As millennials reach higher levels of influence in the workplace, their digital preferences become the standard. This age group has grown up alongside the emergence of digital technologies, and they tend to have a digital-first mindset. In general, and especially during market upheaval and uncertainty, they and their fellow investors have come to expect always-available and on-demand access to digital information and resources to keep their investments on track. If your firm doesn’t leverage digital reporting and communication capabilities, you won’t attract this key demographic—which will one day make up the majority of your clients – and you may not retain the clients you have.
On the mass-affluent side of wealth management, millennials are accumulating their own wealth and investing for their futures. Additionally, as this generation continues to gain professional experience and move into prominent decision-making/leadership roles in the investment industry, it is increasingly important for institutional managers to provide digital access for self-service and secure delivery of content to clients and client-facing employees, alike.
Adding to the value of digital reporting for your clients —online, on-demand and on time— there is also great value in providing portal access to client information for your internal team of Relationship Managers, Portfolio Managers and Client Services. In many cases, these internal teams must navigate through disparate operational systems—covering performance & attribution, portfolio management and accounting—to cobble together their client’s information to prepare for a scheduled meeting, produce client statements and to answer client calls. A single portal can be a game changer as a point of self-service for internal stakeholders by ensuring a single version of the truth is propagated and easily accessible for all in the client relationship. Not only is there a centralized, single version of the truth, it’s also faster and easier to gather information—enabling employees to better serve and support clients.
There’s also a somewhat less obvious benefit to developing a portal for your clients. Users log on and navigate their way through the site, leaving behind a wealth of data and context collected about their level of engagement. Data that illustrates client activity on your portal can be very powerful. How often do they log in? What do they seek out (performance, balance information, etc.)? When do they log in? Are they interested in the new product launch you are teasing? Are they opening distributed links to the site within a certain period of time? The list goes on and on—and the data provides a means for investment managers to gauge the effectiveness of their communications plans and overall engagement of their client base.
With digital capabilities, you can delight and attract clients—which is good for the top line. You also streamline service and support—which is good for the bottom line. The end result? An attractive return on investment for the business.
If you’d like to bring your client reporting and communications into the digital age, learn more about Vision FI, which delivers unique value by addressing both print and digital reporting with a completely unified, integrated platform from content design to publication and distribution. For more information about how SS&C can help you enhance your client communication, download our Vision FI brochure.
Alternative Investments, Asset Management, Fund Administration, Wealth Management