Sep 22, 2021

How often do you review and update your client reporting templates? Most likely, not frequently enough.

How often do you change the oil in your vehicle? Most of us certainly try to change it based on our vehicle manufacturer’s recommendation, perhaps every 5,000 miles or so. Sure, we may slip up from time to time, but eventually we get it taken care of. We make the time and spend the money on oil changes because we need to protect our investment in our vehicle. Shifting gears (smooth segue, I know) … How often do you review and update your client reporting templates? Indications are that your firm doesn’t update its templates anywhere frequently enough.

Most Firms Do Not Have a Formal Process to Update Templates

The 2020 Client Reporting Benchmarking Survey shows that only 24% of responding firms have a schedule for reviewing and updating templates.

A number of factors require firms to review their client reporting templates.

Factors Requiring Template Updates

1. Firm

  • Changing your brand
  • Mergers and acquisitions

2. Product

  • New investment strategies
  • New investment vehicles
  • Additions/deletions of security types

3. Content

  • Addition of new components (e.g., performance attribution, risk)
  • Addition of new data (e.g., ESG scores, compliance attestation)
  • New text (e.g., ESG overview, inflation impacts)
  • New data visualization (e.g., new charts, graphs, tables)

Best Practices and Peer Insights

We hear it all the time ─ investment management firms want best practices, peer insights, and independent analysis. In response, Cutter launched a new Client Reporting Assessment service that leverages our deep client reporting experience to review and assess client reports, and deliver independent analysis. Measuring both format and content against industry and best-in-class standards is crucial.

The key to protecting your client experience investment is regular maintenance. Just as getting regular oil changes keeps your vehicle on the road undergoing a client reporting assessment can help deliver value to your clients.

If you would like more information, or to schedule time to speak with about getting your client reporting assessment started, contact us at [email protected] or comment in the feedback section below.