Case Study: How Bold Wealth Repapered Their Entire Book of Business With Mako Fintech

Case Study: How Bold Wealth Repapered Their Entire Book of Business With Mako Fintech

Bold Wealth is a GTA-based wealth management firm with a simple mission: a haven for people disappointed by big banks' lacklustre service and fee structure. By offering recurring meetings and high levels of expertise, Bold Wealth is bringing a more personalized approach to wealth management that makes its clients feel more at ease with their finances.

This approach was engineered by Bold to answer a growing shift in client expectations, and it has brought Bold a large and diversified clientele across all age groups. By structuring their business more efficiently, Bold can typically offer a 30 to 50% reduction in fees to most of their new clients. Bold wanted an industry-leading onboarding and data management solution to match their innovative mindset.

KYC and onboarding patchwork solution

Like many other firms, they had pieced together a combination of PDFs, DocuSign workflows and Excel databases over the years. This technology stack served their onboarding and KYCs fine, but it wasn’t much of an upgrade over paper since it still took Bold partners a long time to set up and customize for their clients.

Additionally, they were considering a custodian switch to Aviso, and the task of bulk repapering their entire clientele seemed daunting without a technological solution to assist them.

The search for a KYC partner

As Bold Wealth began its search for a new technical partner; Aviso recommended they speak with Mako, who immediately stood out from the rest. We could help them with their bulk repapering process and provide a fully customizable, low-code KYC automation solution.

Mako also happened to be a much more cost-efficient solution when compared to the quotes Bold received from implementation partners to beef up their DocuSign workflows.

Mako’s implementation process blew away Bold with their speed of requested changes and the constant communication from the team.

Mako executes the fastest bulk repapering process

Over a short period of 4 weeks, Bold Wealth transferred and repapered an entire segment of their accounts, totalling over 300 million dollars to Aviso. Their new custodian was shocked at how fast they were able to achieve this task. 

Since its implementation, their staff have found the experience to be much more pleasant than DocuSign. Clients have also mentioned that their onboarding process had been much smoother than they were used to.

The time required to set up KYC and onboarding has been dramatically cut, which has allowed their advisors to do more of what is most important: advise clients.

A better KYC and onboarding process

Since the implementation of Mako, here are the main improvements Bold Wealth has noticed:

  • Increased searchability and data availability. In fact, Mako’s search is so quick that it has replaced their slower Excel databases.
  • More convenient and secure storing of the forms and history of information.
  • A dramatic increase in the speed of workflows.
  • Stronger user permission capabilities
  • Improved data quality and reduced NIGOs with built-in business and compliance logic
  • Easier auditability with clear audit trails and internal commentary

Introducing technology into your firm’s processes can be a daunting task. Chris Arthur from Bold Wealth has straightforward advice in that regard: “Get over your premade conceptions and ask the actual users of the software how they feel. Then start off slow with some internal clients, and test things out one client at a time”.

KYC and onboarding are the heart of any wealth management office. It is a critical set of tasks that is too important to let linger. Contact us today to make yours faster, automatic and error-free.

Technology and Efficiency in Wealth Management

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In Pursuit of Efficiency:

Working with Technology to De-paper Wealth Management Processes

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