The verdict in three sentences
In a financial planning and wealth firm with 6 advisers, onboarding costs around 3 hours per client: fact-find, attitude to risk, chasing documents, AML and KYC checks, client agreement. A custom automation (GBP 13,000 to 30,000, 2026 ballpark) connected to an identity verification and e-signature service brings that down to 40 minutes, with a complete, auditable file every time. Across 120 new clients a year, that is roughly 280 adviser hours handed back to client work.
The automated journey, step by step
The gain does not come from one tool but from the sequence: the client completes an online journey, documents are read and checked automatically, and alerts reach the adviser, who only handles exceptions.
| Step | Today | After automation | Unit cost 2026 |
|---|---|---|---|
| Fact-find and knowledge and experience | PDF filled then re-keyed, 40 min | Pre-filled online form, 10 min | Included in project |
| Document collection | Email chasing, 50 min | Guided upload with readability check, 5 min | Included |
| Identity verification | Visual check, certified copies, 15 min | Automatic document and liveness check, 2 min | GBP 1 to 2.50 per check |
| PEP and sanctions screening | Manual search, 20 min | Automatic query, 1 min | GBP 0.10 to 0.40 per search |
| Attitude to risk and suitability | Spreadsheet scoring, 25 min | Calculated score, 10 min review | Included |
| Client agreement and terms | Print, post, 30 min | E-signature, 5 min | GBP 0.40 to 1.70 per signature |
| Archive and audit trail | Paper file and scans | Time-stamped digital vault | Monthly hosting |
The regulatory checks do not change: the adviser still signs off risk profile and suitability. What disappears is re-keying and chasing.
Build, assemble or subscribe
| Option | Upfront cost | Recurring cost | Main limitation |
|---|---|---|---|
| KYC module in your back-office platform | GBP 0 to 2,500 | GBP 40 to 130 per adviser per month | Rigid journey, little branding |
| SaaS onboarding platform | GBP 1,700 to 7,000 | GBP 250 to 1,000 per month | Partial CRM integration |
| Custom automation | GBP 13,000 to 30,000 | Per-check fees and maintenance | 6 to 10 weeks to deliver |
| Manual status quo | GBP 0 | 3 adviser hours per client | Incomplete files at FCA review |
Custom work pays off when the firm already runs a CRM or back-office platform and wants a branded journey tied to its own risk questionnaire. Obligations come from the Money Laundering Regulations 2017, JMLSG guidance and the FCA's Consumer Duty, which expects onboarding to be clear and free of friction that harms clients. A time-stamped audit trail is a strong asset in any FCA file review.
Watch-outs before you launch
Three issues derail projects like this. The first is the attitude-to-risk questionnaire: if it is not formalised, automation will simply reproduce inconsistencies between advisers. The second is evidence retention: the identity verification provider must supply a time-stamped, exportable report, otherwise the file stays incomplete when the FCA or your compliance consultant samples it. The third is UK GDPR: identity documents are high-risk data, so you need an up-to-date record of processing, a written retention period and a data protection impact assessment where volume or profiling justifies it. Two weeks of scoping with your compliance officer settles all three before any code is written and avoids rebuilding the journey later. It is also worth deciding upfront how ongoing reviews will work, since periodic KYC refreshes every one to three years can reuse the same journey and cut review time by a similar margin.
A useful benchmark when comparing vendors is the cost per completed onboarding, all fees included. In London in 2026 a well-built journey usually lands between GBP 4 and 8 per client in variable costs, compared with GBP 390 of adviser time for the manual 3-hour process at GBP 130 an hour.
Mini case study
James, managing partner of a 6-adviser firm in the City of London, onboards 120 new clients a year.
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- Current time: 120 × 3 h = 360 hours a year.
- After automation: 120 × 40 min = 80 hours.
- Saving: 280 hours, valued at GBP 130 per adviser hour, or GBP 36,400 a year.
- Variable costs: identity GBP 1.70, screening GBP 0.25, 3 signatures at GBP 0.85, about GBP 4.50 per client, GBP 540 a year.
- Project: GBP 21,000, plus GBP 2,500 a year in maintenance.
The project pays back in about 7 months, and every hour recovered can go to a review meeting or a new client.
FAQ
Will regulators accept automated identity checks?
Yes, electronic verification is recognised in JMLSG guidance when the provider is reliable and the process documented, and the final decision stays human. Keep a written AML procedure describing every automatic control.
How long does the journey take to build?
Plan on 6 to 10 weeks: 2 weeks of scoping with your compliance officer, 4 to 6 weeks of build, 2 weeks of testing on a dozen real files.
What about clients who refuse the online journey?
The adviser can run the same journey in a meeting on a tablet in 40 to 60 minutes. Around 15 to 25 % of older clients prefer that route.
Where are identity documents stored?
In an encrypted vault hosted in the UK or EU, with role-based access and retention for 5 years after the relationship ends, as the Money Laundering Regulations require.
Can the journey feed our CRM?
Yes, if the CRM exposes an API or a structured import. That integration is often GBP 2,500 to 7,000 of the total budget.
Let's scope your project. Walk us through your current onboarding, your CRM and your volumes, and we will scope the steps to automate on a 6 to 10 week timeline. Detailed quote within 48 h. WhatsApp +221 77 596 93 33.
Mohamed Bah
Fondateur, Kolonell
Passionate about digital and entrepreneurship in Africa, Mohamed has been helping Sénégalese businesses with their digital transformation since 2020. Founder of Kolonell, he believes every SME deserves a professional and accessible online présence.
