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6 reasons why it may be time to switch your financial services provider

01 February 2024

Transitioning to a new financial services provider can be a daunting prospect, but our research indicates that priorities around technology and scalability are increasingly driving managers to switch.

Our survey of asset managers in 2023 uncovered the factors influencing their decisions to shift to a new financial services provider. It reveals how evolving priorities are prompting managers to make a change.

35% said that better technology would be a main driver of moving to a new partner – a 9% increase from 2020 when we last undertook the survey! It was also telling that 37% of voters, more than a third, flagged unreliable service as another driver to switch.

The full results are revealed in our eBook

Consider these 6 reasons when changing financial service providers:

  1. A single-source provider

67% of managers prefer single-source solutions from partners who can meet all their needs.

  1. Global scalability

The best partners can scale globally and adapt to different countries’ regulations, taxes, funds, and cultures. The challenge is to scale with consistent service in diverse territories.

  1. Rigorous compliance and governance processes

The demand to demonstrate robust compliance and cybersecurity processes have become more intensive each year. The best providers should be able to demonstrate explicitly the strength of internal oversight measures and a business-wide culture of compliance.

  1. Technological advancements

New technology is a key selection factor. Providers should show they can meet the new demands of investment reporting and data transfer, with reliable systems and cybersecurity. They should also offer transparent and value-added services to investors.

  1. Range of corporate secretarial, foreign exchange, and banking solutions

Any modern financial services provider should offer a comprehensive range of corporate secretarial, statutory compliance, foreign exchange, and bank account management services.

  1. Multi-jurisdictional presence

It is increasingly important for asset managers to count on their service provider’s presence, local expertise, and wisdom gained from operating locally across multiple countries.

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