Patent Application
20150006413
Investment firms and wealth management firms rely on their advisor network to meet the needs of their clients and to appropriately reflect the brand and image of the firms. Like many industries that rely on a channel of resources to interact with clients and provide products and services to customers, investment firms and wealth management firms leverage advisors to help build and retain the business. Because of the great importance of a solid and high performing advisor base, firms are looking for ways to attract, employ, and retain top performing advisors. Additionally, firms want to be able to identify advisors that may not be meeting the expectations to the firm.
Overall, these unit level customer satisfaction program are an invaluable tool to understand the impact of the channel network. For investment firms and wealth management firms, an advisor-focused customer satisfaction program provides detailed information about the impact of advisors on overall satisfaction with the firm and in the firms' ability to leverage the advisor network to build the business. This type of program is particularly important for organizations that do not have a captive channel or an independent broker or advisor network. Ultimately, top performing advisors that provide consistently positive customer experiences lead to desired business outcomes including:
A system and process method for implementing a certification program for individuals. A design module and interface define a certification program for individuals. An input module and interface receive qualitative and quantitative data for each individual. The received data corresponds to the defined certification program. An analytic module with rules of the defined certification program applied to the received data to provide a qualitative analysis of the received qualitative data and to provide a quantitative analysis of the received quantitative data. A summarization and classification module characterizes and ranks individuals based on the provided analysis. Selected individuals are certified based on the classification and ranking
A tangible, non-transitory storage medium having processor executable instructions for implementing a certification program for individuals is also provided.
In one form, an advisor level program having a goal of exploring clients' satisfaction and loyalty levels of advisors is provided, which may also be based on experiences with the advisors. Such advisor level assessments can provide scores to:
In addition to these outcomes of advisor-focused program, results from this type of program can be used as a basis for certifying top performing advisors. The best firms have figured out how to best identify and leverage top performing advisors to help build and retain the business. An Advisor Certification Program can be mutually beneficial for both firms and advisors in terms of:
Ultimately, a certification formalizes the process of measuring advisor performance and rewarding top performers. In one form, such an Advisor Certification Program can be focused on advisors' customer-focus and service performance based on both quantitative and qualitative analysis.
Appendix A illustrates a mock-up of a screen shot of survey results of a particular client of his/her financial advisor.
Appendix B illustrates a mock-up of a screen shot of survey results of a plurality of clients of their financial advisor.
For investment firms and wealth management firms, the “unit” assessed in these programs are the individual advisors, providing a comprehensive Certification Program. Such programs are designed to measure, assess, and evaluate advisors to determine if certification should be awarded. Certification can be based on one or more of the following:
Design Module 102—While the overall aspects for a certification program are consistent from program to program, the design of each program can be customized to reflect specific needs and environment of the advisor network. Thus, the scope and focus of the program can be concentrated on allowing firms to better understand their organization and the advisor network.
Input Module—An input module and interface receives qualitative and quantitative data for each individual. The received data corresponds to the defined certification program. The input module comprises a sampling module 103 and a data collection module 104.
Sampling Module 103—The Program Implementer (which can be the firm or a third party) uses an interface of the design module 102 to create a sampling module implementing computer-executable instructions for a sampling plan to ensure that enough surveys are collected at an individual advisor level. The sampling plan will consider the population of clients by advisor and frequency of measurement. Census sampling is recommended to ensure that all clients are given an opportunity to provide feedback and to ensure enough surveys for each advisor are collected.
Execute (Data Collection) Module 104—The Program Implementer will design a customized Certification Program which will include two components—Quantitative Measurement and Qualitative Assessment. These two components combined provide the basis for determining whether advisors should receive certification or not.
Evaluate (Analytic) Module 106—An analytic module 106 with rules of the defined certification program applied to the received data to provide a qualitative analysis of the received qualitative data and to provide a quantitative analysis of the received quantitative data. The analytic module 106 includes a quantitative measurement module and a qualitative measurement module.
Quantitative Measurement Module—The Program Implementer conducts a client survey to explore their perceptions of and experiences with the firm and their assigned advisors. A survey design should generate sound and reliable scores for each individual advisor. The results of the survey are input into the system for analysis and comparison.
