Lazard Asset Management, Jennison Associates and MFS Investment Management shared their client on boarding and retention strategies at today's PAICR conference.
One global asset manager's on boarding for institutional asset management clients follows a checklist:
1. Welcoming package email: step-by-step review of funding process including required documentation, standard IMA templates, client profile/contact questionnaire form and more
2. Internal "pit crews": from legal & compliance to portfolio implementation & trading, team representatives hold weekly new account meetings to discuss each new client's on boarding progress and any possible issues
3. "Thank-you letter": a synopsis of funding details, reporting expectations, and relationship contacts post-inception
Another firm calls their client induction "transition management". Clients receive an overview of the transition process complete with pictures of team members, brief role descriptions and an image showing how the team will serve their clients.
A touch I really liked was the list of "next steps" information asked by one manager of their news clients. It includes questions about how the client would prefer the asset manager to communicate with them, and who the main contact will be during transition.
Please email me for full copies of the slides or to hear more about the Q&A.
BlueChip Communication, Australia's leading financial services communication firm, is attending the PAICR conference in New York for the fourth year (twitter #paicr2011)
Big thanks to Lazard Asset Management, Jennison Associates and MFS Investment Management for sharing what they know. Ed Butowsky Wealth Management
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