Financial Advice Review
The task
To source, assess, interview and on-board associates within a 2.5-week timeframe from the initial resource request. The Bank had a skills shortage of compliance assurance analysts as well as gaps in their pre-vetting teams whose role was to conduct comprehensive checks across all the financial advisors within the Bank’s advice channels.
The solution
Momenta were instructed to provide a team of up to 20 compliance assurance analysts and pre-vetting resources as part of the Bank’s due diligence aimed at ensuring Bank customers received appropriate advice and that client files met licensee record keeping standards.
Momenta worked against the following challenges:
- Time and logistical constraints having to conduct large volumes of interviews within a short timeframe
- Resource availability, negotiating start dates and training dates to attend at short notice
- Skills shortage in the market
- Role specification changes, from minimum RG146 compliant to minimum ADFP qualified, reducing the number of applicants significantly
- Counter offer
The outcome
Continual monitoring and communication, to ensure stakeholders were fully involved in the project and kept informed about changes in the resourcing process. A cost-effective execution and delivery of a resource intensive project. It was a high volume, low cost flexible solution to meet the Bank’s requirements, without compromising quality and a resource pool that could be scaled up or down as required.
“The SCOPE programme has improved the effectiveness of the sales team and enabled the client to achieve its objective and has resulted in it achieving its target sales performance.”
- 20 resource provided
- 2.5 week timeframe
