Restructure your organization to be more competitive
We helped a regional bank integrate multiple business silos into a single unit to compete more effectively in the market.
Situation
How should the pieces fit together?
When a large regional bank with a substantial multi-state footprint brought together its trust, asset management, private banking, financial planning and brokerage units into a new reporting structure, it was faced with the daunting challenge of creating a single, integrated business. Previously each unit targeted elements of the high-net-worth market but did not benefit from synergies across product offerings or business practices. The general lack of organizational identity and cohesiveness resulted in moribund sales and the loss of good clients to wirehouses and boutiques.
Solution
Using outside perspective to help drive change.
To achieve its goals, management sought a hands-on approach that brought outside perspective and analytics, but was also rooted in knowledge of the organization. Carpenter Group’s business consultant facilitated a series of meetings to identify and frame a full range of issues including systems, investment management philosophy, product mix and marketing. Meeting results were translated into an actionable plan, with project definitions, assignments and dates. Ongoing counsel on a variety of issues helped ensure that the recommendations were successfully implemented. Over the course of two years, the business unit had made major progress toward operating in a much more integrated and effective fashion:
- a new umbrella brand successfully integrated all product lines and subgroups
- credibility was established with commercial bankers, substantially increasing referral business
- more than 10,000 smaller accounts were moved to a new service center with minimal attrition, higher service levels and substantially greater incremental and cross-sales
