business intelligence Business intelligence (BI) is defined as information leveraged from software and services to transform data into actionable intelligence that informs an organization’s strategic and tactical business decisions. “What is BI? Business intelligence strategies and solutions.” CIO.com. Sept. 1, 2017 FOLLOW THE RULES: BUSINESS INTELLEGENCE IN WEALTH MANAGEMENT REGULATORY ENVIRONMENT ... Customer Needs Best Interest Data Science Behavioral Alignment Proactive Oversight Revenue Mining One way in which BI adds value to enterprise wealth firms, their advisors and their end investors. Changing Investor Demands Align to evolving customer expectations Growth Opportunity Lifecycle and Proactive Investment Management Risk Mitigation Dynamic Investor and Firm Exposure Management Growth Opportunity Lifecycle and Proactive Investment Management In July 2018, the New York State Department of Financial Services (DFS) issued a final regulation adopting a “best interest” standard for those licensed to sell life insurance and annuity products “to protect New York State consumers from conflicted advice.” “A transaction is considered in the best interest of a consumer when it is in furtherance of a consumer’s needs and objectives and where only the interests of the consumer are considered in making the recommendation.” “Insurance Regulation 187: Suitability and Best Interests in Life Insurance and Annuity ransactions.” dfs.ny.gov. July 18, 2018
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businessintelligence
Business intelligence (BI) is defined as information leveraged from software and services to transformdata into actionable intelligence that informs an organization’s strategic and tactical business decisions.“What is BI? Business intelligence strategies and solutions.” CIO.com. Sept. 1, 2017
FOLLOW THE RULES: BUSINESS INTELLEGENCEIN WEALTH MANAGEMENT
REGULATORYENVIRONMENT ...
Customer Needs
Best Interest
Data Science
Behavioral Alignment
Proactive Oversight
Revenue Mining
One way in which
BI adds valueto enterprise wealth firms, their advisors and their end investors.
Changing Investor Demands
Align to evolvingcustomer expectations
Growth Opportunity
Lifecycle and Proactive Investment Management
Risk MitigationDynamic Investor and Firm
Exposure Management
Growth Opportunity
Lifecycle and Proactive Investment Management
In July 2018, the New York State Department of Financial Services (DFS) issued a final regulation adopting a “best interest” standard for those licensed to sell life insurance and annuity products “to protect New York State consumers from conflicted advice.”
“A transaction is considered in thebest interest of a consumer when it is in furtherance of a consumer’s needs and objectives and where only the interests of the consumer are consideredin making the recommendation.”
“Insurance Regulation 187: Suitability and Best Interests in Life Insurance and Annuityransactions.” dfs.ny.gov. July 18, 2018
A top producing advisor at major national broker-dealer said the following:
“Business intelligence programs helps me validate recommendations and think differentlyabout how I’m servicing the investor.”
WHY PARTNERING WITH BUSINESSINTELLIGENCE TECHNOLOGY FIRMS?
Business IntelligenceImpacting Revenue GrowthExample: 100 Representative Firm
Firm Bottom LineRevenue Increase
New Sales Events from Existing Customers
Additional RevenuePer Rep
Add-On Sales fromCurrent Customers
A president at a national insurance broker-dealer shared that: :
“Our Business Intelligence wealth technology is helping us deliver a better level of service to our end-investors, while safeguarding our brand.”
H E L P I N G C U S T O M E R S N A V I G A T E T H E W A T E R S F O R S U C C E S S
Beacon Strategies, LLC
BEACON RADAR: FOUR QUANDRANT CHARTP
rod
uct
an
d T
oo
ls
XY
Customer “Best Interest Business Intelligence
Serving the FULL Breadthof the Product Type
The further along the X and Y-axis, the more cumulative and comprehensive the unique solution becomes.The Y-axis ranges from the bottom left quadrant (representing single product-type information providers or processors) to the upper left quadrant (which represents a broader swath of product-type information, as wellas accompanying functional tools).
The farther one moves along the X-axis, the greater the focus on incorporating business intelligence in assessing customer needs, aligning investor best interests with asset allocation and, therefore, product choice.
Providers in the top right quadrant are optimizing product breadth, investor risk assessment, accompanying asset allocation modeling and, ultimately, delivering product choice.