During a Client Reporting Executive Roundtable held recently in Boston, investment management industry leaders focused on the importance of effective communication in serving institutional investors and private clients.
The Client Reporting Executive Roundtable was hosted by DeskNet Inc., a leading provider of enterprise customer communications software for the financial services industry. Client reporting executives from many of the industry's leading investment management firms were attracted to the groundbreaking event, which included presentations from Citisoft, a highly specialized business and systems consulting firm that focuses exclusively on investment management, and MFS, a premier global money management firm.
The event underscored the critical importance of client reporting. Joe Morant, Managing Director, Citisoft, cited industry research that noted clear, consistent communication is second only to performance as a key decision factor for institutional investors; in fact, outstanding communicators are 10 times less likely to lose clients than low-quality communicators. Attendees agreed that the demand for more sophisticated and customized client reports is increasing, and organizations are searching for solutions to handle the demand. Delivering extremely custom reports is a challenge for most investment management firms; and as Betsy Lee, VP Institutional Marketing Operations of MFS explained, it is one of the main causes for resource constraints during quarter-end production cycles.
Automation of the client reporting process is expected to grow extensively in the next 18 to 24 months, an industry trend confirmed at the event. Brian Fitzsimons, DeskNet Inc. Co-CEO, discussed the critical investment areas for developing a scalable and flexible platform for serving a broad-range of client requirements.
"Efficiency in creating client reports stems from adopting a components-based approach, where charts, tables, commentary and data can be selected, edited, logically combined and dynamically generated through an integrated workflow," said Fitzsimons. This approach creates options for the customer, giving organizations the ability to deliver on multiple service levels without negatively impacting the personnel who must fulfill the reporting requirements.
"Throughout the investment management industry, the practice of client reporting is undergoing a rapid and profound shift to automated solutions," said Darragh Young, Marketing Director, DeskNet Inc. "It's vital for DeskNet to have a free exchange of information and ideas with client reporting executives, and we appreciate the valuable input we received at the Executive Roundtable. We are grateful to MFS and Citisoft for their support, and we appreciate the positive response from the client reporting community."