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Video Series: 6 Ways Asset Management Firms Can Benefit from Artificial Intelligence

To stay competitive, asset management firms need to make intelligent decisions regarding every opportunity and utilize every resource to its fullest. Without the right technology, firms are at a significant disadvantage:

  • Without insight into how their interactions with advisors, branch offices, or broker dealers are affecting sales outcomes, your sales people are operating in a vacuum and can make mistakes or miss opportunities.
  • Chasing opportunities and responding to RFPs can be difficult and time consuming, and unfortunately often don’t pan out.
  • When it comes to trip planning, wholesalers and account managers struggle with how to decide who to visit among the hundreds of possible options for client/prospect visits in a given area.
  • When client meetings aren’t well coordinated, opportunities can be missed, and the client experience can be negatively affected.
  • With no insight into campaign results, how do your marketing people know if they’re spending time and money wisely?
  • When management has limited insight into operations and is burdened with time-consuming processes for preparing and maintaining reports, the ability to make timely, informed decisions is impacted.

How can asset management firms address these challenges? With artificial intelligence (AI). It might seem far-fetched to implement AI in all these areas, but you might be surprised to know that the tools you need are as accessible as your CRM software.

Following are six videos that address the issues discussed above. Each video provides a quick overview not of traditional software, but of a platform that connects all the pieces and then applies AI. , that will empower everyone in your firm, from your wholesalers and sales people, to your marketing and management teams.

#1: Managing wholesaler and retail lines of business with AI

Managing your wholesalers and sales people is one of the most important facets of your business—and often the most challenging. Your wholesalers sift through thousands of lines of sales and trade data on a daily basis. How do you get true meaning from it, when humans make mistakes and introduce bias when attempting to process all that data? Watch this video to see how artificial intelligence (AI) and machine learning can help address this challenge.

#2: Managing pipelines and RFPs with AI

In the past, wholesalers and account managers typically worked only within the retail or wholesale space. But today, the lines between those areas and the institutional and private spaces have become blurred—which involves evaluating RFPs and other opportunities.  There’s no way to respond to all of them, so how do you decide which ones to focus on?  Watch this video to learn how AI and machine learning can help you pursue the opportunities with the most potential for return.

#3: Planning trips with AI

For wholesalers, trip planning can be time consuming and less than profitable. How do they decide who to visit in a given area, when there are dozens or even hundreds of possible clients or prospects to choose from? They might skip the best opportunities and meet with someone who is more fun and less challenging. Watch this video to see how AI and machine learning can help make those decisions—but with objectivity, making the most of each trip.

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#4: Coordinating client meetings with AI

Wholesalers visiting clients and prospects on the road need an effective way to plan and prepare for those meetings—not just planning, but also capturing the meeting notes to drive action items. Without this, the meeting has no value. Outlook and your CRM system can only track logistics. Watch this video to learn how AI and machine learning can help you formalize the process, making it more efficient and effective to capture relevant information beforehand, during, and afterwards—even from the road.

#5: Measuring and ensuring marketing and campaign effectiveness with AI

Perhaps the biggest challenge your marketing department has is tracking the effectiveness of events and campaigns. When you are working to acquire clients, sales stretch over long periods of time, and the only question that can be answered is if your AUM has gone up on a particular product. How do you determine the success of campaigns and other marketing efforts? Watch this video to see how artificial intelligence (AI) and machine learning can help you pinpoint exactly which efforts are working and which are not, so you can take action for better results.

#6: Effective enterprise reporting with AI

A big issue for most asset management firms is reporting. With lines of business operating differently from one another and the large amounts of data within those different systems, how do you see everything—all rolled up into one place and organized, ready to format? Watch this video to see how an open platform provided by Dynamics, coupled with machine learning and artificial intelligence (AI), can help you leverage whatever tools that work best for you to meet your reporting needs.

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With artificial intelligence, offered by a platform like Microsoft Dynamics 365, asset management firms address major challenges and impact ROI. To see AI in action, talk to the Financial Services experts at HSO.

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