Unique behavioral playbooks
Accomplish is proud to publish its unique behavioral playbooks to help the industry improve asset management client engagement.
On this page, you will be able to learn more about each playbook, understand how behavioral science fits into client experience (CX), and download the playbooks through the big green buttons below.
And it is always a privilege to be featured by the experts, so we are delighted that, Engine, the UK Investment Association’s FinTech hub has re-published the playbooks here on its site.
What to expect from each playbook
The first step to outperforming client engagement is to understand behavior. To meet this need, both playbooks explain in plain English what makes humans take action, the relevant behavioral science, best practices, mistakes to avoid, and metrics to monitor.
For the pre-sale aspect of your client experience (CX), ‘Promote and Sell’ examines 7 behavioral biases marketing and sales teams should incorporate into their sales funnel. This is important because the UK’s Consumer Duty expects firms to “take behavioral biases into account”, ensure they “avoid inappropriately manipulating them,” and have “Board-level data and metrics” to demonstrate compliance.
For the post-sale experience you provide clients, ‘Serve and Retain’ explores the behavioral science behind a 5-level client retention strategy to help relationship and service teams lengthen client tenure. This, in turn, is important because client retention will be your largest source of revenue.
Why asset management client engagement is vital
‘Engagement’ is a category of behavior best defined as a ‘gift of time.’ An act of engagement can be a big gift of time, like requesting a meeting, or a small one, like opening an email. Two reasons make behavioral science vital to any initiative that aims to improve client engagement:
- Engagement is a leading indicator of either future gifts of time or transfers of money. For example, a prospect may click on a link in your email about an upcoming event and then register for it. In this scenario, the gifts of time are opening, reading, and clicking on the email (seconds), reading your website and registering for the event (minutes), and then attending the event itself (hours).
- You can stimulate engagement. We all have the power to stimulate engagement in others. To prove this, let’s continue our example. A well-crafted email announcing an excellent-sounding event will stimulate an above-average click-through rate. A well-designed registration page that meets the expectations set in the email will stimulate above-average event registrations. And a well-promoted and run event with excellent content on a valuable topic will stimulate an above-average turn-up rate and volume of follow-up meetings. At each of these stages the opposite, of course, is also true.
WHERE plus HOW
The Client Behavior Benchmark lets asset managers pinpoint, in time and money, WHERE their pre- and post-sale CX out and underperforms at engaging clients.
This is important because, in an over-supplied market, if you underperform, they will give their time to your competitors and then their money is likely to follow.
Accomplish’s ground-breaking playbooks now also explore HOW to outperform in a way that integrates directly with the metrics in the Benchmark, so you can track the success of the changes you make.
We hope you found this article about Accomplish’s asset management client engagement playbooks useful.
Please feel free to download them through the green buttons below.
