In brief
The asset management CX Scorecard gives you the board-level data and metrics needed to 1) track the effectiveness of client experience (CX) as a high-level differentiation strategy, 2) see your hot spots ‘at a glance,’ and if applicable 3) comply with the UK’s Consumer Duty.
Three reasons for board-level CX metrics
1. You have promoted CX as one of the key pillars of your strategy
It is not uncommon for asset managers to give CX a central role in their business strategy, as each asset manager strives to stand out from the crowd, and CX is the only differentiation strategy entirely under their control. However, without metrics that help you maintain an outperforming CX, public claims at the corporate level can create difficulties for senior executives if a client’s lived experience with one firm compares unfavourably against others.
2. Limited resources and change budget
Unless you have the capacity for discretionary change projects, you will want to invest your time, budget and resources in the areas of greatest need. The question then becomes, “which areas have the greatest need for investment?” To answer this, you need to be able to view your CX performance relative to that of other firms, so you can see yourself as clients perceive you and, therefore, invest in areas that are weaker from their perspective.
3. The UK Financial Conduct Authority’s Consumer Duty
If you operate in the UK, the FCA’s Consumer Duty requires you to put their customers’ needs first.
Specifically, an asset manager with a UK-regulated entity:
- Must regularly monitor whether they had a good outcome on customer behavior or, where a firm does not have direct contact with retail customers, on the outcomes of its service within the distribution chain.
- Should take behavioral biases into account while ensuring they avoid inappropriately manipulating them.
- Should have board-level data and metrics on their continuous search for and response to issues relating to good customer outcomes.
As the FCA summarizes, you should oversee how clients behave at every stage of the journey and whether you achieved good outcomes for them.
Furthermore, what if being good, in your own opinion, turns out not to be enough compared to the level clients receive from your peers?
Meeting these needs precisely
The CX Benchmark’s Client Journey analytics meets precisely these needs.
Every quarter firms discover:
- In time and money where their CX out and underperforms at engaging clients, helping monitor the health of their strategy to differentiate through CX.
- Where they vary most from the average and, if negative therefore, where to apply scarce resources.
- Their effect on client behavior “at every stage of the journey and whether they achieved good outcomes for them.”
This gives participating firms a commercial edge BUT it is a tool for your heads of department rather than being easily interpretable by an ExCo or Board.
Introducing the Asset Management CX Scorecard
To solve this problem, Accomplish, in 2024, upgraded the Benchmark to include an asset management CX Scorecard. It provides board-level data and metrics needed to:
✓ Track the effectiveness of your CX as a high-level differentiation strategy.
✓ See your hot spots ‘at a glance.’
✓ If applicable, comply with the UK’s Consumer Duty obligation to monitor your effect on client behavior.
With this new and unique tool, asset managers can access an independent and quantitative assessment of whether they achieved “good outcomes” compared to other asset managers.
3 steps to CX excellence
The asset management CX Scorecard provides essential Board-level data and metrics, so we hope you found this article useful in demonstrating the unique value the CX Benchmark yields.
Learn more about the CX Benchmark here and then take Accomplish’s 3 steps to CX excellence:
- Book a personal tour of the Benchmark.
- Check the readiness of your CX data.
- Discover, in time and money, where your CX out and underperforms at engaging clients.
Frequently asked questions
1. What is the Asset Management CX Scorecard?
It is a board-level tool that helps asset managers measure and monitor client experience (CX), providing data to track CX as a differentiation strategy, identify problem areas, and comply with the FCA’s Consumer Duty.
2. Why do asset managers need CX metrics at board level?
Because CX is the only differentiation strategy fully under a firm’s control, and without board-level metrics, it’s impossible to benchmark outcomes, direct resources effectively, or (in the UK) demonstrate regulatory compliance.
3. How does the CX Scorecard support FCA Consumer Duty compliance?
The Scorecard shows how clients behave at every stage of the journey and whether you achieved good outcomes for them meeting, precisely, the FCA’s requirements for ongoing oversight of client journeys.
4. How is the CX Scorecard different from other client surveys or benchmarks?
Unlike one-off surveys, it provides independent, quarterly, quantitative metrics that show time-and-money impacts across every stage of the client journey, making results directly actionable and trackable by senior executives and boards.
5. What are the three steps to CX excellence recommended by Accomplish?
1) Book a personal tour of the Benchmark, 2) check the readiness of your CX data, and 3) discover where your firm’s CX out- and underperforms at engaging clients.
6. Who should use the Asset Management CX Scorecard?
It is designed for asset management boards, executive committees, and senior managers who need to link CX performance to strategic differentiation and resource planning.
