Client relationship management
Client data is arguably the most precious asset of any firm. Unfortunately it is often stored in many disparate systems leading to duplication, inaccuracy and incompleteness. This, together with a lack of firm governance and policies, can mean that client data is not up to the required standards which can, amongst other things, be detrimental to client service. This can be caused by unclear ownership of the data – does the person who is storing the data actually understand the data and what it will be used for in the future? If they do not have a good understanding of the data then it is unlikely that they will store it in a way that will facilitate speedy and accurate retrieval in the future.

It is not uncommon for issues around CRM data to not be of a technical nature but to be caused by corporate and cultural issues – replacing the CRM system or acquiring one for the first time may not solve all of the problems.

As CRM is also a key part of the overall client on-boarding process, it is important to get this right as it is usually the first experience that your client will have of your firm’s processes and procedures. As well as helping to fulfil regulatory obligations, CRM systems also provide very useful tools for management and marketing purposes.

IAWMC has excellent experience of CRM projects so please get in touch with us if you’d like to discuss how we can help you.

Client communications
The days of providing clients with just a paper report through the post are rapidly disappearing, in our opinion that is client reporting, whereas clients now expect much more. In our experience clients, especially “millennials” are becoming much more demanding. In many cases the wealth management industry is significantly behind the curve when compared to other financial services firms such as retail banks and insurance companies. 

Clients now expect to be able to access their up-to-date reporting data and to conduct transactions and provide instructions in many different ways including laptops, tablets, smartphones as well as the more traditional methods such as by telephone and e-mail. In most cases these new delivery channels are used in addition to and not instead of the more traditional methods of client communications, especially by the “baby boomers” who may not yet be ready to completely let go of the past methods. Many of them are not yet totally comfortable with the digital age, but that will of course change over time.

As subject matter experts and regular panel speakers on this topic our consultants are very well placed to assist you with your client communications initiatives.