Merrill Lynch

THE WEALTH MANAGEMENT DIVISION OF BANK OF AMERICA IS CURRENTLY KNOWN AS MERRILL LYNCH ESTABLISHED IN 1907 FOUNDERS STRATEGY: BRING WALL STREET TO MAIN STREET DELIVERING SERVICES TO INDIVIDUAL CLIENTS (RETAIL BROKERAGE) THROUGH STOCK BROKER AND FINANCIAL ADVISORY SERVICES ( FA). ONE OF THE LEADING FINANCIAL SERVICES FIRMS IN THE WORLD AND WAS THE LARGEST OF THE BROKER DEALER FIRMS ON WALL STREET IN 2003

Merrill Lynch - Supernova

Name given to a new way to manage client relationships
Father of SUPERNOVA- Rob Knapp.

that originated in one of Merrill Lynchs Indianapolis offices.

Merrill Lynchs Mid-West District.

The Supernova Model is a client service, client acquisition, and practice management model that drives an explosive acceleration in revenue and client satisfaction by capitalizing upon the 80/20 Rule

Supernova Ultimate Client Experience

The 12-4-2 Process

The supernova description of what clients minimum annual contact with their financial advisor should be :

12 monthly contacts 4 portfolio reviews 2 face-to-face meetings

Plan, Process and Discipline, meaning that you are going in a very systematic manner from chaos to plan, process and discipline- which will give the FAs the control over their time.

Supernova Service Promise

Segmentation

Organization

Client Associate and folders Folders assist in 12 4 2 process/Up to date Info/Folder Guilt/follow agreed financial plan Clients will be contacted by FA at-least 12 times every year. Response within one hour and resolution within 24 hours

Acquisition

Each year FA to acquire some new, high-quality clients .

Least promising clients displaced by new clients to another FA, or Financial Advisory Centre . FA find 2 to 4 hours everyday for client acquisition, which FAs found more adequate.

In terms ofService Marketing

Service Marketing Ps :

People : Client Associates/ Financial Advisors Physical Evidence : The company Brand name and its market value Process : Supernova Designed for ultimate customer experience Face to face Phone
High Customer Participation

Moment of Truth :

Customer Participation

Service Design : Operational Efficiency : Factory Model

GAP Model

Knowledge gap:

As the people were not completely aware of the products , services and benefits that supernova provided and the FAs perceived customers requirement

Standard Gap: Passing of client information and details after client meetings to client associates to updates folders.

Delivery gap:

Accessibility of the FAs when required as they busy in acquisition of new clients

Communication gap:

FAs full filling the promises made to the client during the time of acquisition.

Supernova Blueprint
Physical Evidence
Merrill Lynch

Customers action

Existing clients
Meeting / Phone

New clients
Meeting / Phone

On stage contact

FAs
Access client info.

Associates
Update

FAs For Referrals

Backstage

Folders

Support process

Software

Service Management Triangle

Company

Trainings & Manager Persuasion

Road Shows Financial Advisors Sales Promotion Call Centre

Employee

Interactive Marketing Personal Selling Referrals Existing clients Serviscapes

Customer

Learnings

"Supernova" is totally customer focused business process. The company was able to move from Adequate service expectation to Desired service expectation and thus "Supernova" helped Merrill Lynch climb the new ladder of success with a zero zone of tolerance. Post "Supernova" - The Company was able to establish "Service recovery" as the customer complaints were addressed very quickly and the FA's focused on improving service than on selling the product.
This concept was a success at Merrill Lynch due to its new approach for handling clients and advisors at the same time.