NMG’s Management Consulting practice works with financial services clients to improve their long-term positioning and performance. Our services include:
- Distribution channel design, management and optimisation
- Product development and product management
- Business, capability and performance diagnostics
- Baseline and business case development
- Project management and implementation
We work with the full spectrum of industry participants including distributors, fund managers, insurers, asset managers, pension funds and statutory entities, public and private for-profit and not-for-profit financial institutions.
The majority of our Management Consulting projects focus on large, mature markets that present a high degree of regulatory and competitive intensity, and lower levels of organic market growth. However a growing minority involve working with clients to transfer or translate global innovations or best practices into new markets, or focus on issues or opportunities that sit at the intersection of multiple segments (for example, investments, insurance and advice).
In Australia, our Management Consulting team is Tria Investment Partners. Based in Sydney, they are specialist consultants to the wealth and asset management industries. The team provides strategy, management consulting and analytical services based on unique industry insights derived from original research and thought leadership. Their detailed implementation services are based on practitioners with extensive practical experience and a long track record of delivery. Tria Investment Partners became part of NMG Consulting in 2013.
We are differentiated from generalist management consulting and professional service providers by our industry specialisation and expertise. The majority of our consultants have come to NMG from industry backgrounds and line roles, giving them practical, hands on experience and insight into organisational and industry dynamics. At the same time our business revolves around intellectual property rather than resource leverage. Our management consulting units have access to NMG’s insights and analytics studies, whether in testing and validating distribution and product concepts, or as an objective input to diagnostic and performance management projects.
>> Click here to read case studies
UK Wealth Manager (Distribution/Segmentation)
Challenge: A leading UK life and pension provider approached NMG to develop a retail market (IFA and bank) segmentation model, to assess growth and economics by segment and to align sales, marketing and servicing functions as well as product design and pricing around this.
Approach: A joint team developed a forward-looking behavioral segmentation based on business model/client proposition, drawing on NMG’s UK Wealth studies. An analysis of market share/share-of-wallet and client economics by segment revealed a previously unrecognized concentration of activity in the least attractive segment, and lower activity/poor value dynamics in the most attractive segment.
Results: The segmentation ultimately drove the client to change their strategy and pricing, and to initiate major changes to business configuration and cost structure, to better align future growth and value to target segments.
Multinational Investment Manager (Product Development)
Challenge: A global investment manager was seeking to develop a new global equities product and approached Tria Investment Partners (now part of NMG) to support the product scoping and development.
Approach: Tria undertook a market sizing and segmentation exercise that identified a number of market gaps, and worked with the client to prioritise based on alignment to existing style and capability.
Results: The resulting recommendations shaped the design and launch of a new product that has subsequently exceeded growth, revenue and performance forecasts.
Global Reinsurer (Business Diagnostic)
Challenge: A top-tier life reinsurer engaged NMG to undertake an outside-in diagnostic covering market positioning, capability and business economics across a number of key regional and country markets.
Approach: The annual NMG reinsurance studies formed a key element of the project, providing an objective fact base on insurer perceptions of client positioning and capability. While the diagnostic surfaced a number of difficult messages regarding positioning in key growth markets and around people/business development capability, the fact that these assessments were based on an established external process conducted over many years drove acceptance.
Results: The client was subsequently able to agree on a program of change – including structural, offer and key person changes – to address agreed issues and to drive future growth.
Bank-Owned Wealth Unit (Project Management)
Challenge: A major bank-owned wealth manager approached Tria Partners (now part of NMG) to manage a complex remediation programme involving administration fee errors compounded over a number of years.
Approach: Tria was able to contribute product/pricing expertise as well as program management to a team of internal and external experts in accounting, technology and operations.
Results: The program ultimately resolved the fee incidents and underlying issues over an 18-month period, and without adverse client or regulatory impacts.