The fund industry has got its priorities wrong on client service, Citywire’s latest research has found.
When it comes to service, it is in the areas that Europe’s fund selectors consider the most important that asset management firms were given the poorest scores.
Overall, the 270 fund selectors who completed our comprehensive survey gave the product providers a C+ for service, across a range of key criteria defined by the selectors themselves.
The selectors told us that ‘crisis event’ communication and accessibility of fund managers were the most important of nine criteria in the core service categories – on a scale of 1 to 5 they were given an importance score of 4.57 and 4.5 respectively.
But these were the areas where the asset managers scored most poorly: the average scores they were given by selectors were just 3.62 and 3.64 respectively on the 1 to 5 scale.
There was positive news for asset managers when it came to salesperson product knowledge. This was the area where they scored most highly – 3.91 – although the selectors ranked this factor mid-table in terms of importance.
Selectors scored each individual fund provider from a list of Europe’s biggest, and the results give very clear pointers on where the asset management groups need to improve.
The survey formed the basis for the Citywire Selector Service Awards, which were handed out last week at a ceremony in London. Here is the full list of winners.
So, some asset managers are getting it right on service, an area most agree will be a key competitive battleground – but many are not.
The 49 international fund providers ranked in the survey included all of Europe’s 35 largest but if you look at the winners and nominees, sharp-eyed readers will note that some very big brand names are conspicuous by their absence.