BNY Fund Selector

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The Fund Selector Persona

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Spain has its own dynamics. In Spain we have a broad - and quite literal - definition. Someone who has the freedom to select funds ( to a point - there is a level of variability in terms of how much freedom, some select from a predefined list). Or the influence on others to choose the funds.

Spain is going through a downturn. It was the darling child and everyone opened offices here but those days are past. Now it's a race to get access to a saturated market and be the one that attracts the attention in a highly competitive market. The result is that these people are inundated with invitations to attend events so it is important to create compelling reasons to give us their time and attention.

Primary Needs

  1. Easily explained solutions - supported by key messages they can remember - simple and concise

  2. Proactive solutions - to keep portfolios relevant

  3. Personalisation - all interactions and communications passes the KYC criteria

  4. Fund Performance (outside of our control) - and to know why when they are not performing. Why and what steps to take. They are less concerned about knowing more about good performers. Clarification of underperformance is critical - it has to be timely and provide information that helps them to assess the situation

  5. Brand Confidence - They have to have trust in the brand. This underpins other interactions and the ability to build strong relationships

  6. Certainty - they don't like too much change. They like to know that the people they give their time to are experts and they can trust the advice they get

The Customer Buying Selection Criteria

Source: McKay Williams

  1. Quality of Fund Management Team

  2. Investment Strategy/Philosophy

  3. Information Provision/Reporting

  4. Risk Management

  5. Investment Process

  6. Pricing

  7. Coverage of Business Demand

  8. Fund Size and Liquidity

  9. Support/Service

  10. Contact with Management

  11. Fund History

  12. Solidity of Company

  13. External Fund Ratings

  14. Brand

Source: Key Drivers of Success in Europe, Mid Year Update 2018, Mackay Williams

The Opportunities To Increase The Customer Experience

Maximise Leverage - Introduce mentoring and more proactive knowledge / insight sharing to cross fertilise best in class - fully leverage what exists across countries that can be adopted and adapted elsewhere

Augment the Round Tables - Introduce roadshows that address known issues (either known by the client or anticipated by BNY team based on research) and present points of view and solutions. This is likely to appeal to certain stakeholders - in the advisory group in particular.

Foster Creativity - We have to be very creative to gain access - which calls for a lot of out the box thinking and multiple access points / opportunities. We need safe spaces for teams to create ideas and introduce new approaches

Modernisation of Tools - Data and Tech is a general challenge locally that we get round but life could be made easier if the systems were improved. Some clients (eg: agents) and our sales teams - need much better tech support - Mobile Apps for example. People are not static, they need access that meets the realities of todays working life.

Personalisation - Leverage technology to help with personalisation - make information provision more relevant without manual filtering where it makes sense so that the job of the client is made easier and they can produce information more rapidly.

Exploitation of Social Media - we are way behind on this. We need to build the B2C brand and this is difficult right now because of compliance rules and poor social media presence. No investment is being made for social messaging so content requires a lot of reengineering as we go through rules interpretations and language interpretations.

The Currently Known ‘Required’ Experiences X-Lifecycle

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They have to do their own research into the market at a broader level - to know what is going on generally in the world - how it affects the markets and their asset allocations - it's all about understanding impact - or likely impact - on performance. The prize is to get insight that keeps them ahead of the game in terms of current trends and implications. They get a lot of documents but time is not there to read them all - and remember what is in them. Having 'translation' services helps them to get to the key highlights. It's not about having loads of information, it's about the specific coherent information that is immediately valuable and usable.


  • Stimulation of ideas and new opportunities

  • Speeding up time to Insight

  • Access to discussion on topics that are relevant to them at that point in time


  • Feeling like we truly understand them and have heard their needs/challenges

  • Invitations are hard to ignore

  • Speaking in their language


  • Easy to navigate information

  • Events that draw attention

  • Association with a brand that immediately spells ‘Trust’

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We create interest by shaping a narrative - planting seeds about specific topics that will attract attention and suggest to the FS that this is something they should take an interest in. We will target specifically based on where we think there is most value. We are educating them on a potential proposition and why it's relevant to them. We develop this point of view based on our research into trends, into the topics that others are talking about and our conversations with clients. We are always seeking insight and tracking the market.

As the market moves in the direction we were discussing there will be more 'noise' on the topic and this is where we can reintroduce more directly the potential for developing business. The key aim is to get a meeting with the client - and we will do primary and secondary meetings before calling in specialists. They may remember that we flagged this earlier, we may get in first.


  • The value is clear and relevant

  • Insight is keeping them ahead of the game


  • A feeling of connection with the brand

  • It's easy to get the answers when needed


  • All concerns / question get addressed

  • It's easy to make the case

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This proposition may sit on a watch list for a few months - further up the scale there are more people to convince. This means them assessing whether what they have been told bears up - it's doing what is expected. We try and see the clients quarterly so we keep reminding them we are still there and make sure they don't forget the proposition and that we reach a decision.

Getting on the advisory list means that are are a trusted provider - albeit one of many potentially - whose funds have been 'approved'

We are organising events and meetings - at different scale - in campaign mode. This is where we deepen our insight, educate the client (whoever is the gatekeeper putting us on the list). All to make sure it's our fund that gets selected from the list. This is a constant round of communication both face to face and virtually. We will encourage them to to be using our collateral.


  • Feeling adequately informed and able to make a qualified assessment


  • Assurance that expectations are being met

  • Confidence in product selection


  • Access to all the information needed to reach a decision

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Services have a different relationship as they are not seen as 'sales' - which means we can get. more insight that we may not get in sales mode. Information is flowing constantly through teams across marketing, sales and service and there are also regular sales meetings that make sure we share what is being worked on (current campaigns) - not just within Spain.

There are always new needs so this development of narrative, maintaining relationship and being able to keep relevant to them is a continuous process. We may be asked to help them in responding to their clients (B2C). The pieces of the puzzle are shifting once we get to the list and we are working with a different set of stakeholders.

The relationship between service and client becomes critical at this point. Services may well get key information that will help sales and it's important that they recognise the value of that information to sales.

Once the fund is bought our services focus is on how we can support them. When a fund is on an Advisory list there are a lot of reporting requirements that the client has.


  • Confidence in ability to stay compliant

  • Answers before the questions crops up


  • No unpleasant surprises

  • Knowing that they are giving their clients the best information available

  • The assurance of having experts to call on when needed


  • To the point information that speeds up their time

  • Easy to understand instructions

  • Rapid access to insight

  • Giving them time back to focus on higher value work

  • Any issues get addressed quickly and effectively


The Touch Points

  • Think Tank

  • Linked IN

  • Web Site

  • Email

  • Sales Leads

  • Product Experts

  • Client Services Team

  • Events

  • Phone / Conference Calls

  • Campaigns

  • Account Portal

  • Commentaries

  • Fact Sheets

  • Cold Calls

  • Visits

  • Marketing Collateral

  • Seminars

  • Conferences

  • Allfunds

  • Inversis