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Merrill Lynch was a leading financial services firm that introduced the Supernova program in the 2000s to improve client services. Supernova aimed for financial advisors to meet with each client at least 12 times per year, with 4 phone calls and 2 mailings, to better serve the clients. Advisors evaluated their clients and reduced the number they served to focus only on the most profitable ones. While challenging to implement, Supernova aimed to improve client services through increased contact and focus on key clients.
Merrill Lynch was a leading financial services firm that introduced the Supernova program in the 2000s to improve client services. Supernova aimed for financial advisors to meet with each client at least 12 times per year, with 4 phone calls and 2 mailings, to better serve the clients. Advisors evaluated their clients and reduced the number they served to focus only on the most profitable ones. While challenging to implement, Supernova aimed to improve client services through increased contact and focus on key clients.
Merrill Lynch was a leading financial services firm that introduced the Supernova program in the 2000s to improve client services. Supernova aimed for financial advisors to meet with each client at least 12 times per year, with 4 phone calls and 2 mailings, to better serve the clients. Advisors evaluated their clients and reduced the number they served to focus only on the most profitable ones. While challenging to implement, Supernova aimed to improve client services through increased contact and focus on key clients.
Dr Ram JYOTI SINGH Introduction Merrill Lynch founded in 1907 . In 1970s firm became a powerful force in investment banking. By 2000,Merrill described itself as the preeminent financial management and advisory company. In 2003,Merrill Lynch was one of the leading financial-services firms in the world. Jim Walker , member of Merrills Client Relationship Group, part of Merrills Private Client Group, responsible for financial advisory services for individuals.
Financial Advisors FA would bring clients to the firm through his/her relationships,networking,professional alliances. Merrill Lynchs FAs were thought to be among the best on Wall Street. FAs enjoyed the autonomy their jobs provided FAs compensation based on the quantity of business they brought to the firm.
Supernova
Rob Knapp was the father Supernova. 12-4-2 was the Supernova description of what clients minimum annual contact with their FA should be. 12-4-2 was a breakthrough from the clients perspective Posed a dilemma for the Fas who wanted to implement it.
Segmentation The decision to keep or forgo a client was complex. FA developed the model recognised that in order to deliver the high level of service he would have to reduce the number Decided to keep top 100 clients. Ultimately ,kept only 33 clients who generated 89% of his income during the previous year
Organisation
Supernova client associates prepared FAs daily folders . The meetings were placed on the FAs calendar Each morning FA would be given the folders for clients. They induced folder guilt. Client associates getting their FAs fully segmented received $1000 from the FAs
Acquisition
Each year Supernova FA would acquire some new , high-quality clients,least promising clients displaced by the new clients. Time dedicated to 12-4-2 left between two and four hours each day for client acquisition Many FAs found referrals were their best source of new business.
Process of Adopting Supernova Supernova had been spread through road-show presentations. First step in Supernova adoption was called FA buy- in. The second step in Supernova adoption was segmentation. Merrill Lynch assigned one employee to devote herself exclusively to the program. Challenges to Implementation Economic Backdrop Politics and Recognition Organisational Leverage Points Follow Up/Support Client Expectations Changing Role of Some FAs Misinterpretation Metrics
FA Nature Inclusion of Client Associates THANK YOU