In any of the given departments of your typical asset management firm – who would you say knows the client best?
Perhaps, you think it the CRM managers: ultimately, it’s they who manage the database with all of the known client information.
Perhaps, you feel it’s the Marketing team since they’re the folks responsible for sending relevant communications and invitations to the client database.
Or what about IT team? After all, they’re the ones that create and uphold the systems with hold all the client data.
Undoubtedly, it’s the client advisor. For it is they who spend all those hours on the phone or in-person understanding each client’s individual ever-changing needs, risk tolerance, aspirations and circumstances.
Of course all the other departments play their part – but ultimately, it’s the advisor that sees the whites of the client’s eyes and (hopefully!) knows what they’re thinking. And it would likely stay this way if it were not for some significant incoming shifts in asset management client behaviors – not least their love for all things digital.
Digital marketing is the new site of client insight
Enough has been said about how digital is “disrupting” traditional asset management incumbents. It’s well-documented (if somewhat overhyped) just how much these upstarts are ushering in a new era of increased investor convenience, efficiencies, and cost-savings associated with digital self-service.
What’s less spoken about is the proliferation of content and the asset management content marketing boom. Attention spans are short and the world moves at lightning speed, however investors and intermediaries alike continue to read investment advice avariciously.
Asset management firms continue to bolster their content reserves with research papers, blog posts, data sheets, daily alerts and the digital marketing team is at the heart of this: managing, distributing and, in turn, tracking the performance of any and all content assets in the firm.
Cutting-edge asset management firms have realized that content isn’t just a vehicle to impart their unique research insights, but also is a means to gain insights on the very clients who are doing the reading.
Crucially, content is not just integral for engagement. and retention – but also client insight
They understand the value of making sure that their digital marketing team’s efforts are linked to each advisor’s client management tool so that they can see which topics in the marketing content are of most interest to each client.
These topics can be added to customer profiles in CRM systems in real-time so that advisors know exactly what investment topics and issues are currently engaging their client and are therefore empowered to have more relevant in-call dialogues and and exposing opportunities to successfully cross-sell or upsell.
Towards the digitally-enabled sales advisor
As it stands, asset management firms have a tremendous opportunity to make sure the insights collected by digital teams are married to the work of the client advisor.
The next generation of investment advice necessitates using digital to transform the client-advisor relationship. It requires digital marketers and client advisors to work more closely together than ever before – sharing client intelligence between departments – and having the technology in place that can facilitate this.