PCG Creates Roadmap to Support Wealth Management Group’s Expansion Goals
09/10/2024Our client began as an independent insurance products reseller but shifted to wealth management to capitalize on their existing (branded) agency network. After years of consistent growth in the wealth market, they found that their technologies and business processes no longer supported their expansion goals. They experienced regular errors and their efforts to reconcile the growing issues became unsustainable.
PCG stepped in and identified three issues impeding the client’s ability to update their processes and technologies:
- The middle office transaction platform was not scaling or meeting the needs of their “homegrown” processes.
- Their siloed culture made it unclear who owned the existing platforms and systems.
- The leadership team could not align on the best path forward.
Key Activities
It was clear that the client was stuck. Their previous efforts to address their growth problems ended in gridlock. To open the necessary communication channels, PCG applied a design thinking workshop approach. For eight weeks, we acted as the facilitator as the leadership team came together in an open forum and discussed the technology, process, and organizational challenges facing their company.
As they brainstormed around obstacles and identified opportunities, PCG’s consultants guided the client past the organizational roadblocks and communication issues hindering their ability to align.
By the end of the engagement, we saw the client reach a complete consensus across teams. They agreed on what problems they needed to solve, the order to solve them in, and how to best approach each solution. To finalize the work, PCG created a roadmap to success that included changes in organizational structure, vendor selection, and a fresh approach to developing processes that will sustain growth.
Results
Once everyone was on the same page, the client was able to quickly adopt PCG’s roadmap. They established goals for their technology platforms and put the new organization changes and controls in place. Where they had struggled for over a year, PCG was able to help them unstick and generate momentum in only 3 months. Now, the client had a clear plan moving forward and was once again on track to meet their aggressive growth goals.
Sometimes outside perspective from business veterans who have solved these types of issues before is all it takes to get the internal machines running again. If your company is at a standstill with similar issues, we can help. Reach out to PCG today.