Financial Services
Financial services companies require a flexible system with strong controls to manage volume or fee-based sales data, compensation, reporting, workflow, and planning processes for one or more sales channels. Without a robust solution to manage incentive compensation and performance processes across the advisors and firms that comprise their sales channels, companies risk processes that are inaccurate and not auditable, non-compliant with regulations, and lack insight into organizational performance.
Challenges
When financial service organizations lack a comprehensive solution to manage sales commissions, planning, performance, and organizational compliance, they are unable to:
- design and manage variable compensation components, including incentive plans, rewards, SPIFs, bonuses, and annual contests, and quickly respond to evolving industry and regulatory requirements
- collect all data necessary from internal and external data providers, as well as territory and account alignments and other sales performance information from disparate sources without compromising data integrity and accuracy
- effectively present sales, compensation, and performance data to advisors or wholesalers to increase understanding, and provide managers and executives with a high level overview of sales performance and budget attainments
- efficiently manage processes that involve submitting, routing, reviewing, approving, and communicating sales performance, insurance licensing and appointment, and FINRA licensing and registration information across different divisions
- manage sales quotas, budgets, and objectives to ensure alignment with company financial goals
- size and structure sales territories and channels to balance resources and maximize market potential
Solutions
- support all levels of plan complexity for advisors, wholesalers, sales managers, channel leaders, and executives across multiple sales teams and divisions, and partner firms and adapt plans as necessary to align with market, industry, and regulatory changes
- integrate, validate, and manage historical and current product sales and performance information from a secure, auditable web portal to preserve data integrity, security, and accuracy
- communicate individual, team, product, and organizational performance, including award rankings, asset volume, attainments, payment distributions, plan effectiveness using either volume and fee based metrics, to present clear and concise reports, analytics, dashboards, analyses, and trigger-based alerts
- automate manual processes, including managing payroll, disputes and inquiries, commission rate changes, team alignments, hierarchies, splits, account assessments, and more to ensure accuracy and consistency
- set, adjust, manage, and communicate product and sales channel budgets, and advisor or partner firm quotas and objectives to reflect sales strategy
- define and optimize equitable territories and target channels based on customer concentration, demographics, and sales potential through a single, secure location
Synygy’s solution for the financial services industry includes:
- Commission, Fee, and Bonus Management
- Contest and Rewards Management
- Data Repository and Data Process Management
- Data Security Management
- Dispute and Inquiry Management
- License and Appointment/Registration Management
- Onboarding Management
- Agent, Sales Channel, and Partner Firm Management
- Reporting and Analytics Needs Assessment and Design
- Expense Forecasting and Plan Modeling
- Quotas and Objectives Management
- Territory and Line of Business Alignments
- Referral and Cross-sell Management
- Modeling and Forecasting Capabilities
- Auditing and Compliance Management
- and more
