There is no silver bullet or magic pill to solve the client sales and relationship management needs of the institutional money management market. The disparate needs of sales, client service, and portfolio managers dictate that an optimal solution for one suboptimizes the solution for others.
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Highlights
The CRM needs of the institutional asset management industry are based on the distinct interactions its organizations have with their clients. While a business-to-consumer model with hierarchical aggregation of relationships characterizes CRM for retail investment management firms, the needs of the institutional investment management industry, with its complex relationship management requirements, look more like those of a business-to-business application.
Each institutional asset manager has distinct requirements based on its size, product mix, technology infrastructure, business processes, and business philosophy. These disparate needs are reflected in the way they patch together proprietary solutions, sales force automation solutions, and horizontal CRM solutions or customize portfolio accounting applications.
CRM solutions targeted at the institutional asset manager are offered as both stand-alone solutions and integrated modules of portfolio management solutions. Integrated portfolio management solutions have historically taken an account-centric approach to CRM installations, while stand-alone vendors have approached the issue from a sales force automation perspective. These approaches largely define the respective strengths of the vendor alternatives.
Solutions that have been designed specifically for the institutional asset management market reflect the development they have gone through to meet the evolution of their users’ requirements. As a result, they offer an amalgamation of contact management, document management, and sales force automation functionality.
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