Survey: Backstop users discuss client communications

Here at Backstop, nothing is more important to us than helping our clients use our products and services successfully. That’s why every year we gather for the Backstop User Conference, a two-day convention filled with workshops, panel sessions and one-on-one trainings, all dedicated to helping users optimize their Backstop experience.

This year’s conference in Chicago brought together over 240 Backstop clients – all leaders in the institutional investment industry - to network, learn and exchange ideas about best practices.

We love the Backstop User Conference because we learn as much from our users as they do from us. This year, we wanted to dig even deeper into our clients’ priorities, so we conducted an onsite survey about a cornerstone of Backstop’s offering to users: how to better communicate with clients.

Below are some key insights from the survey on the importance of client communication:

Communicate often. 46% of survey respondents said they engage in proactive communication with clients on a weekly basis and 70% say they engage with investors on at least a monthly basis. Communication with clients is more important than ever in the institutional investment management industry, with cybersecurity, regulatory and technological concerns fueling a change in client needs. Backstop is delighted that it helps its users keep up these vital touch points.

Communicate well. In addition to regular communication, it’s crucial to understand how best to reach out to clients so they understand their money is in good hands. 77% of Backstop users said they engage in some form of email communication. Depending on the economic climate at the time, the manner and frequency with which you reach out should change. 46% of users said they engage with clients by phone during times of positive returns, while that number increases to 53% when returns are negative.

Be flexible. While investment managers may tend to prefer one type of communication over another, it's essential to adapt to investor needs. Even if most clients prefer brief updates via email, others will expect the occasional call or in-person meeting. 30% of Backstop users said they regularly incorporate a combination of phone, email, and in-person communication with clients, while 62% said they utilize at least two different methods. It's also important to remember that communication should be adjusted to reflect market conditions. Markets are unpredictable, but investor communication never should be.




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