Ffyn's pilot

Firms sign up for digital client service platform, by Dawn Cowie, FT Ignites Europe

By December 17, 2018 No Comments

Robeco, Fidelity and Allianz Global Investors have signed up for a new digital platform that aims to provide fund firms with information about how banks and wealth managers track their products.

Full article by Dawn Cowie available on FT Ignites Europe platform

FT Ignites Europe platform

The Ffyn platform, which is set to launch in January, will enable asset managers to monitor fund literature use, and receive feedback on the information provided to clients and the quality of after-sales service.

The platform will also send the fund provider an alert if its fund appears on a user’s watch list or if it is removed from a buy list.

Karim Carmoun, head of distribution for France and Monaco at Robeco, says: “It is a real challenge to know what clients are thinking because of the lack of feedback about our after-sales service. Is the information we provide relevant? Do clients get enough detail?

“Often clients are too polite to tell you if they did not get what they wanted and they tend not to notify fund firms when a fund falls off a buy list.”

Robeco was invited to take part in testing the platform pre-launch.

(More on FT Ignites Europe….)

One of the main aims of the Ffyn platform is to improve the relationship between fund providers and buyers.

Fund buyers will be able to use the platform to ask questions directly to different departments with the fund provider, such as portfolio management, client services, sales and marketing.

The platform plans to provide an aggregate view of all the interactions between a fund provider and a fund buyer, helping asset managers spot patterns and gain insights about the needs and perceptions of clients.

The service is paid for by the asset managers through a mixture of pay per user and pay per number of funds.

For banks and wealth managers, the service is free to use but they must upload their buy lists in return for access to the platform.

 

Stephanie Griffiths, chief marketing officer of Ffyn, says: “Asset managers do not have an industrial process in place to make one-to-many relationships work. “They know they need to improve and they are trying different strategies, but they have not succeeded.”

Fund providers are aware of what is happening when a fund is bought and when it is sold but “no one is taking care of the bit in between”, she adds.

On the other side of the relationship, professional fund buyers are under increasing pressure from regulators to be able to justify why they are invested in a particular fund on an ongoing basis.

This involves collecting all the latest quantitative information and fund documents for each fund, as well as historical data and information on the relevant benchmark.

It also involves staying up to date with the managers of the fund.

Another “pain point” is that they get “harassed by asset managers with non-relevant information that is not personalised”, she adds.

“Clients are becoming more demanding,” says Mr Carmoun. “Their questions are more technical and they expect quicker, more customised responses.”

The knock-on effect is that asset managers need to improve their quality of client service if they want it to be a competitive advantage.

Full article by Dawn Cowie available on FT Ignites Europe platform

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