Qualitative Assessment—In addition to conducting a quantitative study to explore advisor performance, a qualitative assessment is conducted to determine advisors' commitment to customers' experiences and satisfaction levels and to continuously improving service levels based on identifying opportunities. To conduct this assessment, each advisor's operations is considered for the program, including an understanding of what steps advisors take to provide positive customer experiences and to ensure continuous improvement. The results of the assessment are input into the system for analysis and comparison.
The analytic module 106 uses the results from the Quantitative Measurement (scores) and Qualitative Assessment to evaluate whether or not advisors should receive certification. As part of the program, targets and expectations for which to evaluate advisor performance are defined. These evaluators will be defined during the Design step. In addition, an Advisor Certification Index (ACI) comprised of key outcome metrics is generated. For example, the ACI may be a weighted index comprising such outcome metrics as advisor trust, willingness to invest additional funds with the advisor, and likelihood to recommend the advisor to friends, family, or colleagues.
Reporting 108—Existing reporting systems can be used to house and distribute scores from the Quantitative Measurement and Qualitative Assessment. For example, the Capella™ system (see U.S. patent application Ser. No. 13/766,906 (9977.US), incorporated herein by reference) will provide results for various levels of the firm, but most importantly to advisors so that they will have access to their scores, certification status, and the ability to review results that comprise the scores.
Recognize 110—The system and method recognize advisors that are identified as top performers who demonstrate commitment to customers and to continuous improvement. This recognition will include certification, and may also include incentives and other compensation. Incentives and/or compensation are defined by the program based on firm input and are determined and paid out by the firm which employs/supplies the advisors. Those advisors that receive certification will be recognized both internally at their firm and externally with current and potential clients.
In one embodiment, the analytic module 106 includes an advisor index calculation module 200 for generating an advisor index calculation. In one form, the advisor index calculation module 200 includes software instructions for implementing the following formula for Advisor Index calculation:
Also referred to as a summarization module 406C in
The instructions stored on the medium 302 also include execute instructions 308 which execute a client survey for measuring advisor performance. For example, the survey may be an on-line, email or other electronic communication soliciting client feedback regarding the client's advisor. An advisor survey may also be conducted. The execute instructions 308 collect and provide data for review of the business and service levels of advisors.
The instructions stored on the medium 302 also include evaluate instructions 310 which analyze the collected data to provide one or more of the following:
The instructions stored on the medium 302 also include reporting instructions 312 which present the analysis from the evaluate instructions 310 to the program implementer, firm and advisors. The presentation may be in the form or a written report or an on-line user interface such as Capella™. The reporting includes scores for various levels of the firm as well as advisor-level reporting.
Optionally, the instructions stored on the medium 302 also include recognize instructions 314 which permit the program implementer, firm and advisors to review the results, award certifications, generate publicity or other external recognition, and generate internal recognition.
As illustrated in
A reporting module 410 presents the classification and ranking of individuals and an optional a recognition module 410 awards certifications and generates recognition.
In one form, the design module and interface 402 includes:
In one form, the analytic module 406 includes:
In one form, each module comprises a processor and computer executable instructions stored on a memory device and executed by its processor for implementing the module, and/or each module comprises computer executable instructions stored on a memory device and one or more processors access each module for executing the instructions to implement the modules.
The purpose of Discovery is to collect enough information to design a customized Advisor Certification Program. A working session with key stakeholders at the firm (especially those who support, manage, or regularly interact with the advisor network) is recommended to explore expectations of advisors and what goals the firm hopes to achieve through the advisor network. More tactical aspects of the advisor network (i.e., how many, average tenure, size of client base) and any existing research conducted related to customers' experiences with their advisors or the firm should also be explored.
Based on this Discovery step, the Program Implementer will have information to support the design of a customized Advisor Certification Program based on the needs and scope of the firm. Following Discovery, the Program Implementer will make detailed recommendations of:
Once the specifications of the program are set, the processor as directed by the Program Implementer designs and execute the next two components—Quantitative Measurement and Qualitative Assessment. These two steps of the programs can be conducted concurrently.
