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Education for better customer service

By Chris Whitside

RBC Global Services is a world leader in custody, specialized investment administration and transaction processing services for the private and public sector. Undoubtedly, one of the reasons it has become a world leader is the company's commitment to employee education. RBC Global Services frequently hosts seminars for its customer service managers to ensure they are up to date with the latest issues and trends in the industry. Managers participate in person or by conference call. Guest presenters include legal and regulatory experts, economists, and other industry specialists. On September 15, Stuart Reynolds, vice president of customer relations at FundSERV, was invited to make a presentation to heighten awareness of FundSERV's benefits to customers of RBC Global Services.

"FundSERV provides fund companies with access to an invaluable distribution channel, and it's important for the customer service managers at RBC Global Services to know that most fund dealers will only sell products that are automated on FundSERV's network," notes Reynolds. "There is just too much risk and expense associated with manual processing."

In addition to its benefits, the audience also wanted to hear how FundSERV compares to similar networks around the world and what trends are at work in the industry. Understanding the trend to full automation, for example, is critical to those clients of RBC Global Services that sell alternative products. Although hedge and segregated funds are not currently automated to the same degree as mutual funds, the industry and FundSERV are moving in that direction.

"Presentations like this are learning opportunities for FundSERV too," adds Reynolds. "From our perspective, these opportunities help us learn what their clients need so we can improve our service."

FundSERV currently meets regularly with RBC Global Services to discuss ongoing business opportunities and better ways to manage costs. This session, however, was a special chance for FundSERV to speak directly to the front-line people who serve institutional clients ranging in size from startups to multi-billion dollar fund manufacturers. The financial products these clients sell include mutual funds, hedge funds and segregated funds. Client service managers at RBC Global Services act as advocates for their clients by conducting regular reviews and helping to increase overall operational efficiency.

"RBC Global Services has always placed tremendous importance on the notion of continuous improvement and education for our employees around the world," says Mary O'Leary, director of investor reporting at RBC Global Services. "This new initiative with FundSERV is just one more example of our commitment to sharing vital information with our clients and employees by participating in industry dialogues. We see tremendous value in our relationship with FundSERV. We see them as an important partner for us and our clients, and we're looking forward to continuing to build on this positive working relationship in the years ahead."

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