New Client Experience-2

New Client Experience

Abbey BrainardHannah Collins

Jason KayneMichael Kirkland

Jack RamseyAndrew Scott

Daniel Shipman

Agenda

I. Data AnalysisII. New Client Experience

Training Program Touchpoints Event

III. End Results

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New Client Data

Internal FeedbackResponses regarding the idea of a new client experience from relationship managers across various departments:

Create a formal system that requires relationship managers to keep in contact with clients

Maintain high flexibility for relationship managers when creating a client engagement plan

Focus on cross sales when developing new client experience

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Boston Private Market Breakdown

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January February March April May June July August September October November December0

50

100

150

200

250

300

350

400

450

New Clients per Month by Market in 2014

SoCalNoCalNE

January February March April May June July August September October November December0

50

100

150

200

250

300

350

400

450

New Clients per Month by Market in 2013

SoCalNoCalNE

New Client Age Breakdown

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under 20 20 -29 30-39 40-49 50-59 60-69 70 +0

50

100

150

200

250

300

350

New Clients by Age Group (2014)

2014 NE2014 NoCal2014 SoCal

Age Group (in years)

Tota

l Clie

nts p

er A

ge G

roup

Competitive Analysis

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Solution

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I.Training Program

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Overview

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• Led by Bill CurranWho?• Client service excellence workshopWhat?• Early 2016When?• To better enhance daily client service

both internally and externallyWhy?

Framework

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1• Who is your client?

2• Service tips

3• Client feedback

4• Case study

5• Continuous improvement

Why This Matters? In a study from 2014, the number one reason why customers switched

from their personal bank to another was poor customer service (28%)- J.D. Power & Associates

80% of companies say they deliver “superior” customer service, while only 8% of people think these same companies deliver “superior” customer service

- Lee Resources

Retail banking customers who are fully engaged bring 37% more revenue per year to their primary bank compared with those who are actively disengaged

- Gallup, State of the American Consumer

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Client Referral

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Detractor Passive Promoter0

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2

3

4

2.4 2.63

Average Number of Products Owned

Detractor Passive Promoter0

1

2

3

4

0.6

1.7

3.8Average Number of Referrals in Previous Year

Customer Satisfaction Creates Results

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ReputationAwarded highest rated customer satisfaction of all banks in the Northeast

How? Exceptional, 24 hour client service Internal employee training Quick response time

What It Means? TD accomplished this with over 22 million clients

Workshop Benefits

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Employees Benefits Boston Private Benefits

Improve interpersonal and communication skills

Greater cross selling potential

Increase in client satisfaction Enhance client service

Establish higher personal reputation for future clientele

Increase in potential referrals

II. Touchpoints

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Purpose

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Institutionalize Flexible

The Plan

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Touchpoint FormatMandatory Optional (Choose 2)Annual ReviewNew Client Event

Invitation/RSVP

Anniversary Check-in Webinar Quarterly Phone Call Invitation to Visit Banking Hall Charity Event Attend a client event Referral to other bank

department

Each client will receive at least 4 touchpoints each year

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Rationale Behind Touchpoint Plan

Invitation/RSVP

Formalize outreach to clients Further enhance employee-client engagement

Flexible and personal communication

III. New Client Event

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Purpose of Event

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Culture

EngagementExposure

GuestsClients All BP clients that have joined the bank

within the past six months

Employees Mostly relationship managers that

represent a wide spectrum of different banking areas

Will be partially determined based on profile of clients attending the event

Total Number of Attendees Approximately 300 total guests

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Attendance Projections

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Variables Methodology Range

% Attendance 7.5% 10% 12.5% 15% 17.5% 20% 22.5% 25%

Guests 133 178 222 267 311 356 400 445

New 2015 Clients From New England (January-June)

Client Growth Rate 8.58%BP Employees 30-40

Venue 1 - InterContinentalVenue Main Ballroom

Price $15,000

Guest Capacity Over 400 guests

Additional Information Located in Financial District Full open bar & hors d’oeuvres

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Venue 2 – The StateroomVenue Great Room

Price $30,000

Guest Capacity Over 400 guests

Additional Information Located in the financial district Incredible views Full open bar & hors d’oeuvres

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Venue 3 – The AquariumVenue Main Exhibit Gallery and/or tented Harbor Terrace

Price $26,000 - $30,000

Guest Capacity Over 400 guests

Additional Information Access to exhibits Full open bar & hors d’oeuvres

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Preparation

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Month Procedure

August Select and book the venue Mail the invitations

September RSVP deadline Follow-up phone call from RM if no response Confirm employee attendance

October Finalize menus and final event layout Review event expectations with employee

attendees Event: October 15th

Event Layout

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Atmosphere of Event Elegant, but open and fun setting RM’s can introduce clients to each other Drink and food options available throughout

the night

Time of Event – 6:00 pm – 9:00 pm on October 15th 6:00 pm – 7:30 pm – Networking, Hors D’oeuvres and Wine 7:30 pm – 8:30 pm – Presentations 8:30 pm – 9:00 pm – Wrap-up

Presentations – 7:30 pm – 8:30 pm 7:30 pm – 8:00 pm – Welcome from Clay Deutsch and Mark Thompson 8:00 pm – 8:30 pm – Presentations from two different relationship managers

Event Flexibility

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Various Considerations Proposal Alternatives

Client Invites Invite all new clients - Only top clients- Specific bank segments

Number of Events Both fall and spring events

1 per year (October)

Event Format Standard, networking event

Themes:- Featured non-profit- Professional speaker

Venue Typical hotel ballroom -Museum-Outdoor tent-Banking Hall

End Results

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Training Program

Touch-points

Client Event

Stronger client relationships

Potential increase in share of wallet

Client satisfaction Increase in client

acquisition

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Thank you!

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Questions?