The Quantitative Measurement step is a survey of clients that work with advisors. The objectives of this step are to gauge clients' perceptions and satisfaction levels with advisors and the firm and to understand advisors' performance levels. The results of the survey are input into the system for analysis and comparison.
In terms of research design, this Quantitative Measurement can have different shapes. This study can be conducted as a larger, one-time study or as an ongoing wave-based program. Some of our clients choose a wave-based program to collect feedback over time, but base scores on the all surveys collected annually.
A census or representative sampling of clients for each advisor is recommended to ensure that enough responses are collected to serve as a solid basis for scores. At a minimum, 30 surveys per advisor should be collected. Availability of contact information will influence the methodology selected.
The questionnaire is part of this Quantitative Measurement step. The questionnaire should include the following topics. Areas that are particularly important to Advisor Certification are bolded.
Based on our experience conducting financial advisor studies for clients in the investment services and wealth management sector, an Advisor Index is created for measuring, tracking, and comparing advisor performance. This Advisor Index, which is derived from questions within the survey, will one information source to determine whether certification can be awarded or not.
The Program Implementer develops an analytic plan specific to this program and will include the following types of analyses:
Additional analyses may be conducted based on the needs and desires of the firm. Some other analyses that are recommended include:
While the Quantitative Measurement step is the source for determining advisor performance scores, the purpose of the Qualitative Assessment is to audit advisors' operations to ensure that client-focus and commitment to continuous improvement. As part of this assessment, the Program Implementer will visit each advisor to explore:
The results of the assessment are input into the system for analysis and comparison.
This assessment will be based on:
Following completion of the assessment, the Program Implementer will complete a checklist and will create a summary of the observations from the visit with advisors and office staff The checklist will be created based on firm requirements and expectations of advisors or based on best practices for providing positive customer experiences.
Based on results from the Quantitative Measurement and Qualitative Assessment steps, the Program Implementer will go through a process of evaluating advisors. Considerations:
The considerations for the factors for evaluating whether or not advisors should be certified will be defined as part of the Design phase. In particular, the Program Implementer will leverage our Advisor Certification Index (a composite of key measures, including satisfaction, loyalty, and share of wallet). The Program Implementer will develop an analytic module to generate this index based on a defined mathematical formula. The index and other scores from the Qualitative Measurement and Qualitative Assessment will be reported via an advisor-focus designed Capella reporting system.
Results from the Advisor Certification Program be reported and housed via our online reporting system, e.g., a Capella™ system or other reporting system. Preferably, such systems would report high-level and detailed results from the Quantitative Measurement and Qualitative Assessment steps. In addition, the reporting system will include tools that will encourage advisors to interpret results and develop action plans to make improvements based on identified opportunities.
Customer experience data should also be reported to highlight strengths and improvement opportunities. In addition, the reporting system could include tools for:
Through the reporting system, results at an advisor level and for other level of the advisor network (e.g., firm, regions, etc.) can be reported. Access to the data is customized based on users' level within the organization.
Recognizing top performing advisors in the following ways may be part of the program and is recommended:
Additionally, some firms may decide to extend the certification program to include other types of rewards and recognition (which is considered part of the Enable phase). Other types of rewards programs include:
Appendix A illustrates a mock-up of a screen shot of survey results of a particular client of his/her financial advisor. A similar screen shot (not shown) can be provided at an organizational level.
Appendix B illustrates a mock-up of a screen shot of survey results of a plurality of clients of their financial advisor. A similar screen shot (not shown) can be provided at an organizational level.
The Abstract and summary are provided to help the reader quickly ascertain the nature of the technical disclosure. They are submitted with the understanding that they will not be used to interpret or limit the scope or meaning of the claims. The summary is provided to introduce a selection of concepts in simplified form that are further described in the Detailed Description. The summary is not intended to identify key features or essential features of the claimed subject matter, nor is it intended to be used as an aid in determining the claimed subject matter.
For purposes of illustration, programs and other executable program components, such as the operating system, are illustrated herein as discrete blocks. It is recognized, however, that such programs and components reside at various times in different storage components of a computing device, and are executed by a data processor(s) of the device.
