finally in order to compete in the Wealth Management arena there was a need to develop the functionality required by those organisations.

Sales Kinetics was originally taken on for a three month project reporting to the Chief Executive. For the company to expand into the Wealth Management industry sector their software needed to be modified to be industry standard and to be able to compete against other best of breed software. An analysis had to be undertaken of the pipeline to see where wins could be made. This project was extended further and Sales Kinetics worked with this client for over four years, with the final year being a transitional process. Work included :-

  • > Analysis of the Wealth Management space to identify prospective customers;
  • > Packaging the software to meet the expectations of the market;
  • > A change management programme within the company to create the new software and buy into the new logo and brand;
  • > Sales and Marketing Plans put into place and implemented over a three year period;
  • > Setting up of a successful Partnership Programme with ancillary providers including large corporates such as IBM, which brought in additional revenues;
  • > Successfully introduced a permanent sales team into the company and carried through a handover programme until they could run independently.

Successes included the company winning their biggest ever client; the turnover of the company grew from £10m in 2008 when Sales Kinetics became involved to £23m when Sales Kinetics transitioned to the new sales team in 2013; the company’s market share increased from 12% to approximately 20%; and the assets under management of their clients grew to over £900bn.

Having successfully transitioned the company over to their permanent sales team Sales Kinetics were further involved in setting the following year’s plan for Sales and Marketing, setting up a business case and strategy for Software as a Service (SaaS) and putting in place plans for international expansion.

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