Venture-building project for a new entrant in the wealth management platform market in Australia

 
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Background

The AU business unit of a NYSE-listed, Global Media & Financial Data Company identified an adjacent business opportunity to create a challenger wealth management platform.  The concept gained funding from their global ‘Catalyst Innovation Fund’ and executive sponsorship from the CEO & President of the company to explore the opportunity.

 

Engagement

Venturetec ran a 12 week innovation sprint including a series of in-depth, design thinking-based discovery interviews with independent wealth advisors and small to mid-sized dealer groups, to create empathy, and identify pain-points and areas of opportunity for our client to enter the market with a new wealth management platform to compete with the current duopoly.  Our team also ran several rapid experiments including a customer co-creation workshop to validate customer desirability, and gain valuable data and insights regarding product design and feature prioritisation.

 

Outcome

We developed a validated business case which the client project team used as the basis for their follow up presentation to the Catalyst Fund and company President.  There was strong data to validate customer desirability for this new product; this validation included several signed letters of intent and the formation of a customer advisory board from wealth advisors willing to invest additional effort in co-creation of the solution.  Based on this evidence, the project received follow-on funding for productisation and market development activities.