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THE SITUATION
- Large multi-line financial services firm looking to grow revenues, lower acquisition costs, and strengthen customer relationships through better cross-selling and up-selling.
- Stax assignment: Determine how competitors have been successful in cross-selling financial products and services, especially full-service advisory / wealth management.
THE ASSIGNMENT
- We conducted in-depth interviews with 45 marketing, sales, and operational executives at nine multi-line financial services firms, and examined strategies for cross-selling and up-selling financial products and services.
THE BENEFITS
- Based on our analysis and presentation to the Senior Leadership Team, management determined that because they did not have a suite of strong “gateway products,” it made sense to reduce emphasis on their full-service advisory business.
THE FINDING
- Gateway/intermediary products provide legitimacy to ask asset-related questions, make suggestions, and direct customers to solutions. Key gateway products include:
- Mortgage: Access to customers’ financial information and needs.
- Life Insurance: “Emotionally tied” to mortgage and advisory products.
- Depository: Provide a view of assets and can be tied to more complex asset and credit products
- Several characteristics that help enable cross-selling and up-selling:
- View of banking assets — ability to team bankers with advisors
- Retail branch network — face-to-face customer interaction when thinking about financial services
- Significant workplace presence — 401K plan administration
- Captive advisor model — greater ability to share customer data and coordinate marketing efforts
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