Whoop, whoop!!! We are celebrating the first birthday of the asset management CX Forum! Attendees tripled over the year, solutions developed to the industry’s biggest CX-related issues, and the feedback on what we are achieving is fantastic. We are looking to 2021 with great confidence when the CX Forum will remain free to all as Accomplish’s gift to the industry’s CX community.
Segmentation is about your clients’ needs. Tiering is about yours. Together with client journeys, you can make your business feel like a natural home for your clients as well as target your most valuable relationships. Accomplish’s latest research has unearthed how asset managers are doing this and how a minority of asset managers are gaining strategic value.
Effective segmentation and tiering are worth the strategic value they bring. In this second blog in our three-part series, we demonstrate how firms can secure the value they strive for.
Segment your market(s) to identify the areas you want to target, then tier the companies in those segments so you can focus on your target clients and prospects. Segmentation will unlock strategic value for you, and tiering helps you allocate time and resources effectively.
In April, we pledged to give away 1% of Accomplish through the GenieShares scheme. But is the possibility of wealth tomorrow enough to solve society’s problems today? It depends. We did some research 🤓 made some new friends 👩🏾🤝👨🏻 and we’ve decided to go larger on GenieShares 💪🏼 Click to learn what we found and see the help we need to create the greatest possible benefit.
One year ago, everything changed. As a result of a single moment, Accomplish is now an information services company that helps asset managers stand-out through the experience they give their clients. Our benchmarking alone has grown to cover 19 firms. Find out why and discover the direction of travel for our next sprint.
CX training is essential to optimising the success of a CX transformation and asset management firms should use it to catch-up with the early movers and industry leaders. Check out our 3 reasons why.
The CX Forum’s next peer-group project is already ‘at-scale’ in terms of participating firms and new companies are still joining. Through it, as a CX community, we will discover the most effective segmentation criteria, how firms are balancing customisation and standardisation, and how they are managing changes across the client journey. Effective client segmentation can separate winners from losers and it is essential to the post-pandemic direction of CX. Accomplish is privileged to be playing a part in unearthing valuable insights.
In a survival-of-the-fittest market, listening to the voice of your client and flexing accordingly is about remaining relevant. It is vital because, even though clients’ needs evolve, your continued alignment with what they want will drive their ongoing impression of your value. In this research, we explore how asset managers perform this function, what is working well and less well, and propose firm- and industry-level solutions for the gaps we found.
Remote working just made the biggest problem with achieving a strategic change even more difficult: how to align everyone? As client experience (CX) has become THE differentiator, 68% of asset managers expect to increase the strategic importance they place on it. But for firms to stand-out through CX they must first align on its fundamentals. Accomplish’s CX Fundamentals course helps teams, departments, and entire organisations create a shared view of the importance of CX, of what good CX looks like, and of how to become client-led. Firms can use it to catch-up with the early movers.
This blog concludes our series on the fundamentals of CX by exploring what good asset management CX looks like. At Accomplish, we believe firms need to be client-led, they need to maintain a holistic and deliberate CX capability, and they need to either do something extraordinary or be forgotten. We finish by pulling together from across the blog series the competitive, financial, and logical reasons for maintaining a deliberate CX capability.
100% of asset managers are revising their overall strategies in response to COVID-19, and 68% expect client experience (CX) to play an important part. This research found that, during the height of the crisis, firms with a stronger CX capability seized opportunities while others moved onto the defensive. Lastly, we were able to use an exceptionally high response rate of 84% to identify the steps firms expect to take as they develop their CX strategies.
Accomplish’s CX training courses fill a critical gap in the market. COVID-19 makes CX more important yet creating internal alignment on it more difficult. Leaders can now solve this problem efficiently and effectively with our CX training courses. They align teams, departments, and organisations on the importance of CX, what good CX looks like, and how to become client-led.
Survival requires differentiation and, for asset managers, the old ways have become unreliable. To address the root cause, firms should shift from being ‘product-led’ to ‘client-led’ and redress any internal imbalance. CX is here to stay and it’s a good thing: you will get what YOU want, by helping clients get what THEY want.
In trying times, we feel privileged that our clients have stuck with us. Last week, we shared that benefit across the CX community by opening the CX Forum to all, and launching new services for premium members.
Sustaining a superior CX requires a strategy, yet ~70% of asset managers lack one. Accomplish’s guide to developing an effective asset management CX strategy helps solve the problem. Firms can use it to diagnose their situation and match it to a generic CX strategy that they can tailor to their specific needs.
In an unfavourable macro-economic environment revenue retention takes precedent, which makes CX a top priority. To use CX for your commercial advantage, you must first be able to define, measure and explain it. Accomplish’s latest research achieves that in the context of B2B asset management.
Data and analytics are one of the building blocks of Asset Management Client Experience (CX). TAR Solutions share their recent experience when an asset manager asked them to implement Client Insights for their firm as part of an effort to improve their Client Experience.
How are firms defining CX and allocating accountability? How and why are they measuring CX? And how well do feel it is going and why? Check out the findings of our latest research.
The CX Maturity Initiative Members’ Area is now live as the secure home for the asset management CX community. It creates the opportunity for firms to learn lessons not just from each other, but also from other industries and from critically-needed research into CX in the context of B2B asset management.
Our interactions with B2C firms have taught us to expect outstanding client experience (CX). However, is it that much more difficult for asset managers to deliver a memorable B2B client experience (CX)? Or is it just that a holistic and strategic approach based on the primacy of clients needs is the key to success?
CX operates on the emotional level where, when it comes to decisions about buying, staying and to consuming more, a good experience is forgettable and only the extraordinary counts. This is a huge opportunity for those asset managers who are ready to seize it.
Client experience is a client’s overall impression of you as a supplier. It is personal, subjective, open to influence, sometimes irrational, and subject to change as a result of any and every interaction they have with your firm. We advocate deliberate ‘expectation-setting’ and ‘sweating the small stuff’ as well as glory projects.
Accomplish’s CSR policy encourages us to give our time to our local communities. Here are 7 things that surprised Adam Grainger during his year at Food Cycle.
In a survival-of-the-fittest-market, firms are now measuring their CX maturity and finding out how they can seize the opportunity of CX.
17 asset managers have participated in the first round of the Accomplish CX Maturity Benchmark. This was the initial stage an industry-wide initiative that aims to improve the state of client experience across asset management. Contact us if you are interested in joining the next round of benchmarking, which will close on Friday 31 January 2020.
Asset managers are falling short of their clients’ service needs, and most attempts to solve the problem are addressing the effects not the causes. Early movers are using CX to secure competitive advantage over their rivals. Asset managers are now using Accomplish’s CX Maturity Benchmark to understand their current CX and compare themselves against their peers.
Industry-wide problems with client onboarding, reporting, billing etc. are the effects of systemic issue. The root causes are a lack of CX strategy, and insufficient governance to control the complexity of serving clients with different needs. CX is controllable and, for many asset managers, it has become the differentiator. In this first of two articles on the root causes, we explore CX strategies.
For many asset managers, client experience (CX) has become the way to get noticed and to retain their clients’ confidence. CX will also impact your profitability twice – influencing both revenue and costs. Yet our research indicates an industry-wide issue. Asset managers should seize this opportunity with the four-stage response outlined in our report.
Lack of governance around client experience (CX) is one of the two root causes of an industry-wide issue relating to CX that has important commercial implications for firms. This situation is controllable, and it presents an opportunity to asset managers to gain a competitive advantage over their peers.
Your alignment with what your clients want will drive their impression of your value. But different clients want different things. So, be client-led and base your primary client segmentation on what THEY want.