Stephan de Kock, Chief Operations Officer, Old Mutual Multi Managers.
Today’s consumers are willing to spend more money with a company that provides them with an excellent customer experience - the product of an interaction between an organisation and a customer over the duration of their relationship, mainly because they have more choice than ever before and, as a result, they’re more demanding.
With digital technology reshaping the asset management industry, Old Mutual Multi-Managers has prioritised their customer experience, rolling out a digital platform that empowers people and is set to deliver experiences that strengthen its differentiation in the marketplace.
As a multi-managed fund of funds, the business has many types of non-traditional customers, including asset consultants, benefit consultants, the members, the trustees, and the asset houses.
“People think asset management is only about investment returns and lower costs, but there’s a massive place for customer experience in the industry,” says Stephan de Kock, Chief Operating Officer for Old Mutual Multi-Managers. “In this business there’s no tolerance for sloppiness and a high regard for zero defect. You must get it right every day or someone potentially loses money. That said, there’s a lot of room for delighting your customers. Quoted from one of our clients: “Your team was even better than ever today! We were certainly impressed with all and we are proud to be associated with such a professional and competent group of people.”
“We spend a lot of time talking to our clients about their experience and what they want or need, and we develop our delivery plans on that feedback. We’re also constantly thinking about changes in regulatory requirements and we work hard on delivering to these.”
A fanatical commitment to excellence
De Kock says Old Mutual Multi-Managers’ passion for customers is unparalleled in the industry. The business limits bureaucracy, and clients of all investment sizes have a direct line to the CEO or COO, ensuring that everyone walks away satisfied. Staff turnover is low compared to its peers, largely because standards are high and people treated as key, talented people want to work for a company that’s among the best multi-managers in the country.
To be the best, he says, requires an effective fund administration platform and an enhanced client front-end. In its drive to continue to innovate and improve, the business has outsourced a large part of its investment administration services requirements to a third party they fully trust.
“In the past, we made use of two providers but decided that a single provider with world-class capabilities would make for a much better customer experience,” De Kock says. “Our provider is a true partner to our business, and we engage daily to ensure the best outcomes for clients.
It’s a relationship that works because of the segregation of duties. They focus on 100% accuracy in terms of valuations, trading and recording these, while we focus on the customer.”
Customer focus means ensuring that customers’ requests, queries and standard deliveries happen faultlessly and seamlessly, with the correct checks and balances in place.
“We have intensified our focus on technology as an enabler, with an emphasis on client-facing experiences like our client front-end and the supporting data systems,” he adds. “Several massive enhancements came online before the end of 2016, all based on clients’ feedback with several more planned for 2017. In addition, our fees are exceptionally competitive, and in the interests of transparency the fee models are easy to explain to clients. It’s all about providing the best multi-management experience in the country.”
New reporting capabilities and functionalities
The technological improvements will put the ability to draw any information or comparison, simple or complex, in the client’s hands and through any device.
“Because we ‘own’ the data, there’s nothing we can’t do,” De Kock says. “And because we believe in complete transparency, clients will have access to everything we have, as long as it’s fair and legal.”
Old Mutual Multi-Managers’s platform, customer service and ethos are the same for clients who invest in its off-the-shelf products and those who choose their own investment strategy and require an investment platform. The streamlined platform offers many benefits for clients who want to make their own choices.
These include a service offered by a team that treats customers’ money like it’s their own, and have a deep understanding that they’re often dealing with peoples’ largest investment. The business’s flexible approach means that its team will always find a way to enable what customers want, while ensuring the peace of mind that comes from knowing they’re dealing with a team of experts behind the scenes.
“We are 100% committed to a customer experience that is responsive, targeted and truly personal,” De Kock says.
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