Regulation, client demand are focus for asset managers in 2013 – survey
The dual demands of regulatory changes and client focus will be the drivers for the investment management industry in 2013, according to a survey by consultancy Investit.
The poll on key initiatives among managers indicates that regulatory change is the top concern, but 86% of firms are also stretching to meet client demands.
In an environment of a “general lag in business optimism” and also increasing global competitiveness in acquiring clients, 32% of respondents said they were “easing off the power” for the year ahead, compared to only 3% in a similar survey conducted by Investit in March 2012.
Previous Investit research has shown that strong client service can retain clients by up to 18 months longer during periods of weak performance. This realisation is driving firms to deliver exceptional service across all teams while increasing their value proposition to clients.
Among other findings: in 2013, 85 % of firms will aim to improve client management and on-boarding activities to increase client retention; 75% will tackle client reporting and information delivery, and 67% will focus on enhancing their efforts to acquire new clients.
Investit said that over the last few months, there has been a general trend to integrate CRM systems (usually cloud-based) into existing functionality. Client reporting software has provided accurate and timely information to meet new regulatory requirements and reduce the burden on client reporting.
Such technology has also allowed managers to deliver appropriate information to the client on the investment decisions made on their behalf, and provide more personalised business intelligence, with more self-service capabilities.