The asset management industry remains intensely competitive, and firms that fail to differentiate are disappearing. Previous differentiators have become ‘table stakes,’ requiring firms to adopt additional strategies. How to stand out? This article outlines 5 winning approaches for standing out, a decision-making framework, and implementation roadmaps.
Client experience (CX) isn’t just about satisfaction – it’s a proven driver of retention (McKinsey, 2021), which is every firm’s largest source of revenue. For asset managers, that means acting now to deliver seamless, personalized experiences that keep clients engaged. This blog highlights the client experience quick wins you can implement in just 6 to 9 months.
This article explores how inefficiencies in asset management client service operations – slow onboarding, wasted RFP efforts, and redundant reporting – drain profitability. With rising competition and shrinking margins, firms must streamline processes or risk falling behind. In 4 moves, we show how asset managers can cut waste, optimize their client journey, and stay competitive. Those who don’t could lose clients, revenue, and jobs.
This article explores the 5 biggest reasons why CX initiatives fail. For each one, we define the mistake, explain why it is a problem, and then present a known solution. We then introduce a new podcast series that will examine more broadly the challenges financial services companies face when implementing CX initiatives.
In this article, we introduce the benefits of CX benchmarking, provide links for further research, and demonstrate them using the scenario of a post-merger integration. CX benchmarking will deliver these benefits, regardless of whether your firm is going through a merger. But we chose this scenario because it is one of the biggest challenges an asset manager can face and it will be relevant to many firms.
Every quarter, Accomplish benchmarks the client experience of asset management firms from around the globe. We look end-to-end – from digital and in-person engagement to sales conversion, client service, and relationship management. Here’s an insider’s view of 5 of the 30 recently unearthed insights, focusing on the early stages of the client journey.
It has long been known that there are different types of behavior. Now, unique data about asset management client behavior has inspired a new way to win. To summarize, engagement is a category of behavioral responses to stimuli that you can initiate. These responses take place within and across the different settings that comprise your sales funnel and client journey. To win, you will need to be expert in maintaining and converting engagement.
No one disagrees with the importance of client experience (CX) in asset management, but how can you galvanize people into action? We believe the case is three-fold: excel to stay ahead of your competitors, make money, and comply with the UK’s Consumer Duty – a market most asset managers serve.
How can Marketing flow seamlessly into Sales? See your pre-sale client experience as a set of client behaviors you can stimulate and convert. This way encourages collaboration and avoids a disjointed and leaky funnel. You will know your funnel is working when clients give more time and money to your brand than to the average asset management firm. This is precisely what the Client Behavior Benchmark will tell you.
How can you “oversee client behavior at every stage of the journey and provide evidence that you have achieved good outcomes” in asset management? Why is this important? #ConsumerDuty To understand the theory, see it in action with real data, and get an insight into the future direction of travel, watch Adam Grainger’s presentation to Digital Client Engagement 2024. DCE is the invitation-only forum for Heads of Digital Marketing and Client Engagement from Europe’s top asset managers.
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