Business Outcomes
Over the course of Pepper Foster’s engagement, our team development program and workflow strategy delivered the following outcomes:
- Team Alignment: Using Pepper Foster’s StratT&C™ framework as its guide, our consultants fully implemented a new workflow strategy, an annual team workplan, and coherent team member onboarding and training
- Backlog Completion: Through comprehensive planning and efficient assignments, the redesigned team resolved the compliance activity backlog
- Ongoing Team Support: The client used Pepper Foster’s culture and competency profile to hire, onboard, and retain several new team members and reduce voluntary team member attrition
- Customer Satisfaction: As the client’s team stabilized and exhibited increased efficiency and expertise, the client’s wealth management customer satisfaction and retention increased
Challenges – Problem Statement
A wealth management team in a top 5 national bank, struggled with a dilemma: due to challenges attracting and retaining high quality team members, the team’s backlog of work had grown insurmountable, resulting in more turnover on the horizon. The client wanted to pursue a strategy to reduce attrition but lacked expertise to identify root causes of turnover, eliminate the team’s backlog, identify service gaps, and build a stable, successful team. The client’s largest challenges included:
- Thousands of backlogged compliance items
- Training and vision gaps within the current team
- Approach to workflow was “keeping their heads above water”
Solution Approach
Using Pepper Foster’s strategic transformation experience and StratC&T framework our consulting team implemented a team development program and workflow strategy to solve for the client’s largest challenges:
- Identify and address root causes of workflow blockers and delays
- Establish a plan and consistent workflow for assigning and completing backlogged items
- Analyze and redesign the team structure to enable new, effective workflow and exception management strategies
- Create a culture and competency profile of productive, satisfied, and successful team members