CHICAGO, IL / ACCESSWIRE / JULY 3, 2020 / COVID 19 has wreaked havoc on an international scale, altering the global economy and upending financial markets. Investment managers know the next normal is right around the corner, and they're working double-time to respond to the tumult of today and devise strategies for tomorrow. And while the big reset may mean revamping business continuity, workforce management, and financial viability, redefining customer engagement will take precedent above all organizational issues.
Recalibrating customer engagement is one of the most immediate challenges investment management firms face in the age of the pandemic. More and more, client interactions will take place in digital environments. As the pandemic's effects reverberate, with social distancing guidelines lingering and clients' desires for in-person communication changing, customer engagement paradigms will shift. The restrictiveness of face-to-face meetings--infrequent, in office--will give way to flexible, digital alternatives.
Those alternatives must be suited to high-touch communication. Managers must embrace new technologies and more frequent interactions when apprising their investors of the pandemic's effect on the markets. Whether it's detailing current portfolio strategies or demonstrating their firm's resilience, managers must stay connected to their clients. Quality communication is paramount to building trust.
Repairing trust may be important for managing a crisis like COVID 19, but to thrive in the next normal that trust must be reinforced. Relationships matter more than transactions in investment management, and investment managers who go the extra mile to augment their communication with investors will catch the eye of new clients.
What will this look like? Investment managers will need to embrace new tools that support client engagement. They'll need to routinize communication. They'll need to set concrete goals rather than offer hazy guarantees. Utilizing model portfolios is one option. Investment managers will spend more time cultivating their relationships with clients-and less time overseeing individual assets. A greater range of products more widely available will enable investment management firms to soar.
Shifting policies and procedures to meet clients' changing needs will keep investment management firms from missing prime valuations. Nimble is the name of the game. Firms that have an infrastructure for digital meetings and communication in place will accommodate their clients-and grow through the crisis.
In a 2018 article in the MIT Sloan Management Review, Chief Digital Officer at J.D. Power, Bernardo Rodriguez cautioned, "Digital transformation initiatives implemented with a focus on technology - not the customer - may succeed in improving the efficiency of legacy processes, but they do not necessarily create new value." By developing future-proof customer engagement, investment management firms can outpace their competitors and keep their clients' trust.
Name: Alexandra Friedman
Company Name: Friedman Business Solutions
Business Email: email@example.com
Contact number: +1 773.338.4279
Company website: www.friedmansolutions.com
Country: USA / Illinois / Chicago
SOURCE: Friedman Business Solutions
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