Client centricity initiatives & training
Client centricity is vital in the modern economy
The concept and importance of client centricity has been known for about 20 years and it is vital in the modern economy. Although it has been recognised that it delivers both financial and commercial benefits, it can often be difficult for firms to achieve. There are a number of barriers that cause these difficulties, however, the primary reason is often cultural.
Arguably, asset management has historically adopted a traditional (product-centric) approach, which has meant that there has sometimes been a tendency for the rate of change to be slower than that of other industries. However, buyers of asset management are still humans who are used to interacting with client centric companies in other parts of their daily life. Therefore, the approach of other sectors, exemplified by companies such as Amazon, is highly likely to become a key differentiator for successful asset management firms.
- We are in an era of high quality and personalised client experience
- Asset management firms with a client centric culture will outpace their rivals
- In such firms, everyone is responsible for CX, and they are driven by the need to solve client problems
How it works
Deliver a client centricity initiative
At Accomplish we define client centricity as being ‘the cultural priority placed on exchanging ideas with clients, listening to them, and serving their needs’. We believe that firms that lack this focus will struggle to realise the benefits that client experience can deliver.
To implement this view, firms should enhance their client centricity by means of a coordinated initiative based on five interlinked levers as, client centricity is vital in the modern economy.
At the beginning of a client centricity improvement initiative, the focus must be on getting the must-do’s right, because in a modern experience economy a five star experience is the baseline, not a luxury. A firm grasp of the data will enable insights, but the importance of interaction between humans must remain centre stage. Asset managers must train their staffs to consult and listen to clients, to share ideas with them, and to focus on meeting their needs now and into the future.
What we do
- Independent review and benchmarking of existing level of client centricity
- Develop a bespoke plan to enhance client centricity across each of the five interlinked levers
- Provide a common language, toolset and training to drive improvements in client centricity
Why Accomplish is a good choice
- Our experience of implementing client centricity initiatives, means we know how to drive holistic changes in organisational culture
- Accomplish’s focus on emotional intelligence enables us to navigate the challenges associated with cultural change
- Accomplish staff are qualified ‘trainers’ and communicators