A Major Wealth Management Firm
“Need to significantly improve their overall prospect experience in order to improve their new household acquisition rates.”
The Business Challenge
A major wealth management firm needed to significantly improve their overall prospect experience in order to improve their new household acquisition rates. Senior management recognized that the firm needed to more effectively and efficiently engage with prospects to generate, capture, nurture, and convert them to customers. With this objective to reinvent the prospect experience, management needed to develop a detailed vision map, business case, and integrated roadmap to establish a world class customer acquisition process and platform.
We worked closely with senior management across multiple lines of business to surface and analyze root causes of prospect leakage, in which the prospect arrives on their doorstep, but is not converted to a customer. We also identified key business areas that were not currently producing leads but had the capability. From this early discovery work, we surfaced and executed a number of quick hit opportunities to improve new client acquisition rates.
We then mapped out the detailed target state process and platform for delivering a best-in-class prospect experience. New prospect engagement capabilities significantly helped improve prospect generation, lead capture, prospect nurturing, and conversion to customers. Dynamic digital content delivered personalized experiences to new prospects, which was further refined with each interaction. Programmatic follow-up ensured that prospects built their level of interaction and engagement to successful new account opening and funding. Prospect dashboards and lead measurement tracking helped drive continuous improvement across all points of prospect interaction.
New household acquisition rates improved dramatically as a result of implementing the new end-to-end prospect experience. Net promoter scores from new customers have also increased significantly, reflecting the new personalized, contextual, and engaging process and platform for prospect engagement and onboarding.