The initiative has seen the firm move beyond outdated quarterly reporting, and redefine client communications with a new and engaging, dynamic offering.

Following a two-year strategic project, Heartwood now uses SimCorp Coric’s fully audited and automated client communications and reporting platform. Heartwood is one of the first asset managers to fully address the growing demands posed by an evolving client and adviser base, who continue to seek real-time, accurate and high quality reporting data at their fingertips. At the same time, Heartwood has also identified the untapped potential of client communications, together with digital channels, to deliver an engaging, consistent and holistic client experience.

With a renewed focus on responsiveness and transparency and in the aftermath of MiFID II, the wealth industry has battled with both changing client needs and a manual, fragmented approach to client communications. Like many asset managers, Heartwood grappled with this growing challenge, leading to the launch of an extensive research project, looking to understand real client needs. Having identified critical areas for improvement, Heartwood developed an overall vision, selecting SimCorp Coric as a strategic partner, to improve the client experience and deliver the firm a significant competitive advantage.

The close collaboration between Heartwood and SimCorp Coric has resulted in an ambitious implementation of a digital innovation strategy that breaks through the barriers of traditional reporting methods, while also achieving greater transparency and compliance with global regulations.

Key achievements of the implementation of SimCorp Coric at Heartwood include:

• Widespread client approval of self-service tools
o Including the use of self-service reporting tools, providing seamless access to Heartwood’s client centre, which was met with widespread approval by clients.
o New, on demand visual data and written commentary, rather than at month- or quarter-end. These reports provide graphic detail on the performance and positions of all Heartwood funds, as well as allocations, holdings and key fund information, accessible across mobile, tablet or laptop.

• Appealing to the needs of IFAs
o Use of tools by Heartwood’s advisers to discuss the asset manager’s strategies with new prospects.
o Using SimCorp Coric’s online tools, IFA’s can better illustrate performance over different time periods, answer questions, and ensure prospective clients have a deeper understanding of choices.

• Maximising resources at Heartwood
o Increased automation and operational efficiencies in the daily delivery of information to the business and clients
o Heartwood’s teams are empowered with tools to dynamically edit reports following regular client feedback, without exhausting significant IT resources.

Matt Hollier, Head of Investment Product, Heartwood Investment Management, said: “We are pleased to have entered a new digital era of reporting and communications to our clients. The introduction of dynamic reporting processes and self-service features delivered from our partnership with SimCorp Coric is a key requirement. With trust and transparency at the heart of our business strategy, we are committed to continually developing customer-oriented solutions to support our clients’ needs. Our radical overhaul of client communications is part of this pledge, and a means to create lasting added value.”

Hans Otto Engkilde, Senior Vice President & Managing Director, UK, Middle East and Northern Europe at SimCorp said: “We are thoroughly pleased to have partnered with Heartwood on their innovative and client-focused project. The wealth management industry must re-shape its communications and reporting, with the adoption of digital channels, if they are to meet evolving demands, both now and in the future. The pioneering and digital approach taken by Heartwood, together with the ambition achieved in a remarkably short timeframe, has made them a beacon for the industry and a key reference client for SimCorp Coric. Going forward, we see client experience as the most important differentiator for investment managers. By transforming its digital strategy and empowering clients with market-leading communications, Heartwood will gain a clear competitive advantage.”