At The 2019 MMI Annual Conference (October 13-15, 2019)

With the 2019 theme of the Money Management Institute (MMI) Conference being “Reinventing Relevance”, the predominant focus was placed on exploring the notion of “customer focus” and how attendees can create customized experiences that engage:

Complementing the Human Advantage with Technology — your value is based on how you improve and simplify your clients’ lives. In order to maximize that value, firms need the right combination of the human element and technology capabilities. Session explored how the industry is using data and leveraging the benefits of AI and machine learning to transform the client experience.

Lessons in Inspiration and Innovation from Other Industries Leaders — asset management is seeking ideas and lessons learned by examining successful distribution strategies and B2B business models implemented in other industries. Leaders from the pharma, medical devices and hi-tech industries delivered case studies.

Developing New Capabilities to Enable Profitable Distribution — a truly client-centric approach supports tighter integration of sales and marketing. Session delved into what a more client-centric distribution model looks like and the key capabilities to enable such a model.

The Digitization of Assets, Products, and Asset Class Exposures — session explored the growing interest and utilization of digital assets, cryptocurrency, bespoke products, and direct indexing and how they are being integrated into traditional wealth management service and product offerings

Staying Relevant: The Most Pressing Issues — increasing investor demands for transparency, lower prices and equal access to asset classes and products are driving changes across the asset management value chain and are forcing asset managers, distributors, advisors, consultants and others to re-examine how to profitably create value. The session explored what it really means to “be relevant” to clients and the race to justify relevance.

Craig Pfeiffer, CEO of MMI, in discussions with IID, outlined that a pronounced global perspective, the growing integration of ESG into investment thinking and process (which has been prevalent in Europe for over 100 years), and changing tech and distribution models as 3 of the biggest converging forces he sees reshaping the asset management industry:

Pfeiffer:  “From an asset management perspective, I was struck by the elevated dialogue at our Conference around the global view of their perspectives, running their businesses and managing their portfolios in a global sense with a global mindset, not just as the old mindset of being a US manager located in Boston or wherever that only thinks of US investors. Global regulatory trends – if not here yet it’s coming – along with technology allowing new distribution options with vast choice through customized model portfolios, and cyber security issues - which are global threats -  are all driving and forcing a wider view.

Also mindsets are clearly opening up with an external lens to explore and learn from other industries’ successes and how they confronted similar challenges. It is valuable to have an outside global perspective. Perspective is key in staying relevant to your clients. The industry has been known for a technology evolution in itself, not a technology revolution with its clients. In the past asset management created things and then tried to sell them, as opposed to what clients need.  That is also changing.”