Consulting Capabilities
Spectrem Group provides consulting services to organizations serving investors in five affluent segments (Mass Market, Mass Affluent, Millionaires, Ultra-High Net Worth, 25 Million Plus), retirement (plan sponsors, plan participants), and institutional (endowment and foundation markets). We help our clients manage structural change, expand markets, improve operating efficiency and increase profits. Our consultants have years of experience as senior business managers in the industries we serve which enables Spectrem to more effectively serve our clients. We utilize our extensive research with the end investor, Spectrem's Voice of the Investor, as a foundation for all of our consulting engagements to ensure our recommendations provide our clients with market-oriented solutions.
In today's competitive marketplace, companies face constant challenges that require reassessment and evaluation of business models, technology platforms, organizational designs, staffing requirements, marketing strategies, and distribution channels. We work collaboratively with our clients to develop practical business solutions that incorporate organizational, market and financial considerations.
Spectrem's consulting engagements succeed because of our personalized approach that manages each project through a timeline of action steps and milestones. We chart progress toward the desired objectives. During the process, we work with clients to build consensus and deliver results. Spectrem offers business solutions that are implemented, not shelved.
Business Strategy Development
We assist our clients in development and implementation of business and product-level strategies that grow revenue, increase profits and expand into new markets.
Sales and Distribution Channel Assessment and Strategies
The key to revenue growth is an effective sales model. We develop the appropriate business-level sales and distribution strategy by channel along with a custom plan to implement the strategy.
Marketing Strategies
To ensure achievement of the desired revenue targets, we work with our clients to develop the appropriate marketing strategies.
Competitive Analysis
We evaluate your current capabilities and product offering against our composite best-in-class model to identify your competitive weaknesses. We then conduct either a build, buy or partner analysis to determine the most appropriate method to close these deficiencies.
Product Assessment and Design
Based on our knowledge of the competitive marketplace and representing the investor's voice, we review our clients' existing products and identify opportunities to enhance their product offerings and improve their competitive positioning.
Technology Assessment
Evaluation your current technology environment and comparing and contrast its capabilities to software packages that can be licensed to replace the current environment or to other proprietary technology solutions allows us to identify appropriate solutions for your company.
Business Operation Assessment and Process Redesign
We conduct business operational reviews to identify more efficient processes that improve customer service and increase profits based on the end investor's requirements. Based on this assessment, we work with our clients to redesign the operating process.
Outsourcing Analysis
Outsourcing some or all of a business operation may be a viable option to both improve competitive position and reduce all appropriate expenses. We identify if or what elements of a business can be outsourced based on our client's culture and what will be accepted by the marketplace. Based on the determination, we manage or assist in the implementation of the outsourcing initiative.
RFP Creation and Analysis
We develop and manage the complete request-for-proposal process including drafting the RFP, identifying and managing the vendors solicited. Moreover, we evaluate the responses, negotiate the fees, and contract and manage the implementation.
Organizational Design
We assess your current organizational structure relative to both your culture and the marketplace to identify possible alternatives for you to consider that will improve overall operating effectiveness and profits.
CASE STUDIES
Super Regional Bank with RIA Seeks Integration and Growth in Wealth Management Business
A super-regional bank wanted to increase the revenues and assets managed in its RIA and to integrate the various independent units throughout multiple states into a coordinated business. Spectrem interviewed bank presidents in each state, wealth management leaders, brokers and private bankers to gain an understanding of the sales and organizational strategies in each group. Spectrem worked with senior management to develop a coordinated sales strategy with the bankers and a clear packaging and marketing strategy for all advisors in each state. This allowed the business to develop a holistic strategy segmented at identified market segments with appropriate investment products.
National Insurance Provider Seeks Expansion into Mid/Large Defined Contribution Market
A large defined contribution provider, specializing in the 403(b) healthcare and K-12 markets, sought to expand its’ mid-large defined contribution market. Spectrem assisted in product analysis and review, reassessment and reorganization of the sales force, and financial review. The strategy identified an revised sales strategy, differentiation in the product delivery and service, as well as short and long term growth assessment.
Global Bank Seeks to Reposition Marketing Strategy
Global bank sought to benchmark its reputation against competitors and identify how to differentiate itself in the eyes of wealthy investors. Spectrem conducted an extensive series of face-to-face and phone based interviews with investors with over $25 million. Spectrem compared the qualitative responses with in-depth quantitative surveys and assisted the bank in determining key messaging in the U.S. as well as re-structuring of its client service model.
For more information about strategic consulting at Spectrem Group, contact Cathy McBreen at cmcbreen@spectrem.com or 224-544-5351.
