BUSINESS PROBLEM
A well-established, large financial services firm that provides retirement funds and recordkeeping services retained our firm to conduct a Target Operating Model review and assessment. They required industry insight into how their organization aligns with current market leaders.
This firm had run their business for many years on a homegrown, legacy system and had recently migrated to the Omni recordkeeping platform.
They sought the following insights:
- Strengths and weaknesses in their market offer
- Firm structure, including functional roles, leadership model, and headcount
- Identify current state operational gaps to inform and/or build a desired future state
- Financial costs and efficiency considerations
The firm wanted to ensure they were aligned with industry market leaders, but maintain their unique market offer within the marketplace.
OUR SOLUTION
Enterprise Iron deployed several retirement industry and Omni system experts as strategic consultants to interview and document their current state environment.
We engaged leaders from C-suite executives to back-office transaction processors to collect and assess perspectives and fact-based data. We also asked each their desired future state for the organization.
We executed and documented:
- Over 35 interviews, allowing all employee levels a voice
- Collected data on all major recordkeeping processes
- Analyzed their model and compared to industry peer groups on technology, process, cost structure, and headcount
- A comprehensive and actionable roadmap with recommendations that equipped the Client with a factual foundation for making forward-moving strategic decisions
RESULTS & CLIENT BENEFITS
We provided the Client with a comprehensive assessment of their current state, identifying strengths as well as unfavorable issues, and delivered a clear, prioritized roadmap to help the firm move toward its desired future state.
This roadmap aligned the company’s operations with its new Omni recordkeeping system and unique corporate service offerings within the industry.
Expert analysis of the accumulated data offered the Client information from which they could make strategic decisions and/or benefit from insights and suggestions honed through 40+ years of retirement industry and Omni experience.