What Is Your Firm Doing to Close Its Customer Knowledge Gap?


Thursday, September 29, 2022 | By Jason Dauwen, Senior Research Analyst

What Is Your Firm Doing to Close Its Customer Knowledge Gap?

We all know that understanding our customers is good business. A good foundational understanding of their business needs, preferences and behaviors can produce lift and help build strong, lasting relationships. We also know that data is the best way to bridge gaps in our knowledge about customers. 

Yet, while 86% of asset managers say that knowing their customers is essential to their firm’s success, less than half of asset managers report that their understanding of customers is “Very Good” or “Excellent.”

How important is knowing your customer to the success of your firm?

Over the past decade, the data available to asset managers has grown exponentially.  From broker-dealer data packs to aggregated industry views, to advisor- and team-level details, the volume of data about customers is now more abundant than ever, if not overwhelming.  Pair that with concerted efforts among leaders to build technology and acquire talent to leverage the data, and we see an industry in a transformation toward more sophisticated modes of business.  For most asset managers, though, gaps still exist between knowing how essential customer knowledge is to their firm’s success and applying the data available about their customers to drive business outcomes.

Our "Closing the Customer Knowledge Gap" study (which is available for free), discusses how leaders can close these gaps and set their firms up to unlock more advanced profiling, scoring and segmentation—enabling them to create more targeted and customized client experiences.

Graphic shows process flow for closing the customer knowledge gap

Closing the customer knowledge gap is a top priority for asset managers, and with the wealth of data now available, it is a goal that is increasingly within reach. To advance your firm’s ability to understand which customers to prioritize—then develop strategies to engage the customer base efficiently and effectively—leaders need to identify their business priorities and create a clearly defined data strategy that aligns squarely with those priorities. This requires a realistic assessment of the firm’s organizational resources; in particular, business intelligence capabilities, your ability to acquire additional data and the capacity to integrate data-driven insights into your overall customer engagement framework. Not every firm has the resources to design and implement next-generation business intelligence programs today, but by following the steps laid out in our "Closing the Customer Knowledge Gap" study you can design a data strategy that will help you learn more about customers and drive superior outcomes for your business.



Asset Management, Research, Analytics, and Consulting, Wealth Management


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