Financial Services

When dealing with massive amounts of money

that change hands each day in the financial services industry, accurately compensating sales professionals for their roles in those transactions becomes more important than ever. Payouts must be timely and accurate to both meet strict regulations and maintain a motivated salesforce that will inspire trust in customers deciding whether or not to invest with a particular group. Also, the diversity of fund specialties, investment strategies, and packaged offerings between different financial services companies is incredible, so any sales compensation system put in place needs to be carefully fine-tuned to match the company investing in it. Ironside’s ICM consulting team knows the importance of this kind of tailoring, and recently demonstrated just how flexible ICM can be in the financial services arena at one of the largest mutual fund and financial services groups in the world.

Customer Case Study

Client Information

Industry: Financial Services

Size: >$1 billion in revenue

Area of Engagement: Incentive Compensation

The Challenge.

To better automate and track their sales compensation payouts and strategy, the client engaged Ironside to implement ICM and integrate it into their environment. After the initial installation and configuration, however, the client realized that their business needs would require some enhancements and adjustments to the platform to make it a perfect fit for them. Turning to Ironside as a trusted advisor and partner, they requested a further engagement to uncover how ICM could be optimized for their particular blend of financial services offerings.

The Journey.

To begin mapping out the adjustments needed in the client’s environment, the Ironside consulting team listened to and conversed with the internal ICM project stakeholders to gather detailed information on their daily interactions with the platform and understand where to focus. Based on this feedback, our consultants updated various calculations and tables in ICM to reflect any changing plans and additional desired components uncovered in the discovery conversations.

The Ironside consulting team also managed the configuration modifications needed to facilitate the new and revamped ICM assets they created, ensuring that the platform remained optimally set up to handle the client’s desired functionality. Additionally, once the enhancements were in place and running smoothly, our consultants took time to educate and enable the stakeholders and users onsite to help them unlock the new features to which they wanted access in the most efficient ways possible.

The Results.

Combining a collaborative spirit with deep technical expertise, Ironside’s ICM consultants were able to go beyond the client’s expectations to design the ideal sales compensation solution for a complex financial services ecosystem. Instead of just doing what they thought was best, our team took the time to truly live and breathe the industry context surrounding the client’s priorities and get to know each of the people interacting with ICM personally. Using this knowledge as a foundation, they maximized the platform’s value for the client.

In the end, Ironside delivered the following major benefits:

  • Delivered a comprehensive outline of the client’s needs and wants to the stakeholders to facilitate a focused and fast-moving project plan

  • Fixed calculations causing erroneous payouts, instantly saving thousands of dollars at the start of the project

  • Reduced the client’s administration effort through improving their locking and adjusting methodology and explaining the updates to their internal team, greatly lowering the number of manual adjustments needed

  • Enhanced an existing compensation detailed report to provide more information to the salesforce, giving them greater understanding of the strategies being enacted and cutting back on the amount of questions coming to the admins

  • Created new automated plan components, eliminating a time consuming manual process that would have been necessary for the coming plan year

  • Coached the client’s internal team to a state of greater autonomy, bolstering their confidence in using the tools and reports available to them

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