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.
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.
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.
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