Wealth management firms want to improve the alignment of their product offering to clients. This requires a review of traditional segmentation by ‘size of assets’ and ‘source of wealth’ which are increasingly seen as limiting the potential to match client with proposition. To address this, wealth managers are using the Client Centric segmentation programme to capture deeper insight from their client base, to align client-facing staff with client base and the bank’s offering.
Case study: International Financial Services group
The challenge: This organisation has faced a sharp increase in competition recently following intense regulatory scrutiny of its sector and deregulation. It faced pressure on their fees and lost clients to competitors. Gulland Padfield partners shaped a programme of change to deliver alignment for the whole organisation around client needs.
Our approach: Gulland Padfield partners implemented a programme of ‘client-centric’ transformation with the following elements:
- Setup and launch of a key account programme. This includes an ongoing internal communications campaign in support of the programme, and defining the role of key client champions.
- The development of a coaching curriculum for all staff to focus on delivering consistently excellent client service across the organisation.
- The alignment of HR competencies and incentive frameworks to support improved client service.
- A series of actions to minimise the silo mentality and provide tools for improved client management across international offices and service lines.
- The development of company-wide reporting for KPIs and soft metrics to monitor client performance, identify opportunities and deepen client relationships.
- Creation of a platform of management information to identify client needs and work with the organisation to deliver to their expectations.
The challenge:The outcome:
- Clients have responded very favourably to the new key account programme – relationships have stabilised and revenue has increased.
- Client teams now work effectively across country offices and service lines to identify commercial opportunities and to plan strategic developments and updates for their clients.
- Internal teams are meeting with clients according to the structures set out in the key account programme, rather than on an ad hoc basis.
- The coaching curriculum is being rolled out across the organisation and improvements are already being seen.
- Standardisation of client facing communications templates and formats across the whole organisation have created a perception that the group is more a unified organisation.
Client Centric segmentation: the quiet revolution in wealth management
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