Embracing Change Focus on communication benefits financial services by Nicole Wong Commitment to quality allows financial firm to reach new heights The wealth management industry has certainly undergone some dramatic changes in the last few years, not least of which has been the substantial increase in the number of clients and the range of products on offer. New services have been introduced for high net-worth individuals, and the leading companies in the sector have dedicated themselves to raising standards of customer service and enhancing the professionalism of their consultants. As a part of the Credit Suisse Group, Swiss Privilege has led the way in terms of innovation and transforming itself to keep pace with changes taking place in the industry. In the last four years, this has meant redefining its business focus to concentrate on the high-end market and the more affluent customers. Katie Lin, director of consultancy sales, explains that the company previously collaborated with bank partners and offered insurance, savings and investment products for a wider range of potential customers. "However, we decided to reposition ourselves as a market leader with a portfolio of high-profile clients," Ms Lin says. This change in business direction has already contributed to an impressive rate of growth. There has been a roughly fivefold increase in revenue since 2002, and headcount has been boosted to include about 120 financial professionals and 80 support staff. This level of staffing makes it possible for all customers to receive regular one-to-one reviews of the performance of their portfolios, as well as updates on market developments. Customers are also given the option of attending golf days, private concerts and investment luncheons, where they can meet well-known professionals from the world of business. Our goal is to run a business that benefits our clients, consultants and the company Quality assurance Ms Lin says that the fundamental principle guiding these changes has been a greater emphasis on customer service. Specifically, a new customer care department was established and all employees received training in a set of core practices which encapsulate the company's service quality standards. The management philosophy is to encourage open communication and focus on people, which probably explains why over 90 per cent of senior sales roles are filled by candidates who are promoted internally. "We expect even junior staff to express their views on different issues," says Ms Lin. The commitment to change entailed a major investment in reorganising operations and providing additional support for financial consultants. One step was to employ para planners, who have helped to reduce the administrative workload of consultants and provide the latest information about new or existing customers via laptops. The company's computer system keeps all client portfolios up-to-date and speeds up the business process by making data readily available to answer any enquiries. "It also categorises clients according to their leisure interests, which allows us to deliver really tailor-made customer service," Ms Lin adds. The importance of building relationships is recognised in the company's dealing with clients and with its financial consultants. To retain staff and offer new career opportunities, the company lays on comprehensive training programmes. It also provides subsidies to study for professional qualifications, such as to become a certified financial planner (CFP). Consultants are encouraged to enter industry-related professional competitions and, if they win, receive generous cash prizes from the company. Ms Lin confirms that these HR initiatives have been extremely successful. "The turnover rate for financial consultants used to be between 100 and 120 per cent," she says. "In the last two years, we have seen minimal turnover in junior grades and none at all among our senior financial advisers." Market potential She attributes this, in part, to efforts to improve internal communications. For example, all staff are invited to attend a general management meeting chaired by the MD, and new business initiatives are discussed in detail at monthly and quarterly get-togethers. "Our goal is to run a business that benefits our clients, consultants and the company," Ms Lin says. "This depends on maintaining close contact with everyone involved." The process of transformation has been gradual and is ongoing. Among the most noticeable results so far are that senior management have become more customer-oriented and communicate more readily about corporate strategy before implementation. Junior staff have more input on matters of marketing and product development. Many clients have also commented favourably on the improvements they have seen in day-to-day contacts and the quality of our services. "Clients can see our dedication to business quality and recognise that we are an innovator in the market," Ms Lin concludes. Then and now Before Mainly provided insurance, savings and investment products for the mass market Limited investment or training in customer care initiatives Very high turnover of financial consultants every year After Focus on providing dedicated services for more affluent clients Special attention to customer care and establishing high service standards Implementation of improved computer and better administrative support Turnover greatly reduced among financial consultants Taken from Career Times 10 February 2006 Your comments are welcome at [email protected]