Event Center Case Studies

Transition Support Strategy Eases Service Volume

BUSINESS CHALLENGE

A client on-boarded a new block of business that required transitioning and notifying all accountholders. Notification included a "Welcome Kit" outlining the post-conversion changes and the actions required of the account owners, as well as other pertinent information.


During previous acquisitions, the client had experienced unprecedented call volumes. This time they wanted to minimize the impact of those calls on the existing accountholder base, while providing the newly converted shareholders with a high level of customer service.


BOSTON FINANCIAL SOLUTION

Rather than impact their own call center, the client utilized Boston Financial's Event Center. Call trend analysis from those previous acquisitions enabled Boston Financial's Event Center to identify typical inquiries from newly converted accountholders:


  • General understanding of the change and its effect on the accountholder
  • Assistance in gaining online access to accounts
  • Confirmation of account balances post-conversion

The Event Center quickly developed a project plan and prepared for the expected flood of transition related calls. Leveraging a flexible staffing model, associates were promptly hired and trained for the project.


RESULTS

Within just the first week, the Event Center handled thousands of incoming phone calls. Throughout the engagement, service levels were maintained at a 96% overall favorable level. The client has since utilized the Event Center numerous times to support on-boarding of other blocks of business.

Shareholder Notification and Response Management Burden Alleviated

BUSINESS CHALLENGE

When the Emergency Economic Stabilization Act was signed into law in 2008, brokers and fund companies were required to report accurate, adjusted cost basis information to both investors and the IRS beginning January 1, 2012. The new regulations presented an enormous challenge to brokers and fund companies who had to notify millions of individual shareholders of the regulations, including the ability to select a specific cost basis methodology.


BOSTON FINANCIAL SOLUTION

To help clients with this regulatory notification, Boston Financial's Event Center developed a proactive solution to manage the increased volume of outgoing communications and incoming responses, without compromising existing service levels.


  • A shareholder letter and election form explaining the new regulations, shareholder responsibility and election options, customized with company-specific logos and contact information
  • Shareholder solicitation that included answering questions resulting from the notification as well as scanning, electronically reading and automatically updating returned elections forms on the system
  • An easy-to-navigate website with summary information, frequently asked questions and a tutorial page, optionally tailored with fund company "look and feel"

RESULTS

The Event Center offered fund companies an effective way to deliver shareholder notification and avoid a potentially significant onetime expense for developing, staffing and educating an internal team.

More than 50 clients leveraged the Event Center's notification and solicitation capabilities to guide their overall cost basis implementation. The majority of clients utilized election form mailing, call center staff and operational support. Overall, high customer service satisfaction levels were reported among shareholders.

90% of Assets at Risk Retained

BUSINESS CHALLENGE

A client needed to make contact with a number of its shareholders or their underlying shares would be escheated to the state government. They had to complete a shareholder notification mailing, establish a call center to respond to inquiries resulting from the mailing, and plan a call out campaign, all within two weeks. It was critical that a "white glove" experience be delivered to the shareholders, many of whom were high-net worth account holders.


The client had concerns that the increased call volumes might negatively impact its call center and subsequent service levels. Yet, planning and securing additional facilities, hardware and staffing in such a short period of time was unrealistic for them. They were running out of time and options.


BOSTON FINANCIAL SOLUTION

Within hours of hearing about the client's dilemma, the Event Center developed a detailed proposal including deliverables, start and end times, and pricing.

  • Within twenty-four hours, the Event Center received and processed a file transmission containing the essential shareholder information.
  • Within two days, the Event Center began the mailings.
  • By day three, the call center representatives began receiving calls and making calls to key accounts.
  • During this same time period, the Event Center established an after-hours voice messaging service.

THE RESULTS

The campaign was highly successful, retaining 90 percent of the assets in jeopardy.

