Designing the future of financial planning and wealth advisory for a leading (ASX20) Australian bank

 
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Background

The wealth management division of a major diversified financial services group wanted to reimagine financial planning and wealth advisory, and better enable their nation-wide third-party network to adapt to rapid changes in their industry, forging stronger relationships between the bank and the wealth advisor network to reduce advisor churn and deliver better outcomes to the end customers.

 

Engagement

Venturetec worked with the client team responsible for managing the wealth advisor network to design and deliver a series of workshops to enable their network to better understand key trends and future impacts on their businesses, build deeper empathy for their customers, reimagine their business models, and ideate solutions to a range of ‘How Might We’ challenges from increasing productivity, to developing personalised financial products for customers.

 

Outcome

Business owners and staff from over 20 wealth advisory businesses from across Australia participated in the program; feedback from participants was that they better understood the changes in customer demands, market forces, regulation and technologies that would impact their businesses.  By redesigning their business models the participants said their businesses were more future-ready, and they considered the bank a key partner in their future success.  Several of the ideas generated were endorsed and funded as projects to create new innovative processes and products.