What's in a name?

23 July 2020 Posted by: Patrick Woods Posted In: client retention

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What’s in a name?

An awful lot, judging by the effort and time devoted to choosing the “right” one. Most parents will empathise, as will many pet owners. 

The same applies in the world of business. Doubtless you have heard the argument: “Our organisation needs a name that tells the world what we do and what we stand for”.  

I have often wondered about how the industry I am most familiar with arrived at its name, Asset Management? Can this title be said to adequately address the 'what we do and stand for' test?

Stressing the Asset aspect of the industry’s role arguably overstates the importance of the process of investing of funds.

Surely the word Future should feature? After all this is an industry where the focus is on looking forward, in order to help customers plan for what lies ahead.

What about Responsibility? Isn’t this a vital element of the roles of all involved, both in terms of future financial provision but also in respect of all matters environmental, social and governance?

Then there is the issue of the Relationship between the industry and its customers. It might be argued that it is this aspect of management that is the most important role the industry should attend to.

Therefore, somewhat tongue-in-cheek, can I suggest we consider renaming it the Responsible, Future, Relationship Industry.

On second thought, perhaps Asset Management as a name has merit after all, as long as we do not lose sight about what really matters to our customers.

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