New sales and financial advice division

New sales and financial advice division

A large insurer decided to move into direct face-to-face financial advice following a number of regulatory failures in previous decades. Its plan was to develop, pilot, launch and grow a new proposition.

Enterprise Learning was engaged from the outset as a partner consultancy to lead development of the operating and financial advice models. This involved partnering our consultants in all of the relevant workstreams of the change programme as well as leading in key areas. Our role included leadership and consultancy in the following areas:

  1. Developing and agreeing the Customer Experience and Advice Journey;
  2. Developing and agreeing the Operating Model to support this including adviser specification and recruitment; adviser training; adviser supervision; advice policy and procedures; adviser support and helpdesks.
  3. Process development and design: our Advice Business Analysts worked within the client to develop detailed process flows and specifications setting out operating procedures and requirements to meet business needs and FCA requirements.
  4. Sourcing and procurement of Point of Sale, Advice Tools and T&C system: specifications, supplier shortlisting and purchasing advice, as well as working with chosen suppliers to ensure they develop/customise their systems correctly and in line with business and FSA requirements.
  5. Advice Risk Management: development and initial staffing of Advice Checking Unit; development of Advice MI Suite for governance and oversight; on-going monitoring of adviser and advise risks.
  6. Design and delivery of T&C scheme and adviser and manager training and assessments.

As the pilot Adviser team was launched and the full salesforce, sales management and operational first line of defence teams recruited, Enterprise Learning gradually handed over and scaled back our involvement, eventually operating as advisers and independent reviewers where appropriate. Advice Suitability has been consistently high during this major change.

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