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Case Study 2: Family Managed Business in Financial Services Sector: Wealth Management: Redefining Business to find new opportunities for growth
The client organization has been in the business of being sub-broker to a large broking house based in Mumbai, India. The firm has been operating as a traditional family owned business. The firm has seen the troughs and crust of the stock market swings for a decade. What has kept the firm well-grounded in all these years is the belief of its owner in propagating and following value investment approach to investment in stock market.
The client organization approached KSMC with a mandate to re-engineer the organization and develop a vision document for 2020. KSMC went about the exercise to understand the organization and its business practices and processes to get deeper insights to its approach to business origination to managing client relationship. The long hours of spending on the trading floor to observe the traders executing the trade and client conversations gave us an opportunity to be part of the organization. At the end of the first phase of the consulting process, our consultants were identified more as family members of the organization and could talk the language of the business.
KSMC understood that it is essential to leverage the strength of the organization’s value system in managing its people and its valued clients. However, understanding the traditional approach of the organization it was essential to help the owners to dream big and document the business plan. The outcome of the exercise enabled the organization to redefine its business from being a stocking broking outfit to wealth management firm creating possibility of serving the existing loyal customer base with slew of new product offerings and also invite new customer segments based on the stickiness of the present revenue generation by various customer segments. The firm is beaming with confidence with a written down vision and mission statement by the CEO and clarity of purpose and milestones to be achieved. It has embarked on a journey by inducting professional managers knowing well that some of the short-term pains would only help the organization to grow. It has embraced the web world by having its presence and its mission statement has enabled it to look beyond its present geographies. Today, the firm is working on the new process implemented by KSMC and is confident that this would be the foundation to take the growth trajectory planned.