Client Experience Monthly Report

Presentation date:

October 21, 2020

Data period:

September, 2020

Presented by:

Sherri Wright-Schwietz

VP, Wealth Management

Down

CX Metrics Insights & Overview

  • ATB Wealth Organizational Client Experience Results
  • Advisor Sentiment and Transfer

Strategic Program Updates

  • Wealth Planning
  • Future Focused Compensation
  • Behavioural Finance
  • Product Ecosystem

Operational updates

  • Advisor enablement (Optimization Team)
  • Wealth products
  • Insights & Strategic Program Integration

CX Metrics Insights & Overview

ATB Wealth Organizational Client Experience Results

Consistent with last month, customer acquisition remains an issue in FY21. FY21 YTD customer acquisition is about 65% of FY20 acquisition.

Customers

86,134

Target

88,134

Acquired

customers

555

Monthly

target

659

Disappointed

customers

259

Monthly

target

258

Involutary

churn

41

Monthly

target

53

Net customer

growth

255

Monthly

target

348

High value segments based on AUA saw largest contraction in the number of customers

Advisor Sentiment and Transfers

September 2020

September brought a $9.0M improvement in terms of net transfers. Strategies around retention through this downturn appear to have been largely successful, although acquisition has suffered. A refocus on client acquisition may be wise.

Six Commitment scores for FAs were a bright spot as Q1 numbers, with increases across the board. SFAs were largely static, but both ICs and PBs showed significant movement in various categories; for ICs, this may be due to sample size. Behavioural coaching, feedback and documented financial plans are notable opportunities. 
Digital firms rose into prominence again, likely driven in part due to turbulent markets driving an increased interest in equity trading and a client preference to retake control of their assets in trying times.

ATB Wealth Strategic Program Updates

Wealth Planning

Future Focused Compensation

Behavioural Finance

Product Ecosystem

Wealth Planning

Future Focused Compensation

Behavioural Finance

Product Ecosystem

Future Focused Compensation graphic to come...

Wealth Planning

Future Focused Compensation

Behavioural Finance

Product Ecosystem

Behavioural Finance graphic to come...

Wealth Planning

Future Focused Compensation

Behavioural Finance

Product Ecosystem

Product Ecosystem graphic to come...

Operational Updates

Advisor enablement (Optimization Team) 

Mastery Coaching

  • Mastery Coaching Circles continue to help scale coaching to more advisors to enable best practices sharing to support the 6 Commitments and client transitions. 
  • The Mastery scorecard is being redesigned to include the 6 Commitments and other required advisor behaviours that align with ATB Wealth’s priorities. 
  • All Coaches are now Strengths Deployment Inventory (SDI) certified and this advisor assessment will be available as part of Mastery coaching starting in November. 
  • One of the Coaches (Diana) is on short-term leave and will return towards the end of Q3. We are managing her advisor coaching requests through a triaging process. 

Practice Management

  • An ATB Wealth virtual practice process and resources were developed that will be showcased on the next FA and SFA on Air Calls to help increase advisor and client confidence when engaging in virtual engagements. 
  • The Support Specialists are being trained on PlanPlus and will also be trained to use SuitabilityPro (once launched) so they can offer practice integration support
  • In-depth insights sessions occurred with several ICs who are focusing on optimizing the amount of households and ideal client-type within their books. This information was also presented at the PIC quarterly meeting in October. 
  • Mastery coaching and practice management teams have been working through alignment of roles and responsibilities through the design of a new advisor practice and client experience “optimization framework” to better align support around advisors’ expertise, business management and client engagement. 

ATB Wealth Events

  • All winners of the FY20 Recognition Program received personalized gifts in lieu of a trip this year due to travel restrictions. 
  • Planning of the FY20 Advisor Conference scheduled for early December is underway. 
  • Holiday season sponsorship partnerships and opportunities between ATB Wealth and ATB Financial are underway for the Edmonton and Calgary regions that will allow for COVID-friendly gatherings. 

Wealth products

Portfolio analysis and investment reviews - September results:

The number of advisor requests recorded a total of 67 requests, with 21 new money requests, continuing the slower advisor trend throughout the summer. New money requests came in at just under $17 million, with 64% of the new money requests coming out of the north regions. The total number of requests continues to fall short of 100 to 150 requests that we were seeing in the last half of 2019 and at the beginning of 2020.
Summary of results:
South region
Region
# of requests
# of new money requests
$ of new money requests
Calgary
23
6
$5,143,000
Southern Alberta
1
1
$65,000
Central & Northern Alberta
2
2
$296,000
Edmonton
4
-
$0
Wealth Advice Center
-
-
$0
Total
30
5
$5,504,000
North region
Region
# of requests
# of new money requests
$ of new money requests
Edmonton
20
8
$5,184,000.00
Northern Alberta
7
3
$3,355,000.00
Central Alberta
9
5
$3,264,000.00
Central+Northern Alberta
0
0
$0
Wealth Advice Center
1
0
$0
Group Wealth Services
0
0
$0
Calgary+South
0
0
$0
Total
37
16
$11,803,000.00