🧵 on how small innovations can go a long way...

In 2010 I raised $350K at my then-firm for a deep study on consumer preferences, specific to Wealth Management.

Findings were clear: In general, HNW/UHNW clients wanted convenience--ready access to advisors via digital

touchpoints & frictionless transactions.

As with all practical product studies, though, we also looked for a good leapfrog opportunity and one thing clearly stood out:

Make an Appointment (MaA) Online.

Back then, you'll recall, MaA was fairly new and primarily geared to retail environments.

Our senior leadership was skeptical this was something that actually added value to high-net worth families.

The reality was the back-and-forth required by phone to get quarterly reviews on the calendar wasn't just inefficient, it was a source of considerable client frustration.

My team spent weeks doing a business case, mapping out use cases w/ clients & creating a roadmap.

Here's what we came up with:
1. Advisor releases open slots on their calendar six weeks to a quarter in advance, using existing CRM.
2. Email/SMS alerts are sent to clients who can pick their preferred time via secure (private) online session AND

a. Push that invite to COEs or other family members.
b. Indicate if they want to attend by video, phone, or in-person.
c. Note what topics they wanted to cover.

Conservative cost benefit showed $936K annual savings not including improved client sat.

We presented to senior management & was met with nothing but skepticism -- CEO of the our division was a resounding no b/c he believed this was not something HNW individuals wanted.

Put another way, he believed he was smarter than his clients.

Not one to quit, I scraped up funding to make a movie depicting the feature, which we showed to clients.

One $100MM+ client started to cry during the film not b/c he cared about MaA but, he said, making the apt. scheduling process easier would

allow his entire extended family to attend a portfolio review across several cities, some remote.

He had recently been diagnosed with cancer.

The money he had earned inventing an espresso machine in Turkey which was sold ultimately to Nespresso was his legacy,

something his grandkids, he said, were completely disconnected from.

To this day, it was the single most resonant moment of my career.

In the end, we didn't get funding b/c a single powerful person couldn't be convinced of the value proposition.

Obviously, w/ the benefit of hindsight (COVID, the # of global smartphone users, the now-obvious lightbulb people expect convenience plus a biz case that paid for itself), it's clear this feature makes sense.

Let's be clear: we didn't invent blockchain or AI here...

This was a small innovation that paid big dividends if only the people in charge had set aside their egos and looked at the data.

It's a good reminder that if you are in a client-facing business you can't go wrong making the customer the hero of your story.


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More from @juliaccarreon

2 Dec 20
What #eSports has to do with Wealth Management. A 🧵.

Since 2018 I have blogged about the emergence of gaming, and, in particular, its impact on consumer preference. Some stats:

•By 2023, 3BN people will play video games.

•Audiences watched over 7.46 billion hours of eSports content across all live-streaming platforms in Q3 2020
•Viewer retention is a sticky 84 minutes.
•The eSports industry is expected to be worth $1.5BN by next year.

It's no surprise I get asked all the time what gaming has to do with wealth management and it’s simple:

The industry needs to recognize the totally immerse nature of video games is shaping people’s expectation of customer experience.

Read 11 tweets

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