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Would you like to see,
in time and money,
WHERE you out- and underperform at stimulating client engagement?
Asset management client engagement
In the ‘survival of the fittest’ market, client engagement is a critical battleground.
To win, asset managers must now also outperform at getting time from clients as well as money.
In an over-supplied market, if you underperform at engaging clients with your products, they will give their time to your competitors … and then their money.
Welcome to Accomplish, where we are behavioral scientists who run the Client Behavior Benchmark.
Adam Grainger, Founder and MD of Accomplish, explains asset management client engagement and why it matters at the 2024 Summit for Asset Management (TSAM) in Singapore.
How the winners will outperform … in 3 moves
1. Capitalize on their client behavior data
Client engagement is behavior – client behaviors (digital or non-digital) are definable and observable, and because they take time to perform, they are measurable. Some behaviors will be unique to your products and services. Others will be common across the industry, which makes asset management client engagement ‘benchmarkable’, creating the opportunity for the winners to capitalize on their client behavior data as valuable business intelligence.
2. Convert gifts of time into transfers of money
Client engagement is an essential means to an end – an engagement will either be a ‘gift of time’ (like visiting your website or attending an event) or a ‘transfer of money’ (like buying, staying, or buying more). This means that ‘time’ is the means to the end you seek – ‘money’. Gifts of time are leading indicators, and your actions will either stimulate or dampen their 1) volumes and 2) conversion rates from one to another, for example, attending an event and then requesting a follow-up meeting. If you do not focus on stimulating and converting gifts of time, you risk either low volumes of engagement or good engagement in isolation but that leads nowhere. The winners, therefore, will convert gifts of time into transfers of money.
3. Compete for time as well as money
Client engagement is relative – in the same way as there is only so much money clients can allocate, there is also only so much time they can give. Because of this, asset managers are in a zero-sum game with each other – not just for clients’ assets but also for their time. The winners, therefore, will compete for time as well as money.
The Client Behavior Benchmark
is purpose-built for the task
The benchmark is a unique set of the institutional client engagement data: snapshots in time, and a 2-year time series.
- See, in time and money, WHERE you out- and under-perform at stimulating client engagement.
- Manage your institutional sales funnel and end-to-end client journey holistically – marketing, sales, and service.
- Combat client leakage by actively managing your effect on whether clients buy, stay, and buy more.
Built through an industry-wide innovation initiative, the benchmark is relevant to any discussion about asset management client engagement because:
- It measures client behavior.
- It shows your effect on the means AND the ends: Promote to sell, Serve to retain.
- It will show you your relative out- and underperformance at getting time and money from clients.
Accomplish’s playbooks will then show you HOW to outperform at engaging clients.