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Best Practices in Client Communications for Asset Managers
1. PAICR Client Communications Webinar October 26, 2011 Best Practices in Client Communications for Asset Managers
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4. Investment Performance vs. Client Service The decision to hire (or retain) is based nearly as much on client service as performance. . Client Service 40% Performance 60% Average respective weights in decision making process for hiring or retaining institutional asset management firms Source: Chatham Partners, 2011 Source: Gold Consulting, 2011
5. Investment Performance vs. Client Service The decision to hire (or retain) is based nearly as much on client service as performance. Once a firm reaches โbest and final status,โ performance has generally been accounted for and is not really significant in the final decision. Client Service 40% Performance 60% Average respective weights in decision making process for hiring or retaining institutional asset management firms Source: Chatham Partners, 2011 Source: Gold Consulting, 2011
6. Client Service: What Clients Care About Most Driver analysis is based on a multivariate regression analysis of survey responses 2001- 2008. The percentages represent the standardized beta coefficients divided by the sum of the coefficients. Client Satisfaction Drivers Source: Chatham Partners Communications is the Bedrock of Nearly Every Client Satisfaction Driver
7. โฆ Some Final Points Client Service is completely โcontrollableโ Investment Performance is very difficult to controlโฆespecially in recent years Client Service makes up 40% of the hiring or firing decision for clients Therefore, doesnโt it make sense to make your client service top notch?
14. Recommendation: Systematically Communicate Critical Info to Clients Apr Jun Q2 2011 Quarterly Review [ In Person ] May Monthly Report Monthly Report Monthly Report Value Market Update [ Phone Call after Market Drop ] Typical Client Interaction [ Client X ] for Q2 2011
15. Recommendation: Systematically Communicate Critical Info to Clients Apr Jun Q2 2011 Quarterly Review [ In Person ] May Monthly Report Monthly Report Monthly Report Value Market Update [ Phone Call after Market Drop ] Firm News Market Outlook Firm View on Regulatory Change Firm Portfolio Mgr. Change Systematic Communication of Critical Firm Information
18. Before Automation: Presentation Creation Example Sales Marketing Request made to Marketing via email or hardcopy (includes updates to presentation or new slides) Approval request submitted via email Compliance Approval Without standard pre-approved templates, each request is somewhat custom resulting in special handling by Marketing. Recommended edits or approval Local PC PDF or printed copy delivered to sales Approval process requires each individual presentation to be reviewed as a one-off presentation. This slows down final approvalโcausing delayed response to client opportunities Network Drive: Unsecured โ anyone can accidently move, edit or delete materials Material available in PPTs 1 2 3 4a 5 Most common edit request include slide re-ordering, client name / date, presenter name and table of contents Accesses the Network Drive to find the latest version of the requested presentation. 4c 4b Previous presentations
19. After Automation: Presentation Creation Sales pulls from pre-approved materials or submit requests for customized presentation Presentation Library of Approved Material Identifying standard request from pre-approved materials will allow marketing to focus more attention on requests that require special handling (design, proof-reading, etc.)
20. Before Automation: Quarterly Updating Process Compliance Approval Requested [Includes PDF presentation & Verification checklist] XYZ Presentation Name_Date Marketing prioritizes the updates based on product presentations requestedโฆ Accesses the Network Drive to find the latest version of the requested presentation. Compliance Approver Request Updated Information from Product Team and Fund Managers Marketing accesses the most recent version. Marketing Logs Update and creates record on Network Drive Final presentation and back-up information is stored. Information is sent back to Marketing via email. Marketing Updates Presentation by manually keying the data and updates Modifications stored in Request Folder As a result of the recreation, the same slides are reviewed and approved over and over again Approval Sent 1 2 3a 3b 4a 4b 5a 5b A lot of times, the same information is used across presentations, resulting in the same information being updated across multiple presentations. Marketing
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