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John Hancock Financial Services - Klapper Initiative

Gold Stevie Award Winner 2018, Click to Enter The 2019 Stevie Awards for Sales and Customer Service

Company: John Hancock Financial Services, Boston, MA
Company Description: John Hancock's core retail products in the U.S. focus on providing financial solutions at every stage of our clients' lives. Our product suite includes life insurance, mutual funds, 401(k) plans, long-term care insurance, and annuities. We distribute our products primarily through licensed financial advisors, and through John Hancock Financial Network.
Nomination Category: New Product & Service Awards Categories
Nomination Sub Category: Collaboration Solution – New Version

Nomination Title: Klapper Initiative

Tell the story about this nominated product or service (up to 650 words). Describe its function, features, benefits, and sales to date: TEXT REDACTED FOR PUBLICATION

In September 2017, under executive sponsorship, a select team of individuals across Signator Investors, Inc. (SII) were invited to participate in a month-long Corporate Lab Initiative. The initiative strategically teaches business solutions to take advantage of opportunities along with problem-solving skills that can be immediately implemented in the real-world business environment.

The initiative commenced with an intensive two-day workshop conducted in a corporate laboratory environment. The lab centered on a three-year business transformation of a model company with an innovative approach to problem-solving. Afterwards, the team was given a distinct mandate to fulfill a specific business challenge within the allotted 28-day period.

The Mandate: Create an overwhelmingly positive “WOW” experience for both new and experienced advisors and their staff .The Signator team of nine represents multiple disciplines in the broker/dealer space: Compliance, Operations, Transition, Supervision, Compensation, Systems, RIA Operations, Business Development and Licensing/Registration. The methodology learned in the Corporate Lab setting was then utilized to expose elements detrimental to the current process. The first step was to map out the current to reveal how the process was working, not how it was supposed to work. We then evaluated each step in the process, identifying cycle time, process time, opportunity time, rework, number of touchpoints, handoffs, dependencies, etc. This evaluation recognized the pain points advisors were experiencing .

The next phase was to begin brainstorming solutions and build the ideal process. All ideas were considered and researched initially assuming no limitations; these were then narrowed down based on what could realistically be implemented. As the new process began to take shape, it was clear that small simple changes that could quickly be implemented would make a major impact. In the process in use at this time, there were inexperienced and experienced advisors. The new process map created a third category of experienced fast pass advisors.

Next was to create a “WOW” experience. Additional training resources afforded the greater tools to maintain industry compliance and stay on course. A survey was drafted and then distributed to a population of advisors, asking for feedback to gain better insight from a first-hand perspective.

Finally, our communications plan outlined a transition timetable, including coordination to expressly manage expectations and keep the representative engaged and apprised of his/her status throughout the process. Single points of contact were provided to the representative for general or specific assistance as they became familiarized with the new broker-dealer.

Timeline tracking of short, medium and long-term objectives was identified and put into practice, then tested and evaluated. A dedicated role was created to serve as a conduit between the advisor and the network of department contacts and subject-matter experts. This interface allows for a centralized reference point to guide the new advisor and ensure that his/her needs were being met.

The initiative and its mandate supported the framework for a lasting collaborative experience that highlighted the achievements of a small group of dedicated personnel working toward a common goal despite a limited timetable and resources.