Recently we have observed a notable trend where many clients who historically focused on portfolio construction platforms, what we call “Build” solutions, are adopting “Distribute” solutions to better service their clients. This transition is driven by a combination of push from the builder (PM and CIO teams) and pull from the distributors (sales and solutions teams). Builders aim to handle incoming requests more efficiently, recycling answers to similar queries and disseminating valuable information across the distribution team. Distributors seek to respond accurately and swiftly to client requests and to remain competitive with advanced tools.
We identified 6 strategies and tactics for the successful rollout of digitally enabled “Distribute” solutions.
Communicate the Vision
Most of these initiatives originate from senior leadership. Top executives endorse the use of self-service tools and emphasise their alignment with the firm’s overall strategy. By clearly articulating the vision and goals behind these tools, leaders reinforce their value to the distribution team, helping to overcome resistance and inertia.
Highlight the Benefits
The sales team appreciates the benefits of upskilling and expanding their client reach. With instant access to information and resources, they are able to save time and reallocate it to more productive tasks. Additionally, these tools empower the sales team to become more self-reliant and confident in handling increasingly complex client requests.
Ongoing Training and Support
Initial training sessions are crucial. They cover how to use self-service tools effectively, incorporating real-life scenarios and hands-on practice. As the technology is updated and enhanced with new releases—partly based on gathered feedback—continuous learning opportunities are arranged through webinars, workshops, and refresher courses.
For larger firms, establishing a dedicated helpdesk or support team to address issues and questions related to the tools proves highly effective. Additionally, creating a comprehensive resource library with guides, FAQs, and troubleshooting tips is appreciated by self-starters and widely used by smaller firms.
Showcase Success Stories
We find it highly effective to accelerate adoption by having early user groups and sponsors share their positive experiences and the benefits they gain from using the tools. Sales management and senior management further strengthen this by fostering a virtuous cycle of usage, adoption, feedback, and new feature releases. They regularly share examples of how self-service tools help salespeople successfully handle client requests and generate new business. These examples are highlighted in various forums, such as weekly or monthly team and individual meetings.
Incentivise Usage
Recognising individuals who effectively use the new self-service tools—especially during forums like townhall meetings—plays a significant role in driving adoption. Unsurprisingly, showcasing new business wins as examples proves to be the most impactful messaging. Additionally, sales management finds great value in incorporating self-service tool usage logs and metrics into performance reviews and KPI setting.
User-Friendly Tools
The self-service tools are designed with an intuitive interface, making them easy to use and navigate. Processes are also in place to collect feedback from salespeople, enabling continuous improvements to the user experience. Additionally, these tools are integrated with existing systems and single sign-on capabilities to ensure a seamless workflow.