Challenge

A major wealth management firm found that while it had broad penetration of the market that its customers weren’t very loyal and much of their more profitable business was at other firms.

The firm's salesforce was organized and incented to behave in a largely reactive, transactional manner that often resulted in greater emphasis being placed on product sales than the customer experience. A fundamentally different approach was needed to focus the team's attention on identifying and meeting the needs of their best customers.

This sales model redesign has been a catalyst for substantial changes to people, processes and systems, all aimed at improving the customer experience. Salespeople are empowered to focus on the retention, growth and acquisition of high value customers, and the firm is making share-of-wallet and customer satisfaction gains.

Upside led a cross-functional team of product, marketing, HR and line managers to design a relationship management model and action plan that would achieve the firm's share-of-wallet objectives. Key project elements included market segmentation, portfolio assignment processes and compensation design, ensuring head office functions were aligned to support front-line staff in delivering a first-rate customer experience.

Upside Consulting Group Inc. | 100 King Street West, Suite 5700 | Toronto | M5X 1C7 | (416) 628-3195 | info@upsideconsulting.com

Copyright 2011, Upside Consulting Group Inc. All rights reserved.