Motivating enterprise-wide initiatives Cath Tillotson
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Motivating enterprise-wide initiatives Cath Tillotson



Working together for success, 14th October 2013

Working together for success, 14th October 2013



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  • Wealth management is the part of financial service devoted to financial planning and investment management fo r the world’s wealthiest individuals. Arguably, this is the most personal of all financial services, dealing with the world’s most complex individuals, often on very sensitive personal issues. And yet, this industry, that has a potential global client base of 12 million individuals around the world, on very limited data for very many years. For more than a decade this industry has planned business growth knowing how many wealthy people there are around the world, and how wealthy they are, but knowing virtually nothing about the needs, wants, hopes, dreams and anxieties of those clients. Client interaction has been filtered through a front line of staff incentivised to sell investment products and client segmentation at best has been intuitive. The reality of the client centricity of wealth management is a far cry from the image the industry likes to play and that is almost exclusively down to a lack of data.
  • To give you a sense of the scale of the knowledge gap, this chart illustrates how much liquid wealth the world’s HNW population has, and how much of it is currently managed by wealth management firms. So, even though wealth management is a multi-trillion dollar business, there is a strong argument that the business has yet to fully recognise its potential for meeting customers real needs.

Motivating enterprise-wide initiatives Cath Tillotson Motivating enterprise-wide initiatives Cath Tillotson Presentation Transcript

  • Motivating enterprise-wide initiatives October 2013 © Scorpio Partnership 2013 | 1
  • “Working together for success” 1. Using data to drive decision-making 2. Business benefits 3. Enterprise-wide project management – client insight 4. Lessons learned © Scorpio Partnership 2013 | 2
  • Imagining the future world of wealth - 19/09/2013 © Scorpio Partnership 2013 | 3
  • Projects and process SEEK • • • • • Client research Advisor research Market mapping Company/intermediary research Brand identity audits SHAPE • Market entry solutions • Media and event solutions • Training and education solutions • Sales and marketing campaign • Brand identity solutions © Scorpio Partnership 2013 | 4 THINK • • • • • Product/service development Business case development Concept solutions M&A diligence Brand identity development CREATE • • • • • Campaign management Change management Strategic marketing M&A implementation Specialist consulting
  • Using data to drive decision-making © Scorpio Partnership 2013 | 5
  • Wealth management and client-centricity Source; CapGemini and RBC Wealth Management, World Wealth Report, 2013 © Scorpio Partnership 2013 | 6
  • The scale of the knowledge gap Source: Scorpio Partnership Private Banking KPI Benchmark 2013 © Scorpio Partnership 2013 | 7
  • Using data to drive better business decisions The old – NNM as a proxy for client satisfaction The new – comprehensive dashboard of client satisfaction KPIs © Scorpio Partnership 2013 | 8
  • Plotting the customer journey © Scorpio Partnership 2013 | 9
  • And getting to grips with what drives clients © Scorpio Partnership 2013 | 10
  • © Scorpio Partnership 2013 | 11
  • The business benefits © Scorpio Partnership 2013 | 12
  • Client retention Adviser retention Client referrals Margin retention Brand evaluation Targeted marketing Product development © Scorpio Partnership 2013 | 13 Regulatory compliance Budget management
  • Case study –global qualitative UHNW research Curriculu m outline 100 face-to-face interviews with individuals worth >USD50 million 76% would do more business with the bank © Scorpio Partnership 2013 | 14 Course structure Resourcing ROI = 5x NNM of USD10 billion within 6 months
  • Client insight – project management © Scorpio Partnership 2013 | 15
  • Three pillars of client insight Objectives Groundwork Methodologies Data protocols Segmentation Customisation Contact strategy C-suite Who, why, how Buy-in Contact process Business heads Feedback Front line Contact mngm’t Fieldwork © Scorpio Partnership 2013 | 16 Data processing Reporting Logistics Analysis framework Client feedback
  • Case study – global quantitative millionaire insight Digital insight from 4,400 millionaires Groundwork Buy-in Fieldwork Valid millionaire sample from 21 countries Digital, multi-lingual Flash-based survey Benchmark and spotlight questions © Scorpio Partnership 2013 | 17 Survey design Panel mngm’t Question design Validate the global WM value proposition Data processing Data strategy Data cleansing Interim reporting Reporting Largest global HNW insight project to date
  • Lessons learned © Scorpio Partnership 2013 | 18
  • No battle plan survives contact with the business... ...or its clients, for that matter © Scorpio Partnership 2013 | 19
  • Soft-skill project management 1. People will inevitably come ahead of process 2. The best outcomes come from the best fit, rather than the best process 3. Keep going – client insight has the power to achieve radical change and it can take time for businesses to adapt © Scorpio Partnership 2013 | 20
  • Catherine Tillotson Managing partner 14 Waterloo Place London SW1Y 4AR © Scorpio Partnership 2013 21 T: +44 (0) 20 7811 0120