Asset Managers Look to CDPs for Better CX, Survey Finds

In recent years, asset managers have made operational efficiencies their highest priority. More recently, this sector has identified customer experience (CX) as a close second priority.  

In order to deliver desired customer experiences, data quality and a unified profile are required. Customer data platforms (CDPs) provide the functionality needed for desired CX. They also contribute to operational efficiencies by eliminating data, people, and technology silos. CDPs orchestrate journeys rather than execute campaigns.

The CDP InstituteThe SME Forum and I collaborated on the first industry study of asset managers of all sizes to determine their level of understanding of customer data platforms (CDPs) and their plans, if any, to implement CDPs.

The survey indicates that marketing is evolving, and asset management firms are on a journey to become data driven. Distribution is also utilizing data more to strengthen their sales process during the buyer’s journey.

We also found that asset managers are very much aligned with the broader cross-industry population when it comes to benefits, challenges, and capabilities desired.

Benefits of a CDP for Asset Managers

The chief benefit of CDPs recognized by asset managers (and the broader cross-industry population) is generating a single customer view. A core capability of CDPs is to deliver a 360-degree view of advisors and investors.

Improved data analysis and segmentation and orchestration of customer treatments across channels were the second and third highest ranked benefits.


Similar to the broader cross-industry population, asset managers consider organizational readiness, rather than technology, to be the greatest challenge to deployment success. Organizations were not properly prepared to begin the CDP journey. Input data was missing, or inadequate and requirements (use cases) were understood, but time and costs were underestimated.


The most desired capabilities asset manager are looking for in a customer data platform are:

  • Collect data from all sources including CRM, website, mobile apps and third parties.
  • Powerful identity matching and management.
  • Deliver customer profiles to other systems in real time.

State of CDP Deployment

In terms of CDP deployment, we found that asset managers lag behind the broader cross-industry population in current CDP deployments, but are ahead of the curve when it comes to CDP deployments on a percentage basis over the next 12-24 months.

Comparison of CDP Deployment in Asset Management vs. Broader CDP User Population


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Around one-fourth of respondents indicate they have no plans to implement a CDP. These respondents are from firms with less than $100 billion in AUM.

When respondents were asked if they plan to use a CDP as their next-generation marketing automation platform, 60 percent of intermediary businesses respondents said they plan to supplement their second-generation marketing automation platforms with CDP journey orchestration. Institutional businesses followed, at almost 40 percent.

This is an ideal time for smaller asset managers that do not have second-generation marketing automation to go directly to journey orchestration in a CDP.

For more detailed findings, check out the full report here.

Marianne Hewitt
Marianne Hewitt
Marianne Hewitt, Principal at The Growth Strategy Group, is a recognized thought leader in digital marketing trends and an implementer of marketing programs, practices and organizations. Her career includes Fortune 100 manufacturing, insurance and high tech positions in marketing, sales and IT. Ms. Hewitt is a member of and blogs for the CDP Institute.