Croesus
Opening a World of Possibilities

Croesus Renews Relationship With Richardson Wealth

Wednesday, November 15, 2023

Montréal, Québec, Canada: Croesus, the Canadian leader in wealth management technology, is pleased to announce a renewed agreement with Richardson Wealth, a subsidiary of RF Capital Group (RCG.TO), and one of Canada’s largest independent wealth management firms. As a result of this strategic collaboration, Richardson Wealth is pleased to offer its advisors access to portfolio reporting through Croesus Advisor, a flexible tool that Croesus has refined over the last three decades.

“The agreement with Richardson Wealth is, of course, great news for Croesus. This market leader joins a long list of Croesus clients, and we’re delighted to be working with them,” said Marc Riel, Vice-President, Business Development and Strategic Partnerships, North America at Croesus. “It once again confirms Croesus’s ability to meet the demanding needs of independent firms of Richardson Wealth’s magnitude,” he added.

Croesus and Richardson Wealth remain committed to providing advisors with exceptional service, high-performance tools, and flexibility of choice.

Software Implementation Guide For Financial Institutions

Wednesday, November 29, 2023

Croesus

Many wealth management firms rely on legacy platforms for much of their operations. While these might be a comfortable option that has worked well for years, the industry has significantly changed since their conception. So why fix it if it isn’t broken? Because companies can lose productivity and customers.

At a time when traditional wealth management platforms are showing their limitations, it’s essential to embrace innovative financial technologies. While this can be a challenge, the benefits, such as data centralization in the cloud, cannot be underestimated. Resistance to change within the industry has already resulted in lost productivity and earnings.

The challenge of implementing a system

Around a quarter of technological implementations fail, and another quarter fall short of expectations, according to a study by the International Data Corporation (IDC).

Indeed, there is an ever-present risk in bringing innovation to market. Without the right business strategy and methodology, implementations can fail. The overarching reason for implementation failure is poor adoption rates, which can be explained by steep learning curves, difficulty of use, and incompatibility with other systems.

Fortunately, new FinTech solutions are making it easier to adopt efficient tools while minimizing costs. The software-as-a-service (SaaS) model and application programming interfaces (API) both promise seamless integration with new platforms. They reduce the workload for developing new front- and back-office advisory systems, streamlining the wealth manager’s workload.

7 steps to successful software implementation

Despite these advances in technology, the implementation process can be somewhat tricky, requiring an appropriate platform strategy. An optimal software implementation project can be broken down into 7 steps.

1. Evaluate your needs

Today, a range of specialized tools exists to enhance financial product and service efficiency. Some enable portfolio rebalancing; others ensure compliance or tax optimization. Certain tools are versatile, combining multiple functions.

Technology consistently aids in optimizing business processes. Occasionally, the simplest implementations yield the highest return on investment, with uncomplicated integration. Start by considering budget constraints and prioritizing straightforward deployments for impactful outcomes.

At this stage, the aim is to assess which tedious tasks can be simplified by technology or entrusted to a tool overseen by an advisor. The aim is to free up human resources for tasks that require a human touch.

2. Investigate your options

Once the decision has been made to improve a specific business area, the project team needs to identify the options available. Fortunately, innovative digital banking solutions abound.

A financial service looking to solve a relatively straightforward low-level problem is likely to find an API that already deals with that specific problem. It is also worth investigating solutions that can improve the existing system’s interconnectivity. A firm wishing to tackle a larger, more complex issue needs to adopt a more in-depth, long-term digital transformation strategy.

Before adopting a technology, it’s also important to determine whether it has a promising future. For example, is it a fad or an underlying trend? Its stability and reliability must also be assessed. The most innovative software application quickly becomes a liability if it doesn’t work or breaks down.

The choice of supplier should not be overlooked either. The Canadian FinTech industry is made up of a whole host of start-ups. Despite their quality, these young companies cannot offer the same reliability and technological know-how as a pioneer in the field.

3. Calculate the impacts

Once the feasible options have been identified, it’s time to draw up a project. This step can be delegated to a FinTech company that can create a comprehensive roadmap. An effective roadmap must present all the options suited to the company’s needs and their impact on the business. It should also take into account the changes expected in the sector over the next few years.

When weighing your options, consider these questions:

• What features will improve your business and the user experience?

• How consistent is the design?

• How easy is it to train users on the platform?

• What are the upfront and ongoing costs?

• Will it make a difference for your business and your customer service?

4. Assign responsibility for implementation

Forming a project management team comprising financial advisors offers clear benefits, especially when overseeing implementation. This team will enhance the roadmap, offering vital feedback, crucial for features like user interface development.

