Phronesis collaborated with a leading US-based asset management platform provider, facilitating a re-evaluation of its product strategy based on Phronesis’ qualitative research and insights. By leveraging our expertise in accessing and engaging hard-to-reach financial technology users and decision-makers, we delivered key insights into Financial Advisors’ challenges and requirements when selecting investment platforms. Our comprehensive approach yielded invaluable data, enabling the platform provider to integrate key features and achieve double-digit market share growth.
A prominent US-based asset management platform provider with annual revenues of over 600 million USD sought to refine its product strategy, to enhance its offering, and attract potential customers to drive significant market share growth. However, lacking access to expert networks, the company faced challenges in sourcing suitable participants for the study to be able to generate the essential insights needed within a tight 4-week timeframe.
Challenge
The company needed help sourcing hard-to-reach fintech experts for research into asset management platforms. Because the company didn’t have access to an expert network, they were struggling to gather quality insights and complete the research within a strict 4-week timeframe.
Objectives
The company wanted to:
- Access hard-to-reach technology decision-makers in Investment Advisory & Wealth Management firms.
- Understand usage trends and unmet needs of Asset Management Platform users.
- Explore competitors’ implementation strategies.
- Identify key factors influencing provider selection.
Why Phronesis?
The company selected Phronesis as we were able to deliver:
- Expertise in accessing and interviewing hard-to-reach target respondents to capture relevant insights.
- Extensive experience in engaging with large investment management firms and financial advisors.
- Access to Subject Matter Experts in Asset Management Platforms.
Approach
Phronesis targeted Independent Broker-Dealers and Registered Investment Advisors (RIAs) in the US. We then created ideal target profiles to identify individuals with expertise in asset management platforms and responsibility for, or involvement in, making portfolio investment decisions. Leveraging research tools along with referrals from past financial management research participants, we conducted primary research to identify and recruit respondents, and schedule interviews for the client. This ensured insightful data collection and enabled us to complete the research within the required timeframe.
Outcome
Phronesis’ research yielded:
- Comprehensive insights into competitors’ products and target audiences.
- Implementation strategies tailored to different asset classes.
- Identification of essential features and challenges faced by financial advisors.
Impact
Our insights guided the company in re-evaluating its product strategy, resulting in the integration of desired features and enhanced user experience. This strategic move aimed to propel it towards achieving double-digit market share growth. By prioritizing key functionalities resonating with potential customers, including Asset Tracking and Security features, the company not only achieved double-digit market share growth but also celebrated a transformative impact on the product development process.
Building upon these insights, the company not only implemented the desired features but also updated its user interface, further enhancing the customer experience.
