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Success Stories > Brokerage Firm

A full-service national brokerage firm with nearly 7000 financial consultant in more than 700 offices nationwide and in Europe.

Challenge: Customer and Fulcrum Consulting worked together as a result of goals to address post-conversion business inefficiencies, and to build long term process improvement capabilities within the Operations and Branch pisions. Ultimately, the customer wanted to extract greater value generated by the large $MM+ investment made in converting. Fulcrum was engaged to:

  • Optimize and/or fix existing business process across branch and operations impacted by conversion (e.g. Mutual Funds, Customer Disbursements)
  • Enable process change capabilities throughout operations and branch office functions
  • Reduce manual operating procedures over time
  • Allow for measurement of benefits
  • Support the activities necessary to differentiate their retail and back office functions from their competition

Solution: A joint team of customer and Fulcrum consultants worked through the following activities to determine the current state of fit and readiness for change within the Operations pisions, including: development of “to be” business flows that supported conversion impacts and address long-term efficiency goals of the business, analysis of current costs around the current systems investments; peer and industry benchmarks were developed; readiness analysis was completed to determine sequencing, priority and communications framework required to support implementation of future changes; business case and project plan was constructed to support “implementation” and change management workstreams.

During Implementation, customer and Fulcrum designed and implemented process innovations prioritized to address the largest opportunities for improvement throughout the operations pisions, provided training in the new business processes, built measurements used to ensure long-term benefits realization and wrote communications to support key change milestones.

Results:

  • Customer satisfaction average was 4.75 out of 5 (5 being the best)
  • Project ROI ranged from $2.5M to over $80M recurring
  • New skills were transferred to key internal staff
  • Fulcrum was engaged to assist with other key transformation goals including:
    • Led rationalization efforts to reduce direct costs resulting from staff redundancies brought on by the conversion.
    • developed resource management process focused on improving AGE optimization of available resource supply and business demand across operations and IT pisions.
    • provided direction and coaching that supported changes in culture, business processes, controls and systems within the operations, retail and IT organizations.