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The asset management client journey

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Early movers on CX are implementing client journeys

What is the purpose of an asset management client journey, and why does it matter? Early movers on CX are implementing them to secure a double boost to their competitive advantage.

An intuitive and coherent client journey moves their buyers as favourably as possible through the process of becoming a client and being a client, to making the most out of the relationship. This increases client satisfaction, which protects gross profits by improving revenue retention and organic relationship growth.

Simultaneously, an efficient end-to-end journey minimises operational risk and complexity, which eliminates unnecessary costs. This gives you the ability to set expectations around your service offering, which defends your net profits by minimising the number of unpredictable demands you receive.

What is an asset management client journey?

A client journey is the end-to-end path of ‘touch points’ your clients take from becoming aware that your company and product exists, through buying, to either brand ambassadorship or let’s face it termination, if for example asset allocation changes or performance dips.

In a client-centric firm, every activity should relate in some way to solving your clients’ problems. Designed properly, a client journey makes that happen.

At Accomplish, we believe that to achieve the benefits above, a client journey must also help clients meet their needs in an intuitive, coherent and efficient way.

How are firms achieving this?

In the simplest of terms, early movers on CX are following a five-step process to achieve an asset management client journey:

Client journey

Breaking-down these steps, firms that are implementing a client journey are enabling staff to associate with their clients as real people who have real goals, and who are driven by real hopes and fears.

Once done, they are visualising on a map their end-to-end touchpoints and the actions clients have to take. This allows them to look at themselves from their clients’ perspectives.

Staying focused on the twin goals of increased client satisfaction and reduced operational costs, they are clearing away any pain points, listening to clients’ advice about different and additional ways of doing things, as well as eliminating any inefficiencies.

With this information, firms are then ensuring each touch point is designed to solve a client problem, and they combine into a coherent and optimal end-to-end experience. Where different segments have different needs, they are coordinating this within their obligations to treat customers fairly.

The last step these firms are taking is to develop robust plans to migrate their clients onto the new client journey, and to align future prospects’ expectations to it via updated sales materials.

Additional opportunities a client journey presents 

Over and above the main benefits to profitability, implementing an intuitive, coherent and efficient client journey allows you to seize significant additional opportunities, such as being able to increase rates of standardisation, automation, mass customisation and self-service.

Developing client personas is a powerful way of fostering a culture of client centricity, and an end-to-end visualisation of your client journey gives you a common language and playbook, and enables client facing staff to identify exceptions early.

Thirdly, enabling potential clients to become aware of your products easily helps them identify themselves to you as prospects and leaves them feeling in control, which enables client facing staff to identify exceptions early.

How Accomplish helps firms

As a specialist CX consultancy, Accomplish assists firms in achieving the five-step process to developing an asset management client journey.

In our experience, all the components of CX come together in the client journey: it draws on CX data, it implements the CX strategy, it provides tangible reasons for a culture of client centricity, and it is the core subject of CX governance. Put simply, it is the single thread that weaves through your organisation that represents your clients.

For this reason, Accomplish has a range of CX services that is purpose-built to meet our asset managers’ needs.

Going further, Accomplish’s core capabilities are also purpose-built for CX. For example, they include UX design and Lean Six Sigma techniques, which enable us to design intuitive and efficient client journeys. 

Lastly, to ensure the touch points combine into a coherent client journey, we employ a suite of mapping tools – from standard visualisation techniques to interactive, 3D, queryable software.

Get in touch if you would like to know more about the benefits of implementing a client journey or to find out how your current client journey compares against the industry CX Maturity Benchmark.

The asset management client journey
Adam Grainger

Adam Grainger

A broad mix of experiences in the investment industry – from senior manager and Transformation Director roles, to regional and global COO positions.