Case Study – Financial Wisdom

March 9, 2019 in Best Practices



Case Study – Financial Wisdom

Sharing best practices across the management team


Financial Wisdom, a licensee within the CBA Advice Business which supports a network of self-employed financial planning firms, used Tribal Habits to capture and share expertise among their internal managers to boost engagement with prospective advice practices.

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01

Challenge

Bringing new firms into the Financial Wisdom network needs to be tailored to the individual firm, with the end-to-end engagement process extensive.

Financial Wisdom had significant internal expertise in engaging with prospective advice businesses in the industry, but that expertise was shared across 25 Practice Development Managers (PDMs) in every state of Australia.

PDMs are very busy, on the road constantly engaging with their existing firm panel as well as new firms, so it was difficult to share successes and best practice among them via traditional face-to-face means.

02

Solution

Tribal Habits allowed Financial Wisdom to develop a completely customised online training experience on meeting, engaging and working with prospective financial advice firms for PDMs.

A core team of PDMs in one state created the first version of the topic, capturing their combined knowledge into a 50 minute online module. The entire PDM team range of PDMs then explored the topic, adding additional new information, including video interviews with PDMs from around the country.

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Outcome

Built into the topic were three on-the-job activities to help PDMs turn new ideas into workplace behaviours over a two month period. State Managers were automatically notified as their PDMs hit key milestones to encourage 1:1 coaching and success sharing.

Over 25 PDMs completed the topic over a three month period, with over 500 contributions added to the topic to capture peer learning and new expertise.

This became the first of a series of additional practice management best practice topics.

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