The team must be involved at every stage of the development process, because their needs as future users must guide the direction of the project. They will ultimately determine how effective this new platform will be for your company.

5. Pilot the solution

The implementation team can also pilot the solution and teach their colleagues how to use the new digital technology. To do this, user data must be collected and relayed to the development team for adjustments and tweaking before the broader release.

The insights provided by the team are invaluable because they can reveal problems not apparent to non-users. It can make the difference between an unsuccessful or successful digital transformation.

6. Train

Once the new technology has been successfully tested, it’s time to start training users. It’s essential to set up a training program to familiarize employees with the new platform before its launch.

The implementation of any tool relies on user adoption. This can only happen if the intended users feel comfortable with the tool and use it effectively. Encouraging users to undergo training can help you achieve your implementation objectives.

WealthTech providers usually have a team dedicated to user training and customer service. It’s also a good idea to adopt solutions that integrate training tools.

AI advancements, including ChatGPT, are sparking a training revolution. Researchers aim to enhance tailored FinTech user chats, signifying a transformative shift in artificial intelligence applications.

7. Launch and tune-up

Finally, having successfully trained the user base, it’s time to launch the new solution. The success or failure of a project launch ultimately depends on whether or not users adopt the new technology.

Now that the work is done, it’s time to keep the engine well-tuned. In a dynamic industry, staying on top of new technologies remains crucial.

Croesus And Mako Financial Technologies Join Forces To Improve The Productivity Of Wealth Management Professionals

Tuesday, January 02, 2024

Croesus, the Canadian leader in wealth management technology has announced a strategic partnership with Mako Financial Technologies (Mako Fintech) that will improve the productivity of wealth management professionals in their day-to-day tasks. As part of this partnership, the two companies have agreed to integrate their respective wealth management solutions. Specifically, the first integration will see Croesus Advisor, Canada’s most widely used portfolio management system, seamlessly integrated with Mako Fintech’s leading-edge solution for the digital automation of critical KYC and document-related processes and workflows. The integration of these two industry award-winning products will facilitate and accelerate the onboarding and management of new and current investors for wealth management firms.

“The lack of integration between IT solutions for the various tasks that financial professionals carry out daily has always been cited as a source of frustration and delays by wealth managers,” said Marc Riel, Vice-President, Business Development and Strategic Partnerships, North America at Croesus. “Thanks to this partnership, we’re solving this ubiquitous problem efficiently and cost-effectively, and I’m convinced that our respective customers will greatly benefit,” he added.

“By uniting the power of two industry leaders such as Mako Fintech and Croesus, we are creating integrated solutions that will make the day-to-day tasks of wealth management professionals considerably easier,” said Raphaël Bouskila, President and Founder of Mako Fintech. “Being able to automate and digitize the onboarding process for customers, and maintain data consistency throughout the investor lifecycle, guarantees lower costs, faster onboarding, and better customer service. This is what this partnership is all about,” he added.

The Last Words of King Croesus

Thursday, July 04, 2024

The last words of king Croesus are a phrase that is still used today, while the name of the king is synonymous with someone who is excessively rich.

Yet the last words of king Croesus actually belong to Solon the Athenian, one of the seven wise men of Ancient Greece.

When Solon uttered the phrase to the king of Lydia, Croesus was so caught up with his wealth and arrogance that he never realized its meaning — or never bothered to — until he was one step away from his death.

The disturbing phrase is “Count no man happy until the end is known.” Or “Μηδένα προ του τέλους μακάριζε” in Greek.

The wealthy empire of Lydia

The true story of king Croesus of Lydia is intertwined with legend and myth. Historians Herodotus and Pausanias wrote about him and his reign, and he is also considered a descendant of Hercules in mythology.

He reigned from approximately 560 to 546 BC, conquering all the Greek cities of mainland Ionia in Asia Minor, including Ephesus and Miletus.

He was a member of the Mermnad dynasty, succeeding to the throne of his father, Alyattes, after a struggle with his half-brother, Pantaleon.

The throne of Lydia was in Sardis, a city which the Pactolus River ran through.

According to Herodotus, the gold contained in the sediments carried by the river was the source of the wealth of king Croesus. The electrum, a natural alloy of gold and silver, was used to forge the first coins of Lydia under king Alyattes.

Croesus is said to have acted as viceroy and commander-in-chief before his father’s death. After completing the conquest of mainland Ionia, he formed alliances with the islanders of Ionia.

Through his conquests, he amassed more wealth and made several rich gifts to the oracle at Delphi.