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4 min read

Transforming the Client Experience

Transforming the Client Experience

AMP’s wealth management team achieved remarkable results by using the DNA Web App to enhance the employee and client experience.

Wealth management companies are constantly seeking innovative ways to enhance the client experience while increasing operational efficiency. AMP Limited is a financial services company that had that same goal. With a massive client base of 1.5 million individuals, they needed a unique behavioral solution that could be integrated with their fee-only advice model. This case study delves into how AMP, under the visionary leadership of Andrew Zietara, successfully leveraged DNA Behavior to achieve results that completely transformed their business.

Recognizing The Value of Behavioral Insights
The company’s objectives touched nearly every aspect of their business. In an effort to increase revenue flow, they knew they would need to invest in platform development to give them deeper insight into human behavior. They were determined to find a way to:

  • Extend their advice capability into international markets.
  • Implement a goals-based advice operating system.
  • Improve advisor effectiveness by matching them with like-minded clients.
  • Enhance both the client experience (CX) and employee experience (EX).

Integration of the DNA Web App
Guided by the innovative ideas of Andrew Zietara, AMP embarked on a transformative journey. They envisioned a web app that could personalize their in-office advice and lead to an exceptional client experience. They found that DNA Behavior platform was designed to do exactly that!

They were able to seamlessly integrate DNA Behavior technology with Salesforce CRM and their existing hardware. This innovative approach would soon empower advisors to better understand and connect with their clients, ultimately leading to more personalized financial advice.

Implementation Process
AMP and DNA Behavior collaborated closely to create a structured workflow, driven by technology triggers in their Salesforce CRM. This allowed them to implement behavior and money insights across their entire enterprise.

Here’s the Resultant Workflow:

Day 1: Clients meet with a concierge, are invited to the client portal, and complete the DNA Behavior discovery process.

Day 2: Clients are matched with advisors using DNA Behavior's matching algorithm, utilizing communication insights.

Day 5: Advisors meet with clients face-to-face and guide them through the AMP Goals 360 process.

Days 6-9: The AMP advice team uses client financial behavior insights from DNA Behavior to match them with suitable products.

Day 10: Advisors present clients with portfolios behaviorally crafted for them.

Day 30: The compliance team conducts an analysis of each client’s risk tolerance and KYC (Know Your Client) information to ensure they are receiving suitable financial advice. Advisors also access real-time Market Mood alerts that allow them to engage with clients more effectively. 

App Features Integral to AMP’s New Processes
As a larger firm, AMP already had an existing system; it just needed to be enhanced. This is how AMP leveraged the features of our behavioral finance technology.

Individual Reports: The DNA Behavior product team designed and created a customized "My Money Style" investor report highlighting each client’s behavioral profile.

AMP_My Money Style Report_Blog Post

Natural Behavior Discovery Process: Employees and clients completed a 10-minute questionnaire to gather their initial behavioral data and receive their results and customized report.

Comparison Reports: The behavioral styles of clients and advisors were compared for optimal client-advisor matching.

Advisor Portal: Advisors all had easy access to DNA insights for clients.

Market Mood Dashboard: Real-time market data was tracked and compared to what was known about each investor to predict their reaction to market changes.

DNA API: The DNA Platform acted as a behavioral chip that plugged into AMP’s existing system for seamless data transfer.

Report API: To satisfy compliance requirements, reports were saved with a Report API and made available for future reference within the firm’s own archive systems. 

Ensuring Advisor Participation
Change is often difficult, especially for advisors accustomed to complex, regulated processes. For the project's ultimate success, AMP needed 100% adoption by their advisors. So, they decided to introduce the platform to employees before opening it up to clients. By using DNA Behavior insights to improve the advisor onboarding process, they demonstrated the accuracy of the system, making it easier to transition to the new client experience driven by financial behavior insights.

Aligning Strategy With What They Learned
The new process allowed AMP to gain valuable insights into their customer base, discovering that clients tended to be introverted and conservative, which informed their marketing and engagement strategies. It also highlighted the importance of aligning the advisor team with the right clients by matching behavioral styles.

Quantifying the Outcome
Taking a look at the outcome of AMP’s new relationship with DNA Behavior, it’s easy to see they made the right move!

ROI: They achieved an astounding 1,426% return on their investment.

Revenue: From ongoing advice provided to new and existing clients, they gained 150 bps (basis points) or approximately $40 million in client revenue.

Investor Participation: A remarkable 98% of AMP’s investors voluntarily completed the discovery process to reveal their behavioral profile. Client engagement in the process speaks volumes!

Advisor Participation: They achieved a perfect 100% participation score from advisors in their firm.

Practice Expansion: By integrating behavioral insights into their practice, they were able to reach their overarching goal of expanding their presence globally to 32 advice practices and increasing revenue, demonstrating widespread adoption and success of the new process.

The True Measure of Success
A company’s impact on people is often the best way to confirm success. As you can see from their own words, implementing DNA Behavior effectively reshaped the employee and client experience.

"I don't think I've had a client so engaged in my 15+ years in financial planning." - Daniel, Advisor

"We're having conversations with customers that we've never had before." - Juan, Advisor

"This is game-changing stuff that would add enormous value to clients as well as our practice." - Anthony, Advisor

"Financially, I now have the confidence I am going to have a great retirement." - Yvonne, Customer

"I can see when goals are achievable, how easy or hard they are, and what's realistic." - Jamie, Customer

"It made me think more long term." - Keira, Customer

AMP achieved remarkable results, solidifying its position as a leader in the financial services arena. Their journey with DNA Behavior exemplifies how visionary leadership, strategic implementation, and a commitment to enhancing both the employee and client experience can revolutionize the wealth management industry!

 

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