Silvio Sestito is the Managing Partner at a dedicated wealth management company focused on UHNW individuals. He is a member of a self-regulating organization (SRO) for Swiss financial intermediaries subject to the Money Laundering Act (AMLA) and subordinated to the FINMA.
Phoenix Finance SA is a financial partner committed to providing the necessary guidance for those aiming at taking optimal actions in their financial life. From taking strategic decisions to understanding what the logical and practical next steps are, the company guides them through complex decisions.
S: We wanted to streamline our processes and make compliance with all new regulations hassle-free. The character of our job, that of external assets managers, has recently changed and now it is much more than just managing portfolios. We are ensuring a more integrated business flow that also involves cross-border activities, which in turn requires compliance with ever changing regulations. At the same time, the scale of our operation has become bigger and this brings with itself dealing with an increased amount of data coming from different sources and taking more actions to do our job properly. Therefore, adopting a comprehensive PMS solution that would allow us to stay on top of all that was a natural decision. We now use WealthArc as the main tool for managing our business.
S: First of all, WealthArc is very user-friendly. You don't need any IT knowledge to be able to use it to its full potential. Second, our clients’ data is always correct and even if there is a discrepancy, I know that someone from the WealthArc team is already working on fixing it. This gives me confidence that in the morning I can simply start working straight away.
My working day is usually divided between three main tasks: updating myself on the data on buying, selling etc., checking the controls for regulatory compliance, and feeding the system with new information that is crucial for being able to work efficiently with clients and monitor their portfolios. With WealthArc, I'm able to focus 100% on doing all that instead of being distracted by the necessity of maintaining the system – which, unfortunately, was the case with some tools I used in the past. Also, I no longer waste 30 minutes every day making sure that the clients’ data I have is correct. In our two years of experience with WealthArc these two factors have proven to be the key to success.
S: From the very beginning I was guided through implementation by the same person, which greatly simplified communication. The entire process was very easy – there were no long meetings and briefings, no time wasting. We were provided with some useful templates for providing client data, info on banks we use for automated feeds etc., and then WealthArc populated the system with that data making it ready for us to work with. Compared with the tools I had used before, this was apiece of cake! We have also been receiving great assistance from the WealthArc support team – whenever there is an issue, it is usually resolved within an hour.
S: Thank you!
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