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Asset management business intelligence

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Asset management business intelligence

In brief

Complete the client aspect of your asset management business intelligence by measuring your effect on their behavior, then combine these insights with their feedback to form a 360-degree view of your clients.

Welcome back to our blog series on what you (the asset manager) can do with the new benchmark of client behavior and, conversely, why you cannot do without it.

Over the series, we will explore how you can use behavioral benchmarking to complete your business intelligence, cater for behavioral differences, manage and improve the different aspects of your client journeys , differentiate your distribution strategies, and alleviate clients’ survey fatigue.

Welcome to the era of behavioral benchmarking

In general, BI uses data about the past and the present to make better decisions for the future.

The most important decisions you will make relate to your strategies for getting clients to say ‘yes’, to stay with you, and to buy more of your products. Investment performance is a critical influencing factor but, for clarity, it is a means to an end: your end goal should be to bring about those behaviors in your clients.

Without disrupting clients, asset managers are now measuring and comparing their effect on these and other client behaviors, and the big news is that patterns in the data are beginning to influence their distribution strategies

Firms are extracting value from data others are not even looking at

Data on client behavior is essential because humans are tricky creatures, and their actions speak louder than their words.

Once you begin measuring client behavior you can combine these insights with their feedback to complete your asset management business intelligence with a 360-degree view of your clients. For example, patterns and trends are emerging in the dataset that are prompting distribution leads to reconsider their goals for events, thought leadership, and meeting activity and to link them to longer-term objectives like client retention and relationship depth.

However, this means that the client aspect of your BI will be incomplete until you begin measuring your effect on their behavior. Without it, you may be reliant on client feedback and fully exposed to gaps and inaccuracies it will contain.

Complete your asset management business intelligence

As soon as you begin participating in the asset management CX benchmark you will be able to see your strengths and weaknesses across your end-to-end client journey.

You will be able to filter your results by different factors, e.g. by client segment, by region, or by your desired effect – convenience, relevance, fulfilment, etc. You can then geek out further by drilling down into target behaviors where, for example, your firm may be operating in an entirely different ballpark to others.

And, lastly, you will be able to consider combinations of client behaviors. For example, what is the relationship between the average number of products clients buy from you and, say, investment performance, event attendance, or consumption of thought leadership?

Joining the benchmark couldn’t be easier

A free option helps firms get started at their own pace and Accomplish’s quality checks give them peace of mind that their data is clean and accurate.

In return, they receive Snapshot Reports on how their effect on the behavior of their clients compared to peers.

Receiving the data is just the start, though, with firms enjoying the opportunities of exploring their findings with Accomplish’s CX specialists and discussing best practices with the benchmark’s User Group.

Actions speak louder than words

It is easy for us to write all this about the CX benchmark, but what effect has it had on the asset managers that use it? As we are fond of saying at Accomplish, a company’s effect occurs in two ways – in what its clients do (behavior), and what they say (feedback).

Looking at Accomplish’s own clients’ behavior, we’re delighted that every asset manager that completed last year’s proof of concept has returned as a premium client, and 2022 has got off to a roaring start as others have joined them.

Turning to client feedback, the word is spreading and we are increasingly in conversation with business intelligence leads. In the words of the Head of Analytics and Insights at one of our clients, “this is exactly the type of data we’ve been looking for … and what is really compelling is that we, the users, own it.”

The full series of blogs

We hope you enjoyed this second article in our current series and that it got you thinking about the completeness of your asset management business intelligence and the importance of measuring the behavior of your clients.

The series will span the first half of 2022 and will explore the following topics:

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Adam Grainger

Adam Grainger

A 20-year veteran of the investment industry. Client experience. Behavioral analytics. Data science.