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Led by the Head of Distribution (or equivalent), the Distribution Leadership Team (DLT) is responsible for navigating the organization to the sweet spot where ‘what clients are buying’ intersects with ‘what they will buy from you’. It is a moving target in a changing landscape where only the most adaptable should expect to survive. To help DLTs win, Accomplish’s playbook puts forward a blueprint for a Dynamic Distribution Strategy for asset managers so they can hit a moving target again and again – harnessing vital lessons fighter pilots have learned about battling for supremacy in ‘winner takes all’ situations. You can download it on this page.
If 1) you define client engagement as ‘time given’ plus ‘money spent’ and 2) you underperform at engaging clients, by definition, they will give their time to your competitors … and then their money too. This makes client engagement a vital battleground. The Client Behavior Benchmark is THE benchmark of institutional client engagement. Read on to discover 1) how to win the battle for client engagement in 3 moves, 2) who rates the Benchmark, and 3) how you can join the new wave of firms via a free trial.
The IAEngine is the UK Investment Association’s FinTech accelerator, and it was Accomplish’s privilege to be its featured FinTech across the month of April 2024. Thank you to Henry Bewley and the whole team at the IA Engine for showcasing the Client Behavior Benchmark. Watch the video to discover our answers to Henry’s three questions: 1) what does the Benchmark let asset managers do that they couldn't do before, 2) how did this unique new capability come about, and 3) what should asset managers do now?
At Accomplish, we recognize that some asset managers may need support, whether with developing and implementing strategies to respond to their Client Behavior Benchmark results, or with organizing their client behavior data. To meet this need, Accomplish maintains exclusive behavioral consulting partnerships with Baringa and KWP Consulting.
Can you name 7 behavioral biases you should incorporate into your sales funnel? And what is the behavioral science behind a 5-level client retention strategy? To give firms a new competitive edge, Accomplish has launched two ground-breaking playbooks that show asset managers HOW they can outperform at engaging clients while, at the same time, giving them a better experience.
Would you trust data-driven insights if you knew the data quality checks had been neglected? What, even, is the point of a person saying they are data-led if they do not ensure their data is clean? For Accomplish, nothing is more important than the integrity, confidentiality, and availability of our clients’ data, so we thought you would appreciate this summary of the checks we perform.
The most common question people asked Accomplish in 2023 was whether we use artificial intelligence (AI) to analyse client data from the Client Behavior Benchmark and create recommendations. The answer is no. Read on to discover why.
Actions speak louder than words, so asset managers should measure client behavior to focus their organization on what matters most (which is whether or not clients buy, stay, or buy more), and what you can do to stimulate client behavior. In contrast, humans are tricky creatures, so you cannot rely fully on what they say. This makes actions, not words, the reliable indicator of demand and, therefore, it makes client behavior data the perfect business intelligence: meaningful, commercial, and professional.
There are two types of indicators of client behavior – leading and lagging ones – and this article focuses on the 3 lagging indicators. For the investment industry, they are ‘buying’ (sales conversion), ‘staying’ (client retention), and ‘buying more’ (products-per-client). These behaviors involve transfers of money, which gives them the rare feature of being dollarizable because they – and only they – pay the bills. If they point the wrong way for too long, the situation could become life-threatening for the organization, which makes them a vital component of your institutional asset management business intelligence.
In this article, we define three levels of client insights and describe the opportunity gained from exploiting each one. We go on to explain how this sort of business intelligence will separate winners from losers and how the data you need for it is already in your marketing and CRM systems. As a result, you can now be more discerning about paying a premium for client insights from an external provider’s black box.
From a behavioral perspective, the asset management sales funnel is NOT an inverted triangle. It is an hourglass of buying, staying, and buying more. While this may be news to some people, it is a fact and the reason why the 7 use cases of the Client Behavior Benchmark will separate winners from losers. To spread the word, this blog gives you a simple explanation of each use case. We see it as a survival guide for asset managers navigating the current market environment – and the client behavior data you need for it is literally sitting in your systems waiting to be extracted and exploited.
In September 2023, Accomplish unveiled the Client Behavior Benchmark at DCE Connect – the annual invite-only asset management client engagement conference for MDs and senior managers. In a keynote speech, Adam Grainger explained how to measure client engagement, demonstrated how the Client Behavior Benchmark is helping investment firms keep their sales funnel as wide as possible for as long as possible – and the data is already in your systems. On completion of the conference, attendees placed behavioral insights at the top of their list of 2024 investments.
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