A reliance on traditional communication channels was stifling growth
The challenge
In 2022, Nordic Capital acquired Ascot Lloyd, one of the UK's fastest-growing wealth management forms with over 20,000 clients. As part of the Nordic Capital's value creation strategy, Ascot Lloyd is undergoing an aggressive mergers and acquisitions strategy, acquiring on average at least two wealth management companies each month.
As the organisation (and their client base) has become bigger, the need to change how they service customers has grown. Legacy technology and a dated investor portal was hampering Ascot Lloyd's growth. Investors were complaining about the digital platform being too difficult to use and lacking important features. At the same time, IFAs were reporting they needed a more effective sales enablement tool. No-one was happy with the digital experience.
Coupled with a legacy platform, was an outdated IFA client servicing operating model with an over-reliance on phone calls and emails.
This inefficient model was actively preventing IFAs from growing their client portfolios and doing what they do best - providing sound financial advice.
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Defining and delivering a transformational solution
THE SOLUTION
We started with comprehensive Discovery and Definition phases to get under the skin of the challenges at play and begin to see where we could deliver value. Our work included the following actions:
- Establishing products goals and KPIs
- Creating personas and surfacing insights
- Validating user needs through qualitative research
- Mapping optimised user journeys
- Detailed solution architecture design including specifying third party tool
- Designing a new, intuitive interface and modular design system to support future growth
Moving into Development, we pulled together a cross-functional team spanning UX, Solution Architecture, Front & Back-end engineering and Testing. This got to work to begin to deliver the solutions in a scrum-based model, which enabled transparency for the client and the ability to course-correct when the unexpected happened.
By following this agile process, we were able to deliver releases fast – the first major release landed after just four weeks, with the second at the 8-week mark and a third at 12-weeks. These major releases were followed by a stream of further smaller releases that incrementally added value to the product.
At its heart, the new Ascot Lloyd platform automates and streamlines how IFAs look after investors.
Dashboard
Providing a 360 degree view of all investments
Organiser
A meeting organiser feature
Fact-finds
Automated fact-finds and annual reviews
Investors
An IFA dashboard that outlines the status of various investor actions
Messaging
A one-to-one messaging facility
Cloud
A cloud documents dashboard
Engineering and technical architecture
Platform Architecture
Our solution for Ascot Lloyd was comprised of single page applications (SPAs) for both Investor and IFA portals, connected to a centralised data cloud through a modern, flexible, enterprise API middleware. This architecture was designed to support Ascot Lloyd's rapid growth and digital transformation goals.
Strategic Integrations
The platform incorporates three critical integrations to enhance functionality and streamline operations:
Intellifo
Advanced financial planning software enabling comprehensive portfolio management and tailored client advice.
Jotform
Customisable dynamic form software facilitating efficient data collection and client onboarding.
Hubspot CRM
Comprehensive customer relationship management platform providing:
- Automatic form submission syncing
- Contact and deal management
- Real-time interaction tracking
- Advanced analytics and reporting
Technical Benefits
Performance and Responsiveness
- Maximum speed through balanced client-side and server-side logic
- Mobile-first financial portfolio delivery
- Rapid data capture for Fact Finds and Attitude To Risk Assessment
Enhanced Security
- IP and role-based access control
- Automated audit logs tracking data resource changes
- Comprehensive request monitoring
- Robust data privacy and compliance mechanisms
Unified Data Access
- Centralised middleware API acting as data source hub
- Consistent, real-time information across applications
Modular Architecture
- Easy feature updates without service disruption
- Prevention of vendor lock-in
- Flexible, future-proof design
Improved Collaboration
- Real-time data sharing between advisers and investors
- Interactive features supporting better decision-making
A best-in-class investor experience
Ascot Lloyd now has a platform that streamlined the IFA/investor experience, enables IFAs to focus on providing advice, and investors to self-serve where that's preferable. The sophisticated engineering solution and strategic integrations have significantly enhanced the platform's capabilities, providing a seamless experience for both advisors and clients.
The new platform benefits Ascot Lloyd's business by:
Streamlining engagements
Automating interactions between IFAs and investors, freeing up time for high-value activities. The integration with Hubspot CRM and Jotform further enhances this efficiency.
Unified experience
Delivering a consistent brand and investor experience across the organisation, seamlessly supporting staff and clients during mergers and acquisitions. The scalable, modular architecture facilitates smooth integration of new acquisitions.
Empowered users
Enabling investors to self-serve while equipping IFAs with tools to provide expert financial advice more efficiently. The real-time data consolidation, comprehensive dashboards and intelliflo integration support this empowerment.
Scalable architecture
Building a future-proof digital platform that is both easy to maintain and ready to grow alongside Ascot Lloyd's business. The API-first approach and modular design ensure long-term scalability and flexibility.
This transformation positions Ascot Lloyd for sustained success, delivering exceptional experiences and operational efficiency at scale. The robust engineering solution and strategic integrations provide a solid foundation for Ascot Lloyd's ambitious growth plans and digital-first approach to wealth management.