Navigating Vendor Relationships in Fund Services: Insights from Michelle Marschel
Navigating vendor relationships has been a core part of my career in fund services, where I’ve learned that strong vendor partnerships are essential to ensuring both service quality and operational efficiency. Vendor relationships are not simply transactional; they require continuous collaboration, transparent communication, and strategic alignment to truly add value to the organization. I’ve led teams in establishing these connections, overseeing vendor management at companies like Gen II Fund Services and Empower, where my teams and I have optimized these relationships to support our clients’ needs.
In my experience, successful vendor management in fund services starts with setting clear expectations. Vendors must understand not only the deliverables but also the impact their performance has on our overall service quality. I make it a priority to communicate both the immediate requirements and the broader context in which they operate, allowing them to better align with our goals. A good vendor should feel like an extension of the team, and this sense of alignment is key to developing a lasting relationship. Throughout my career, I’ve learned that regular communication is crucial for staying on the same page and ensuring vendors feel engaged in our objectives. I often schedule check-ins and performance evaluations, which help me address any issues early on and maintain a shared focus on success.
Moreover, I believe in fostering flexibility in vendor relationships. The financial industry is dynamic, with shifting regulations and changing market conditions that require us to adapt quickly. By maintaining open channels of communication and encouraging a collaborative approach, my teams and I can pivot with our vendors to address new challenges effectively. For example, during my time at Empower, I managed a complex daily valuation process across 162 funds, collaborating closely with multiple vendors to ensure seamless service. This high-stakes environment taught me that adaptability and quick problem-solving are essential for sustained operational excellence.
I also view vendor management as an opportunity for continuous improvement. By regularly gathering feedback, assessing vendor performance, and setting new goals, I help my teams build relationships that drive ongoing value. At Gen II Fund Services, I take an active role in analyzing and refining these relationships, which has led to streamlined operations and improved service quality for our clients. Each interaction with our vendors becomes a chance to enhance our processes and deliver even better results.
Ultimately, I see vendor relationships as an integral part of a successful fund administration strategy. By investing in these partnerships and prioritizing open, consistent communication, I work to create a framework where vendors can thrive alongside our team. Strong vendor relationships are foundational to our service delivery, helping us uphold the highest standards of quality and efficiency for our clients.
