Asset managers most likely to be in the winners’ circle in 2025 will be those who understand the arc of today’s trends and tomorrow’s possibilities and then proactively assemble the vision, strategy and capabilities needed to create their own future, according to a recently released study by Accenture.
Changes ahead will include everything from brand, product, distribution, operations and talent.
The first thing asset managers should do, suggests the paper, is create an organizational structure that supports new ways of working, not forcing people toward old ways of working and technology mindsets.
Take advantage of new skills
It also suggests that managers take advantage of learning innovations to “new-skill” their workforce. Accenture says that while there will be talent shortages, it is imperative for asset managers to customize offerings for clients because generic training cannot hope to meet the needs of the varied tasks and responsibilities of asset management professionals.
Another important part of a successful future learning organization is to increase informal learning opportunities. At the same time, however, companies should use advanced technologies to provide individualized learning at scale, said the paper.
Emerging technology is giving the asset management industry an extraordinary opportunity to transform how it delivers value to its customers, says Accenture. To make the most of that opportunity, Accenture suggests setting up and executing a “transformational culture change program.” Given the pace of innovation, asset managers should make sure they have experts attending to change management and effective collaboration.