Increasing Sales of Retirement Services Products Princeton Consultants Non-Qualified Deferred Compensation Operations Practice

Transcription

1 Increasing Sales of Retirement Services Products Princeton Consultants PRINCETON CONSULTANTS

2 Table of Contents Project Approach Identify Sales Gaps page 4 page 5 Design New Process & Functionality Upgrade Plan Admin Services Launch New s & Materials Action Items page 6 page 7 page 8 page 9 Page 2

3 State-of-the-Art ified Plan Administration Project Approach - Benefits and Deliverables Page 3

4 Project Approach We take a scientific approach to process improvement, determining the points of leverage that provide the greatest benefit for the least investment. Working in tandem with Marketing and Operations, we focus on achieving your business goals using analytical tools designed to accelerate delivery. Our goal is to deliver best-in-class processes and systems that enhance plan administration capabilities and result in increased sales effectiveness. The consulting team holds a series of intensive working sessions with Marketing to identify which operational factors have contributed to lost sales. The team sets business goals and audits existing processes with Operations, determining where to enhance functionality and generate efficiencies. The team uses analytical tools to outline needed functionality and optimize current procedures. The result is a design for an enhanced admin system with streamlined, detailed processes and functionality. The new design is validated with Marketing and Operations Managers. The plan admin system is upgraded to meet the needs of your prospects and the improved operational procedures are housed in a workflow planning solution. The tools are tested and integrated into your corporate IT environment. Marketing materials are updated to reflect the new capabilities, at the same time, Sales & Marketing and Operations are trained on newly implemented plan admin systems and processes. Instructions are placed online for continuous reference and the entire system is rigorously tested to ensure quality. Page 4

5 Executive Summary Executive Summary! Maintain Status Quo!Maintain Status Quo! Buy an Existing!Buy an Existing! Build a Proprietary!Build a Proprietary Identify Sales Gap BENEFITS Knowledge of the current market customers and competitors Identification of internal functions to be optimized to increase internal efficiency Document a comprehensive strategy for implementing a plan admin system DESCRIPTION DELIVERABLES As-Is Process Map Internal Sales Gap Analysis Industry Benchmarking Cost-Benefit Analysis Plan sponsor/participant demand Document current process of plan administration Analyze current functionality for a competitive advantage Develop a business strategy using high-level revenue and cost comparisons Evaluate features which plan sponsors and plan participants value most highly Grow consensus for effort among Sales, Marketing, Operations and IT 2-Year Business Strategy Overview Customer Experience Operations s & Platform Products Sales Enterprise Structure One Experience for multiple customer / product relationships (customer communication, enrollment, fulfillment, online experience, reporting) One Call Center One Recordkeeping Team Supporting Two Plan Administration Organizations Two Year Business Vision Two Year Business Vision Critical Path Critical Path Options and Risks Options and Risks One Recordkeeping Comprehensive for Qualified Plan Administration and ified Service Maximum Leverage of One, Unified Platform Case Development Pre-Enrollment Projected Costs Projected Costs Recommendation & Next Steps Recommendation & Next Steps Supporting Materials Supporting Materials Commitment - Day Full Service Retirement Services turnkey solutions to enable integrated qualified Plan Year defined contribution retirement plans and non-qualified executive Installation deferred compensation plans Case Development/Sales Specialty Tax-Efficient Asset Management Comprehensive - Tax efficient Administration asset management for corporate assets to corporations Enrollment Direct - Plan Pre-Enrollment Sponsor Product Intermediary - Private Labeled Product 1 Company, 2 Locations, Sales Channels w/ Consolidated Marketing & Sales Support Enrollment Centralized Recordkeeping in Charlotte Leveraged Asset Management Installation & Investment Advisory Services Across 2 Locations * Meeting Comprehensive Administration Re-Enrollment Re-Enrollment: Beginning through Completion Page 5

6 Design New Process & Functionality BENEFITS Prioritized set of functionality identified as yielding a competitive advantage Internal procedures are optimized to help internal staff gain immediate efficiencies Validation of new strategy throughout the organization DESCRIPTION Produce a systems strategy that leverages internal IT and Operations strengths Detail Standard Operating Procedures with responsible and accountable parties Collect functional requirements for internal and external resources for the plan administration implementation phase DELIVERABLES Documented To-Be product life cycle Optimized, detailed standard operating procedures Detailed system functional requirements and inventory of current systems Commitment Pre-Enrollment: 3 of days Create Enrollment Materials, Meeting Agenda, and Presentation Day a Present Online Enrollment option No to Legend Accountable Accountability May also be persists until responsible - changed see SOP Responsible Carries out at least part of the step Yes aa Draft website screens bb Obtain approval IT cc Mount kit on system Production Support b Create materials IT ee Provide Screens for Enrollment Materials dd Test system b Set up 800 number IT c Internal review Bring in if needed d review and sign-off Day Plan Administration Legal Financial Services Owner: Plan Administration IT 9 Transmit Plan rules to Transaction Day e Enrollment Meeting preparation 1 Page 6

7 Upgrade Plan Admin Services BENEFITS An enterprise solution which supports sales strategy and business goals Development of critical functionality in rapid prioritized phases Standard Operating Procedures for measuring quality and growth DESCRIPTION DELIVERABLES Web-based enterprise-focused customer service application Fully integrated workflow solution and document management system Online advice functionality Management reporting and metrics Upgrade plan admin system to include prioritized functionality Validate features with Sales, Marketing, Operations, and IT to ensure effective implementation Leverage and integrate with existing core applications in data management, sales tracking and reporting for basis of management reports and analysis F I R E W A L L Trading Desk Custom Module Design Tool 401(k) in a Box Variant A Variant B Variant X Custom Module Tool Common Plan Framework Web-based Plan Administration Record Keeping Processing Engine Record Keeping Database CSR Access Plan Set-up & Administration Third-Party Admin Access Reporting Data Warehouse Document Repository Workflow Fee Billing IVR Online Advice Tool Sponsor & Participant Web Access F I R E W A L L, 401k Customers Page 7

8 Launch New s & Materials BENEFITS Increased sales and measurable operational efficiencies Tracking of processes to provide success metrics for executive management Realize efficiencies for all functional group, throughout the organization DESCRIPTION Integrated launch of the plan admin system incorporates Sales, Marketing, Operations and IT to ensure success Technical manuals and documentation for IT staff along with with a change control strategy for future functionality requests Definition of metrics and reports to be used by management to evaluate the increase in sales and gain in efficiency DELIVERABLES User documentation Training manuals for plan administrators and call center specialists Technical manuals, documentation and change control management Executive reports based on success metrics of increased sales and efficiencies Individual Performance Overall Performance Page 8

9 Action Items 1. Rapid Action Delivery Session Establish objectives for Non- Qualified services Identify areas of competitive advantage and sales gaps Involvement and buy-in support from Marketing & Operations Outline costs and benefits 2. Design New Functionality 3. Upgrade Admin s 4. Launch New NQDC Services Contact: J. Webb Friedly Director & Practice Leader x245 WFriedly@princeton.com Jonathan B. Crumiller Chief Operating Officer x202 JCrumiller@princeton.com Princeton Consultants Inc. Two Research Way Princeton, NJ Princeton Consultants expertise and experience in the field of ified Deferred Compensation systems make us valuable business partners for Retirement Services organizations who take advantage of this highly effective marketing tool. Page 9