The fundamentals of asset management client experience: 2024 update

The Fundamentals of CX

What is asset management client experience (CX)? How does it work? And why should you care? These are the fundamentals of CX, but why should you care about the fundamentals of anything? Because of what we learn from Michael Jordan: “Get the fundamentals down, and the level of everything you do will go up.”

Asset management client experience: 2024 update

What is CX? CX is an ‘effect’ your company ‘causes’. You can observe this effect in what clients say (feedback) and what they do (behavior). Feedback is qualitative while behavior is quantitative – measurable in either time or money along the pre- and post-sale experience. Therefore, if your CX underperforms at engaging clients, they will give their time to your competitors … and then their money.

How does CX work? CX is both science and art. And your success will show in your numbers. Crucially, CX operates on the emotional level where only the extraordinary gets remembered, shared, and discussed.

So, be extraordinary or be forgotten.

Your success will show in the time and money they give along your client journey – their digital engagement, their in-person engagement, and the rates at which they buy, stay, and buy more.

Why you should care about CX – multi-decade macro trends and market forces mean that, for many asset managers, CX has become THE reliable differentiator.

CX also brings three important advantages:

  1. It is dollarizable and belongs at the heart of your commercial management.
  2. It is a solution to current market oversupply.
  3. Every firm delivers a CX everyday – best to know how yours performs.

Because of this, overlooking CX is an unforced error.

The Client Behavior Benchmark stands at the forefront of asset management client experience: it is a global dataset of ~30 key touch points across the end-to-end client journey.

  1. Pinpoint, in time and money, where your pre- and post-sale CX out and underperforms at engaging clients – because every time you outperform, you keep your sales funnel wider for longer.
  2. Drill-through to detailed analytics, interactive visualizations, estimated revenue calculations, specialist insights, data-led hypotheses, and unconflicted recommendations.
  3. Roll up to a board-level scorecard.

To demonstrate this, our 2024 CX update that you can download here lets you explore up-to-date examples from the Benchmark’s dataset of firms taking an evidence-led approach to their CX.

3 steps to CX excellence

We hope you found this article useful. If you would like to act further, here are Accomplish’s 3 steps to CX excellence:

  1. Book a personal tour.
  2. Check the readiness of your CX data
  3. Pinpoint, in time and money, where your pre-sale client experience out and underperforms at engaging clients.
Picture of Adam Grainger

Adam Grainger

Behavioral analytics | Business intelligence | Asset management

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