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CLIENT CASE STUDY


NORTH AMERICAN WEALTH MANAGEMENT FIRM

Accenture helped a North American wealth manager transform its existing financial advisor platform to support core business priorities.

Overview

This wealth management business was looking for support investing in its existing advisor, client, and prospect platforms and tools. The trading business was emphasized historically, but as focus increased on providing financial advisory and planning services as a core business strategy, platform enhancements were needed to support more holistic wealth management with prospects and clients. Accenture helped develop a clear vision, strategy and actionable plan to meet these objectives.

Developing a clear and effective platform transformation strategy based on research results, industry trends and competitor comparison is expected to develop the firm's competitiveness through increased revenue and productivity, as well as improving user satisfaction. As a result of the engagement, this leading wealth management business, with the help of Accenture, has secured funding and is in the process of executing against the strategic plan and roadmap established in this effort.

Solution and Results

The firm had been providing separate applications for clients and financial advisors. Accenture recognized an opportunity and helped design a strategy converging both sets of users on one common platform, to encourage collaboration among the financial advisor, the home office and the client, while also orienting the business platform around the customer.

A clear shared vision anchored all strategic planning, allowing a coherent, unambiguous roadmap prioritizing 36 discrete benefit initiatives, including:

  • Collaborative, iterative financial planning

  • Virtual teamwork and meetings

  • Opportunity analytics

  • Navigation through simple search

The project also focused strongly on intuitive usability through a studio-based iterative design approach.

Developing a clear and effective strategy for this platform transformation is expected to improve the firm's competitiveness. Increased revenue is expected through greater client and advisor acquisition and retention, and ultimately higher product sales. Expanded productivity is seen through increased operational efficiencies and IT support reduction, overall providing lower costs to serve. User Experience improvements will contribute to strong platform adoption, while reducing training needs and contributing to a digitally advanced workforce.

The firm has secured funding for the implementation roadmap, informed by proprietary research into disruptive digital change, insights into industry trends and comparison with competition, and is now beginning execution. As a result of the engagement, this leading wealth management firm has transformed its software difficulties to a strength supporting future high performance.

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