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Emergence of Client Reporting Solutions – Reasons For a wealth or an asset management firm to strive big by garnering a large clientele is to effectively manage available resources that assist in yielding high rewards for the company. When the given resources are effectively utilized and managed in an effective manner, only then financial firms and wealth or asset management companies will strive in a competitive market nowadays. An essential aspect of management assets or wealth of a large number of clients is to maintain continuous and steady communication. An effective means to bridge communication gaps between clients and their asset or wealth managers is through client reporting. Especially where long term investments are concerned, regular reports to clients act as informational guides explaining about the significant progress a client’s investment has made in a determined period of time. Reporting to clients on a large scale depends on various factors based on which the client- manager relationship can build. Thus, a special amount of emphasis must be given to maintain constant communication through reports. With respect to client reporting, it is of utmost importance that reports are accurate and bear reliable information regarding a client’s investment progress. Secondly, alongside accuracy of reports, understandability is yet another essential aspect to retain a client’s attention for long. Without easy to comprehend reports, a customer will feel uninformed, thus prompting him to change their investment managers and hire those who can cater to individual preference and demands with regard to client reports. Unfortunately, many asset management firms and wealth maximization offices aren’t equipped with enough resources that ensure effective client reporting and communication. A number of limitation or setbacks faced by asset management firms are explained with the following points. •

Many a times it happens that a relationship or investment manager is not able to set aside ample amount of time to manage client reports for individual portfolios. This becomes harder when the number of portfolios or clients increase and managers remain limited. Handling a mass clientele becomes difficult with limited manpower and expertise at one’s disposal.

Another shortcoming for an asset or wealth management firm is the demand of customized reporting about investments from clients. A relationship manager in many cases is thronged with demands to prepare customized reports that they are able to understand easily. Many clients are interested in getting a full detailed view of the progress in their investments. A manager may not necessarily have the time or expertise at hand to cater individual client requests are demands.

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Emergence of Client Reporting Solutions – Reasons  

An effective means to bridge communication gaps between clients and their asset or wealth managers is through client reporting.

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