Asset managers need to pay greater attention to the client experience (CX) when it comes to the operating models used for fund distribution, according to a recently published study.
A survey conducted by UK asset manager Royal London Asset Management (RLAM) and consultant Sionic found that 92% of firms recognised the need to focus on CX, with some appointing their inaugural ‘head of CX’ roles.
However, many firms are still at an early stage when devising their CX strategy. The survey found that 57% of firms are at the planning stage and have no CX strategy in place.
Asset managers’ distribution process has traditionally prioritised sales, but the survey shows that firms must balance this with client management.
Greater use of digital technology was highlighted as a critical factor in development plans by 80% of firms.
The survey also exposed the inefficiencies around client reporting, with 79% of firms unable to produce a report in less than five days due to challenges around data and a lack of automation.
“We have experienced tremendous growth over the last few years and recognise the importance of continually refining and enhancing how we engage with our clients,” said Rob Williams, chief distribution officer at RLAM, explaining the reason for the study.
“We wanted to understand how the industry is evolving to support clients more effectively and ensure our entire firm is collectively focused on delivering a great client experience.”