A Successful FI Turns Around Declining Customer Satisfaction

Central Question:

What must we do now and over the next 2 years to optimize our entire service model, to turn every advisor into an advocate?

The Defining Moment:

A leading financial services firm with a network of thousands of financial advisors had strayed from its client-centric focus. Referrals had dropped. NPS scores and customer retention metrics were negative and well below their peers.

They had failed to solve this problem over the past 16 months, and customer satisfaction continued to decline. A pivot in strategy and approach was needed.

The Approach:

Working directly with the CEO, our team lead a 3-step program to engage and align a wide range of senior leaders across the organization around what needed to be done to tackle this challenge. They wanted to re-think how they deliver service, identify key investments, and create a prioritized, tangible plan with critical mass buy–in from all key stakeholders.

Their objectives were:

  • Reprioritize critical project paths to ensure CSAT sees improvement within 6 months
  • Re-align on investments (both people & dollars) to build internal capabilities to provide superior service

The Result:

They transformed the current service model, created consistency in every client interaction, quickly addressed advisor pain points and radically improved the advisor experience in general.

Within 1 year, NPS Scores went from negative to 45, surpassing two major competitors. The shift to a ‘customer-obsessed’ service culture happened much faster than expected.

Two key benchmarks post engagement:

  1. In a post survey, all participants unanimously agreed/strongly agreed that the solving sprint spurred the conversations needed to solve their challenge
  2. When asked, how much time would have been spent arriving at the same recommendations without the solving sprint, 70% of the participants said 4-6months or longer.