Client
Servicing -
How does your proposition stand up?
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The possible ramifications of the
Retail Distribution Review are far
reaching and although we are still
in the very early stages of this review
it would be fair to say that getting
a robust plan in place for client
servicing makes a lot of sense. This
gives you time to bed in your processes
and adjust them where necessary so
that you get it just right for your
business.
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Client Care Desktop can really help you
to put a servicing plan in place for all
of your clients.
A slick solution for client servicing starts
with segmenting your client bank. Once you
have decided on the way that you want to
segment your clients; for example by the
income they generate for your business,
by their net worth or by their profitability
(all of which could be understood from CCD)
you are able to record this on the client
file in CCD. You will find this in the SERVICING
section under the main client file. This
is an editable field and therefore you should
be mindful that you will need to maintain
this field at upgrade if you amend it from
our standard list of Gold, Silver and Bronze.
By segmenting your clients you can then
search the database for clients of a certain
segment so that you can send them appropriate
literature about the company and services
you offer. Each segment of your client bank
can have its own servicing routine so that
it is easy for you to agree your service
proposition with the client early on in
the process and by using the ‘next
valuation’ and ‘next review’
dates (also in the servicing section of
the client file) you are able to schedule
effectively when reviews should happen.
You can then apply this date to all the
holdings that the client has recorded in
your database.
This is when the really good stuff starts…
By adding in the next valuation date (and
how often you will provide valuations thereafter
for the client) you are triggering a chain
of events that will ensure that on the date
you require that the client’s holdings
will show in the ‘Updates’ module.
Any contracts that can be updated via Contract
Enquiry can all be requested by one single
mouse click. This is whether you have 1
or 100 contracts in that list! The contracts
that need to be valued manually show in
a separate list and you can then tie this
in with the review list for the month so
that you prioritise accordingly.
But this is only the tip of the iceberg…
Instead of simply providing a paper valuation
of the client’s assets you could:
- Use tools such as Financial Express
Analytics to evaluate their portfolio
and benchmark it against model portfolios
for asset allocation.
- Print off fund fact sheets to illustrate
how their funds are actually performing.
- Use the ‘client log in’
so that the client can see their valuation
on-line over your Quay Modular Website,
a service that you could charge a fee
for as they would have access to their
data at any time, any place and anywhere
in the world!
The possibilities are vast and we have
the knowledge of the system and the experience
of the industry to help you bring all of
this to fruition. If you would like to improve
your use of CCD for client servicing then
please contact our Training Team on 01279
756086 or email training by clicking
here. We offer training and consultancy
packages that will help you in this area.
If you would like to harness the power
of the Quay Modular Website within your
organisation, call us now on:
01279 756080
or email: sales@quaysoftware.co.uk
to find out more.
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