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Digital Wealth Asia Forum 2019 HK - Exclusive Insights - Jay Sala

Jay Sala of EY

Dec 2, 2019

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1. How should you decide what’s working? What KPIs should we use?

Video transcript

1. How should you decide what’s working? What KPIs should we use?

It's important to really go back to, what I call first principles, or whatever your north star is going to be as an organisation, right? I would suggest that north star ought to be the client. I think that it's important to define who the client really is and what we as an organisation are trying to deliver to that client. I think, once that's clearly understood, then it's easier to figure out, well, what should that experience look like and therefore how do we measure and manage that process? So, I would start off with a client as a north star. And I think that, in addition to the traditional business metrics related to things like client acquisition, gross sales, or net flows, or revenue generation, or even number of products per client, I think we can start to be thinking a little bit more about the kinds of outcomes that we're achieving with clients. I think one step in that direction has been around measuring client satisfaction. So NPS, net promoter scores, are useful. I think it's a little bit of a broad-brush tool, a bit of a blunt instrument, right? There's been more attention to delivering outcomes, to gold space investing. I think that, over time, the firms that are going to be most effective are going to find a way to define what are those goals of the clients and how do we measure our effectiveness and actually helping those clients to achieve those goals, right? So, one example of that could be for example, retirement. Like a financial institution might help a client to determine what their retirement goals are going to be in terms of budget, timing, that sort of thing. I think that some of the metrics that an RM, or maybe a business, should have at its fingertip should be, how well are we helping the client achieve that? Ultimately, they're making the decision about how much they save. There may be making choices about the products that they ultimately select. But we should have visibility as to where they are in that journey towards achieving those goals, because I think that impacts the kind of advice that we should be giving the clients along the way.

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