Overview

Killik & Co, a leading wealth management firm, sought to streamline their ongoing client suitability assessments for thousands of accounts. By leveraging Rainbird’s Decision Intelligence platform, the company not only halved the operational time investment but also enhanced client-centricity and scaled its expertise in delivering the best service for each client.

Challenge

Facing a tight deadline set by regulators, Killik & Co needed an efficient solution to accelerate the suitability review process for their numerous clients. The manual review of paperwork to determine each client’s risk position proved to be ineffective and time-consuming. Additionally, the regulator’s indication that these checks would become annual further emphasised the need for an automated solution.

Clem MacTaggart, Partner and Chief Strategy Officer at Killik & Co stated, “The sheer scale of the challenge we faced meant we knew we needed automation. We didn’t know that we would quickly adopt an all-in-one platform that mapped our regulatory requirements with so much nuance that we would also have a long-term automated solution to our product suitability and KYC.”

Solution

Killik & Co implemented a Rainbird-powered explainable AI solution to score each client’s suitability for an Advised Investment Approach (AIA). Rainbird utilises information gathered during the client application process, including client responses to risk surveys and CRM data, to analyse and judge compliance. The results are then returned to Killik & Co’s CRM, complete with an audit trail.

With Rainbird’s help, Killik & Co enhanced and optimised client communications around risk, service, and investment decisions. The Decision Intelligence solution provided valuable insights into each client’s appetite for risk, reviewed against their financial circumstances and ability to weather losses.

Outcome

Killik & Co’s Rainbird Decision Intelligence solution met all regulatory deadlines comfortably while reducing future efforts by over 50%. By providing digital oversight, Killik & Co eliminated the need for time-consuming manual quality checks. Killik & Co has fully automated its annual reviews, gaining a significant advantage and demonstrating robust compliance to a regulator that is increasingly issuing fines for noncompliance.

Furthermore, by introducing client-centricity, Killik & Co successfully scaled its expertise in delivering tailored services for each client. The partnership with Rainbird addressed regulatory and compliance concerns and enhanced the overall client experience.