Increased Shareholder Retention

BUSINESS CHALLENGE

A client was closing a money market fund and wanted to retain their shareholders' business by having them exchange their shares into a new money market fund account. The client initially mailed letters to their shareholders, but decided to conduct a call-out campaign to further bolster retention efforts. This call-out campaign was a vital component of the client's shareholder retention strategy, and required:


  • Development of a call-out list and script
  • Customized associate training on the specifics of the call-out campaign
  • Staffing to support the campaign off-hours

Shareholder retention was the client's primary goal; however, ensuring day-to-day operational resources and customer service needs were not negatively impacted by the call-out campaign were also key.


BOSTON FINANCIAL SOLUTION

The Event Center developed a detailed proposal including deliverables, timeline, and service agreement. Within three days of being contacted by the client, we initiated the first phase of shareholder call-outs. The implementation plan included:


  • Developing and implementing associate training
  • Creating a comprehensive script to address shareholders' concerns and to facilitate the processing of exchanges
  • Identifying a strategy to execute the call-out program with frequent file updates to ensure clients were not contacted once a decision had been made

THE RESULTS

The call-out campaign exceeded the client's targets. Direct shareholder contacts resulted in a shareholder fund exchange rate of 58 percent.

Book and Records Project Ahead of Schedule and Within Budget

BUSINESS CHALLENGE

A major broker dealer needed to update its books and records. In addition to mailings and image scanning services, the client also needed "high-end" customer touch point capabilities that included the following:


  • A fully-scripted call center with after-hours support for handling both investor and registered representative queries
  • Updates of all individual client records directly on the company's workflow servers
  • And ultimately, a successful transition of the call center operations to the client's in-house staff

BOSTON FINANCIAL SOLUTION

The Event Center employed flexible staffing, established a secure toll free phone line, defined postal requirements for incoming and undeliverable mail, prepared scripts to ensure a consistent customer care experience, and developed a transition plan to shift operations to the client's site upon completion.


THE RESULTS

  • Achieved an average 99.3% call center service level
  • Rapidly increased or decreased staff levels as volumes fluctuated (resulting in cost and service level optimization for the firm)
  • Completed the engagement ahead of schedule and within the firm's budget

Distribution of Settlement Proceeds to Former Shareholders

BUSINESS CHALLENGE

Occasionally Boston Financial clients receive a major settlement payment on behalf of former shareholders in a liquidated, closed fund. When a client receives such a significant dollar amount for a closed fund settlement, they are faced with a business unusual event.

BOSTON FINANCIAL SOLUTION

  • Conversion of shareholder account files and payment calculations
  • Distribution mailings, returned mail processing, and address research
  • Development of client approved shareholder communications and training
  • Customer care services for the distribution questions and check reissuances
  • Call outs to high dollar accounts who failed to negotiate their checks
  • Event activity reporting (e.g., calls, correspondence, and check cashing)

RESULTS

  • Typically 90% of distributions are cashed, representing 85% of all dollars distributed.
  • Fund executives can easily account for the final disposition of the assets received from the settlement.

"Low Balance" Campaigns Result in "High" Rewards

BUSINESS CHALLENGE

Mutual Fund companies may choose to conduct low balance notification mailings to shareholders whose account balances fail to meet a Fund's minimum requirement. Clients often experience unanticipated call volumes resulting from these mailings if they are implementing the policy for the first time. These spikes generally cause an "all hands on deck" approach from various non-call center/operational teams within their organizations, negatively impacting routine business.


BOSTON FINANCIAL SOLUTION

The Event Center provides a solution to thoughtfully handle campaign specific calls while delivering high service levels. It includes:


  • Dedicated staff with event specific training (e.g., processing of redemptions and exchanges)
  • Establishment of a dedicated toll free line
  • Data and voice connectivity, within a secure environment
  • Call recording/monitoring capabilities
  • Client access for event oversight

RESULTS

The Event Center is able to provide excellent customer services, implement specific workflows that integrate with a client's existing process, and develop a secure method to transmit "price related" trades to one another without delay or privacy concerns. Clients continue to be impressed with our ability to provide supplemental call center and processing support.