2012 Americas wealth management study

Elements for success

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As wealth managers embark on large-scale programs to enhance and improve the advisor and client experience through new technology, they should keep in mind several common underlying elements for success.

Business ownership and accountability

Ownership and accountability for business-driven programs such as these must reside in the respective business areas. Only these groups can maintain an overall vision and prioritize needs, adjusting for market shifts but avoiding major course changes.

Active and consistent senior management sponsorship

Senior management must have their sponsorship roles and responsibilities clearly defined. They need to provide consistent commitment to any given program’s priority, ensuring adequate resources and funding are available.

Stakeholder engagement

Stakeholders across the organization must be aware of a program, understand what it will mean to them and participate actively in the change. Program drivers must also consider the organizational and cultural impact of any new capabilities deployed.

Disciplined execution

Large programs require a formal, clearly defined and dedicated management team with comprehensive responsibility and accountability over its execution. This team should actively manage the different workflows (plans, resources, risks, scope and benefits), clearly define key milestones and focus on delivering tangible results.

By mastering these four factors, firms can successfully integrate new capabilities into the existing environment, with little or no impact to clients and advisors. They will then be well-positioned to capitalize on the new capabilities for profitable, sustainable growth.