Mutual fund company The Dreyfus Corporation is looking to beef up its customer retention track record by investing in Onyx Software’s portfolio. Already a user of Onyx for its institutional business where it is used to manage more than 20,000 broker-dealers and financial consultants.
This deal is an expansion to take in the retail side of the business as well. In order to differentiate and increase customer loyalty, Dreyfus has created an Advisor client category for those clients who have more than $100,000 in assets under management with Dreyfus.
These clients are typically the most profitable for Dreyfus, and by using the Onyx Employee Portal (OEP), Dreyfus advisors will be able to deliver a higher quality of service. Dreyfus advisors will use OEP to manage contacts, relationships and sales opportunities to cross-sell, up-sell and increase Dreyfus' overall share of its clients' wallet.
As a fee-based company, Dreyfus realizes revenue from managing client assets. Dreyfus advisors will use the OEP to support Dreyfus' overall retention strategy and help grow the asset-base. If assets in total or in a
specific book of business drop, Dreyfus will use OEP to find out the underlying reason so appropriate action can be taken.
The Dreyfus Corporation, established in 1951 and headquartered in New York City, is one of the US's leading mutual fund companies, managing
approximately $180 billion in more than 190 mutual fund portfolios nationwide.
The company is looking for a quick return on its investment. Brad Orben, Complex Manager for Dreyfus said: ``We've set a goal for seeing measurable return on our investment within six months of implementation.”