Although described in connection with an exemplary computing system environment, embodiments of the aspects of the invention are operational with numerous other general purpose or special purpose computing system environments or configurations. The computing system environment is not intended to suggest any limitation as to the scope of use or functionality of any aspect of the invention. Moreover, the computing system environment should not be interpreted as having any dependency or requirement relating to any one or combination of components illustrated in the exemplary operating environment. Examples of well-known computing systems, environments, and/or configurations that may be suitable for use with aspects of the invention include, but are not limited to, personal computers, server computers, hand-held or laptop devices, multiprocessor systems, microprocessor-based systems, set top boxes, programmable consumer electronics, mobile telephones, network PCs, minicomputers, mainframe computers, distributed computing environments that include any of the above systems or devices, and the like.
Embodiments of the aspects of the invention may be described in the general context of data and/or processor-executable instructions, such as modules, stored one or more tangible, non-transitory storage media and executed by one or more processors or other devices. Generally, modules include, but are not limited to, program modules, routines, programs, objects, components, and data structures that perform particular tasks or implement particular abstract data types. Aspects of the invention may also be practiced in distributed computing environments where tasks are performed by remote processing devices that are linked through a communications network. In a distributed computing environment, program modules may be located in both local and remote storage media including memory storage devices.
In operation, processors, computers and/or servers may execute the processor-executable instructions (e.g., software, firmware, and/or hardware) such as those illustrated herein to implement aspects of the invention.
Embodiments of the aspects of the invention may be implemented with processor-executable instructions. The processor-executable instructions may be organized into one or more processor-executable components or modules on a tangible processor readable storage medium. Aspects of the invention may be implemented with any number and organization of such components or modules. For example, aspects of the invention are not limited to the specific processor-executable instructions or the specific components or modules illustrated in the figures and described herein. Other embodiments of the aspects of the invention may include different processor-executable instructions or components having more or less functionality than illustrated and described herein.
The order of execution or performance of the operations in embodiments of the aspects of the invention illustrated and described herein is not essential, unless otherwise specified. That is, the operations may be performed in any order, unless otherwise specified, and embodiments of the aspects of the invention may include additional or fewer operations than those disclosed herein. For example, it is contemplated that executing or performing a particular operation before, contemporaneously with, or after another operation is within the scope of aspects of the invention.
When introducing elements of aspects of the invention or the embodiments thereof, the articles “a,” “an,” “the,” and “said” are intended to mean that there are one or more of the elements. The terms “comprising,” “including,” and “having” are intended to be inclusive and mean that there may be additional elements other than the listed elements.
In view of the above, it will be seen that several advantages of the aspects of the invention are achieved and other advantageous results attained.
Not all of the depicted components illustrated or described may be required. In addition, some implementations and embodiments may include additional components. Variations in the arrangement and type of the components may be made without departing from the spirit or scope of the claims as set forth herein. Additional, different or fewer components may be provided and components may be combined. Alternatively or in addition, a component may be implemented by several components.
The above description illustrates the aspects of the invention by way of example and not by way of limitation. This description enables one skilled in the art to make and use the aspects of the invention, and describes several embodiments, adaptations, variations, alternatives and uses of the aspects of the invention, including what is presently believed to be the best mode of carrying out the aspects of the invention. Additionally, it is to be understood that the aspects of the invention is not limited in its application to the details of construction and the arrangement of components set forth in the following description or illustrated in the drawings. The aspects of the invention are capable of other embodiments and of being practiced or carried out in various ways. Also, it will be understood that the phraseology and terminology used herein is for the purpose of description and should not be regarded as limiting.
Having described aspects of the invention in detail, it will be apparent that modifications and variations are possible without departing from the scope of aspects of the invention as defined in the appended claims. It is contemplated that various changes could be made in the above constructions, products, and methods without departing from the scope of aspects of the invention. In the preceding specification, various preferred embodiments have been described with reference to the accompanying drawings. It will, however, be evident that various modifications and changes may be made thereto, and additional embodiments may be implemented, without departing from the broader scope of the aspects of the invention as set forth in the claims that follow. The specification and drawings are accordingly to be regarded in an illustrative rather than restrictive sense.
| Number | Date | Country | |
|---|---|---|---|
| 61841547 | Jul 2013 | US |
