How Investment Managers Can Use Technology to Enable a Client-First Approach to Sales

The investment management industry faces no shortage of challenges. Client expectations are on the rise as they seek the same kinds of highly customized, consultative, and engaging experiences they're accustomed to in virtually every other aspect of their lives. At the same time, clients are becoming increasingly more sensitive to fees. That sensitivity is putting considerable pressure on investment management firms to reduce their fees or, in some cases, eliminate them altogether.

Further complicating matters is the fact that many products in the industry are becoming commoditized, meaning that unless they can find other ways to add value, most firms are forced to compete solely on cost. As if that weren't enough, investment managers also have to contend with the fact that the cost of doing business face to face is going up. While traveling around to visit clients and prospects in person is critical to building and maintaining strong relationships, it's also expensive and time-consuming. Practically speaking, that often leaves investment managers in a tough spot, forcing them to become painstakingly judicious about when, where, and how they use face time. And that, ultimately, can have an impact on revenue.

Now that we have a sense of some of the challenges that investment managers face, let's take a look at one of the innovative ways savvy firms are combatting them head on.