At the NICSA General Membership Meeting in Boston, I had the opportunity to speak on a panel with other industry experts about effective intermediary servicing and operating relationships. Keeping up with both fund and intermediary activities can be challenging, but whether navigating change in the industry landscape or intermediary consolidations, communication and relationships emerged as a key theme for the fund, intermediary and service provider success. E&Y moderated the panel which was comprised of distribution, operations, transfer agent and broker dealer representation.
While each panelist represented a different stake in the game, the key theme was the importance of building and maintaining relationships. Relationships are built on experiences, so those report cards, surveys, face to face visits are important and our opportunity to know our customer and find out what’s important to them. The panel unanimously agreed that industry committees are invaluable in bringing partners together to discuss business challenges and steering solutions and working well and very important to how we solve problems collectively. From all seats, the importance of communication and advance notification was reinforced as the key. At the end of the day, it’s about the successful delivery to the network and end shareholder.
Where can we improve? Assisting our Fund Clients and Intermediaries with the adoption of automated products and best practices. From each point of view, we have similar goals in reducing costs, mitigating risk and delivering service excellence. If we build it, they will use it! What’s our takeaway? To keep up with our survey feedback, stay on our road trips, and seize the client engagement opportunities!