It’s not always what you say, but how you say it that counts. Especially when you’re asking investors to update their personal information via email or worse, mailed paper forms. That doesn’t exactly scream effective and expedient communications.
It’s an exceptionally hectic Monday. Your morning commute was snarled, your usual cup of coffee was polluted with the wrong creamer, and now you’re scrambling to make your weekly business development meeting. By the time you print off your prospective investors/opportunities report and dash in, it’s far too late to fix the fields that you just noticed you forgot to fill out during the week.
As an institutional asset owner, this scenario may be nauseatingly familiar: several days have passed since the end of the quarter, and you still haven’t received the quarterly follow up from all of your investment managers. In fact, you expect all of your investment managers to send you regular monthly check-in correspondence, and every month, this one is late. How are you supposed to adhere to your institution’s compliance policies or review key performance portfolio indicators?
In the long list of deliverables you are tasked with as an alternative investment firm, updating your browser may not rank very high. But it should – otherwise, you are providing a blueprint to hackers on how to get into your systems and steal your data.
Investment management is ultimately about relationships. Asset owners and asset managers build trust with each other over time by telling the truth, honoring their commitments, and communicating frequently. In other words, by developing a relationship. Whether you’re an asset owner or asset manager, the enterprise software systems you use to keep track of your relationships must keep an accurate record of the past.