Greg Allsop, an Asset Management specialist at BeyondFS, compares future client portals to exclusive, luxury, high end ‘boutiques’ which bring together multiple applications and data sources to provide a seamless digital client experience that showcases all the products, services and reporting capability in a well-designed, curated and intuitive experience. Everything you could do manually before with an Asset Manager becomes digitised – from data rooms where prospects can perform online due diligence and complete onboarding processes, through to new and original functionality allowing clients to track their activity, create bespoke reports and discover new and exclusive products and services. Digital portals will no longer be about the reporting of monthly or quarterly information, they will need to be leveraged to support the full spectrum of the Client Lifecycle covering a multitude of requirements and functions.
For the Asset Manager too there are obvious benefits. These advanced client portals will enable the institutions to communicate with clients in an operationally efficient way. They will also be able to leverage the data within a client’s portal to identify cross selling opportunities and potentially drive new revenue streams. Opportunities can be marketed to clients based on data, rather than on sales teams or relationship managers – ensuring that there is relevance to the client and a streamlined approach to sign up. In addition, investor portals also have the opportunity to support the Asset Managers review their Fund Value Assessments by leveraging the portal to support the distribution and sharing of more comprehensive datasets that are not made in available in publicly shared feeds.
Providing a consistent mechanism for all client communications and a single site for clients to interact with the Asset Manager also creates a tool for continuous improvement. Over time, greater functionality and capability can be built into the portal, creating a unique platform which is not easy for competitors to replicate, allows direct interaction with the client and provides a single conduit for the collection of critical client data.