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Cannon Financial Institute
Case Study

Increasing Wallet Share with Existing Clients

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Cannon Financial Institute was approached by a Private Banking division with a specific aim: to enhance the wallet share among existing clients. The initiative was designed to improve product usage within the Private Bank solution set.

The Challenge

The challenge was clear but complex: to significantly increase the wallet share held with current clients. This required a deep understanding of customer needs, an improvement in product offerings, and a more effective client engagement strategy.

The Solution

Cannon designed a tailored performance improvement solution divided into two parts: one for Managers and one for Private Bankers. This comprehensive approach included:

  • For Managers: A 2-day "Managing and Coaching for Growth" session, a 1-day Skills Workshop, and weekly meetings to review processes.
  • For Private Bankers: A 2-day "Growing Your Business" session and a 1-day Skills Workshop.

These programs targeted crucial areas such as initial consultations, instructor-led training, and performance support.

The Results

The results were profound across all levels of performance:

  • Top-Level Performers: New Assets improved from $262,636 to $1,096,386 for a 317% increase. Fee Revenue improved from $16,267 to $55,562 for a 242% increase. Deposits improved from $647,899 to $1,610,234 for a 149% increase. Loans improved from $242,953 to $624,651 for a 157% increase. Completed Financial Plans improved from 3.3 to 22 for a 567% increase.
  • Mid-Level Performers: New Assets improved from $166,717 to $543,157 for a 226% increase. Fee Revenue improved from $11,545 to $25,919 for a 125% increase. Deposits improved from $542,977 to $568,604 for a 4.7% increase. Loans improved from $247,046 to $270,429 for a 9.5% increase. Completed Financial Plans improved from 3.15 to 10.65 for a 238% increase.
  • Bottom-Level Performers: New Assets improved from $11,766 to $105,644 for a 798% increase. Fee Revenue improved from $833 to $5,135 for a 539% increase. Deposits improved from $6,180 to $93,820 for a 1,418% increase. Loans improved from $8,811 to $277,803 for a 3,053% increase. Completed Financial Plans improved from 0.7 to 3.4 for a 386% increase.

The total impact on the organization was significant:

  • New assets increased by 135%.
    • Pre-Workshop: $43,192,606
    • Post-Workshop: $101,644,453
  • Deposits collected rose by 16%.
    • Pre-Workshop: $107,536,517
    • Post-Workshop: $124,823,047
  • Fee revenue saw a 91% increase.
    • Pre-Workshop: $2,613,080
    • Post-Workshop: $4,984,779
  • The completion rate of financial plans went up by 300%.
    • Pre-Workshop: 522
    • Post-Workshop: 2,087
  • Funded loans increased by 60%.
    • Pre-Workshop: $38,296,339
    • Post-Workshop: $61,246,330

These improvements reflected dramatic enhancements in skills, knowledge, relationship management, and business acquisition strategies for private bankers at every performance level.