Wealth Management and Trust Sample Project
Strategic Assessment / Solution Development
A well-known (top 25) global bank wanted a strategic assessment and competitive analysis of its $45 billion US wealth management business. This was needed to provide new management with a better understanding of the bank’s competitive environment and a roadmap for achieving dramatically higher growth objectives. They turned to BSG consultants. Not only did we rapidly assemble and analyze a vast array of product, service platform, and management reporting data from the client bank and the key competitors they identified to us, but we also conducted deep blind-shops. BSG’s seasoned professionals were able to complete the entire project in less than 100 days. Following a day-long review of recommendations to management, BSG consultants prepared a final narrative report and accompanying set of solutions for product and service enhancements to eliminate barriers to growth. At management’s request, the following day BSG consultants facilitated a meeting for all business unit managers, utilizing a proven decision process to rapidly form consensus around recommended and approved changes and to establish accountabilities for execution of the process improvement plan.
Create New Private Banking Line-Of-Business
A large bank in Latin America was losing many of its highest net worth customers to foreign banks and investment advisors who were establishing offices in our client’s local markets. BSG consultants were asked to develop a strategy for re-capturing and retaining high net worth clients. After an initial assessment, BSG experts recommended the establishment of a private banking group and assisted in developing the necessary revenue and staffing models, training criteria, product selection, work flow process, customer service platform, and a sales and market strategy. Our client bank was able to leverage its reputation as one of the most prestigious banks and within three years it also became known as the premier provider of private banking services to high net worth families within its borders and even more to its citizens living outside the country.
Complete Wealth Management Restructuring
A non-US bank with wealth management offices in five countries developed a strategic plan which called for a significant expansion of its fragmented wealth management line of business. BSG consultants were asked to do a complete assessment and to develop a recommendation for reorganizing and restructuring the business line. BSG professionals developed a strategy for growing the client bank’s traditional asset management and trust business by expanding certain ancillary business units, such as brokerage and private banking, and upgrading technology and processing systems to bring in more revenue from existing customers. Early gains from such activity were then invested in an enhanced investment advisory sales and service platform. Some low-growth business units (such as Corporate Trust) were reorganized as specialty support units. After full implementation of the recommended strategies, the client bank was able to establish itself as a full-service wealth management provider with different offerings for each high net worth customer segment. As costs came down through improved productivity and sales, wealth management became a much more significant contributor to overall net earnings.