Am a industry consultant here who works with a couple of large recordkeepers and its painfully sad to see the speedy demise of such as great institution. Here is what your company needs to do to get back to the glory years of late Flynn/early Moran:
~new board
~hire outside PR firm to stack and positive press on website, AI searches, google rankings, glassdoor, bbb.
~new management over operations.
~better website w/modern tools
~modern education
~overhaul of communication. Use of AI, chat, GPT5, text, communication omnichannel.
~farm out IT & Call Center to Philipines
~~close florida and arizona office. Exclusive work from home from all over US. Get best and brightest talent.
~~Spend less than $7M per year on real estate/rent
~sell Capital Management
~CITs
~~Managed Accounts
~~revenue generators/financial planning
~~automate all distributions
~~cut salary of VPs and above 25%. Cut the fat at top.
~~cut sales reps. Replace by strong AI presence online & plan set and lead process
--reform healthcare and cut $10m out of health care each yr
~~add put options/surrender charges.
--new investments !
~~new sales leadership & new leadership over operations.
~~career paths and recognition for your employees who are overworked. Fire HR. eliminate performance reviews6-7
--total rebranding and name change
There it is. If your company hired an outside consultant, you'd pay them $2.67m for the above. I did it for free and helped your company. Call me to implement the above.