Digitalisation in the wealth and asset management sector
02
Digital transformation in the financial Hea industry Pub WRITTEN BY
SEAN GALEA-PACE PRODUCED BY
JAKE MEGEARY
M AY 2 0 1 9
Kerning +25, All titles
adline in blico Light
03
5, leading +2pt
w w w.i gmf i na nc ia l. com
IGM FINANCIAL
Milorad Stefanovic, Vice President of Digital Technology, discusses how his firm is utilising technology to transform its operating model
A
s it undergoes a strategic digital transformation, IGM Financial has established three key pillars to form its digital
technology strategy. The Canadian wealth and asset management firm aims to create a more engaging experience for its customers, provide a productive insights-driven toolset for advisors 04
and also create a new digital platform for employees. IGM has accelerated its digital transformation significantly over the past couple of years, helping its clients improve their financial well-being and achieve their goals. To accomplish this, the company has leveraged scaled agile delivery to aid the digitization of its processes. “In the last 12 to 18 months, we’ve made significant progress. We’re utilizing technology faster and delivering solutions in an accelerated cycle,” says Milorad Stefanovic, Vice President of Digital Technology. “We believe agile provides a new way of working that allows us to deliver a connected digital experience to our IG Wealth Management and Mackenzie Investments clients and advisors and build a strong culture of collaboration across our joint business and technology teams.”
“Talent is absolutely front and center to our digital strategy” — Milorad Stefanovic, Vice President of Digital Technology
05
w w w.i gmf i na nc ia l. com
IGM FINANCIAL
“ Salesforce has been an important partner, helping us drive business and technology innovation at IGM as well as by accelerating our digital 06 transformation roadmap” — Milorad Stefanovic, Vice President of Digital Technology
Joining IGM in June 2018, Stefanovic’s previous leadership experience with Royal Bank of Canada (RBC) and IBM has furnished him with an understanding of how technology is transforming business operating models in the financial services industry. “My previous roles focused on digital banking for business and retail banking clients. I see important parallels between wealth management and business banking when it comes to connected digital journeys for clients and advisors,” he explains. “In both lines of business, there is an important role that the advisor or business banker plays in terms of managing the relationship with clients and growing their practices. I think that experience in business banking and wealth management has helped me to drive the strategic transformation for IG Wealth Management and Mackenzie Investments here at IGM.” Through the implementation of a new integrated toolset, IGM began two large initiatives in a bid to accelerate its transformation and deliver digital capabilities for advisors. “We are rolling out a new Salesforce-based digital platform for our advisors and accelerat-
ing our transition from paper-based
“Talent is absolutely front and center to
processes to a digital business,”
our digital strategy. It’s been recognized
Stefanovic explains. “We also launched
as part of our roadmap and is consid-
a new digital client platform, providing a
ered one of our main enablers. We
seamless omnichannel experience to
believe in both the importance of
our clients and advisors. Both the client
developing talent within the organisa-
access and the advisor digital capabili-
tion and the ability to attract external
ties are based on Salesforce which
talent as we move forward,” explains
allows us to share the data and insights
Stefanovic. “In terms of development of
across online and mobile for clients as
the talent within the organisation, we
well as the digital platform for advisors.”
have a structured, focused approach in
Recruitment is a vital task for any
developing the key skills related to
company, and Stefanovic maintains that
digital technology, specifically Sales-
due to his firm’s digital priorities, it has
force as well as the skills related to agile
become a central part of IGM’s strategy.
delivery at scale. Both agile and
E XE CU T I VE PRO FI LE
Milorad Stefanovic As Vice President Digital Technology at IGM Financial Milorad is responsible for the technology organization that delivers omnichannel experience and digital capabilities to IG Wealth Management and Mackenzie Investments clients, advisors, and employees. He is also responsible for the Salesforce Center of Excellence and the Scaled Agile operating model at IGM. Milorad is a seasoned executive with experience leading business and technology transformation, driving innovation, and delivering integrated end-to-end solutions in Wealth Management, Retail Banking, and Business and Commercial Banking.
w w w.i gmf i na nc ia l. com
07
IGM FINANCIAL
08
Salesforce are specific learning paths
tion and empower our advisors to
that we have made available to our
deliver relevant and timely advice to our
employees.”
clients” he says. “Salesforce has been an important partner, helping us drive
VITAL STRATEGIC PARTNERSHIPS
business and technology innovation at
In order to accelerate its growth, IGM
IGM as well as by accelerating our
has established an important partner-
digital transformation roadmap.”
ship with Salesforce and Stefanovic
In addition, IGM has established
believes collaborations with firms such
other digital partnerships with Slalom
as this has been paramount to his
and Portag3 as the company contin-
company’s digital transformation. “The
ues to digitalize its operating model.
connected experience and capabilities
“Given the accelerated pace of our
available through our digital platform
digital transformation, we aren’t able to
allow us to accelerate our transforma-
develop everything in-house. It has led
09
to us forming several partnerships,
FUTURE PLANS
including Slalom as a solutions
Looking ahead to the future of the
integrator. Slalom is a US-based
financial services industry, Stefanovic
company with a strong presence in
anticipates an increased focus on
Canada and they have helped us
effective application of artificial
considerably through the integration of
intelligence (AI) over the next few
the solutions and project delivery,”
years. “The adoption and application
explains Stefanovic. “In addition, we
of AI and machine learning capabilities
have a strong partnership with Portag3,
is well under way and these capabilities
the venture capital arm of Power
will play a central role going forward.
Financial Corporation. Our partnership
I expect the application of AI in our
with Portag3 and the portfolio compa-
industry to become a common
nies will help us stay ahead of the
practice in the future with a broad
curve moving forward as well.”
range of relevant use cases from w w w.i gmf i na nc ia l. com
IGM FINANCIAL
10
£20bn Mutual Fund Sales
HQ
Toronto, Canada
3,300
Approximate number of employees
w w w.i gmf i na nc ia l. com
11
Slalom is a modern consulting firm focused on strategy, technology, and business transformation. At Slalom, personal connection meets global scale. Our consultants across the U.S., U.K., and Canada move fast and share insights to deliver high-impact business results.
“ We believe we can be the best company in Canada, in terms of delivering relevant and timely investment advice to our clients and helping them reach their full financial wellbeing potential”
marketing and sales to operations and service capabilities.” Predicting the future for IGM, Stefanovic is confident his company will continue to be a leading provider of wealth and asset management products and services to Canadians in the upcoming years and beyond. “We believe we can be the best company in Canada, in terms of delivering relevant and timely investment advice to our clients and helping them reach their full financial wellbeing potential. We also feel we can draw a significant market share in the Canadian market too.”
— Milorad Stefanovic, Vice President of Digital Technology
w w w.i gmf i na nc ia l. com
13
IGM Financial 447 Portage Avenue, Winnipeg Manitoba  R3B 3H5 180 Simcoe St, Toronto T 001 416 710 5082 www.igmfinancial.com/en