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Merrill Lynch

THE WEALTH MANAGEMENT DIVISION OF BANK OF AMERICA IS CURRENTLY MERRILL LYNCH

ESTABLISHED IN 1907

FOUNDERS’ STRATEGY: BRING WALL STREET TO MAIN STREET

DELIVERING SERVICES TO INDIVIDUAL CLIENTS (RETAIL BROKERAGE) THROU

AND FINANCIAL ADVISORY SERVICES ( FA).ONE OF THE LEADING FINANCIAL SERVICES FIRMS IN THE WORLD AND WAS THTHE BROKER DEALER FIRMS ON WALL STREET IN 2003

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Merrill Lynch - Supernova

Name given to a new way to manage client relationships

that originated in one of Merrill Lynch’s Indianapolis offices.

Father of SUPERNOVA- “Rob Knapp ”.

Merrill Lynch’s Mid -West District .

The Supernova Model is a client service, client acquisition, and practice managementmodel that drives an explosive acceleration in revenue and client satisfaction bycapitalizing upon the 80/20 Rule

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Supernova Service PromiseSegmentation

Organization

Client Associate and foldersFolders assist in 12 4 2 process/Up to date Info/Folder Guilt/follow agreed financialplan

Clients will be contacted by FA at-least 12 times every year.

Response within one hour and resolution within 24 hours

AcquisitionEach year FA to acquire some new, high-quality clients .

Least promising clients displaced by new clients to another FA, or FinancialAdvisory Centre .

FA find 2 to 4 hours everyday for client acquisition, which FAs found moreadequate.

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In terms of Service MarketingService Marketing P’s :

People : Client Associates/ Financial Advisors

Physical Evidence : The company Brand name and its market valueProcess : Supernova Designed for ultimate customer experience

Moment of Truth :

Face to face

Phone

Customer ParticipationHigh Customer Participation

Service Design : Operational Efficiency : Factory Model

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GAP ModeKnowledge gap:

As the people were not completely aware of the products , services and benefits that

supernova provided and the FAs perceived customers requirement

Standard Gap:

Passing of client information and details after client meetings to client associates toupdates folders.

Delivery gap:

Accessibility of the FAs when required as they busy in acquisition of new clients

Communication gap:

FA’s full filling the promises made to the client during the time of acquisition.

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Supernova Blueprint

Existingclients

New clients

PhysicalEvidence

Customersaction

On stagecontact

Backstage

Supportprocess

FA’s Associates FA’s

Software

Folders

Meeting / Phone

Access client info. Update

Merrill Lynch

For Referrals

Meeting /Phone

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Service Management Triangle

Company

Employee CustomerInteractive Marketing

Road ShowsFinancial AdvSales PromotioCall Centre

Personal SellingReferrals – Existing clientsServiscapes

Trainings &ManagerPersuasion

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Learning

"Supernova" is totally customer focused business process. The company was able to

move from Adequate service expectation to Desired service expectation and thus"Supernova" helped Merrill Lynch climb the new ladder of success with a zero zone oftolerance.

Post "Supernova" - The Company was able to establish "Service recovery" as thecustomer complaints were addressed very quickly and the FA's focused on improvingservice than on selling the product.

This concept was a success at Merrill Lynch due to its new approach for handlingclients and advisors at the same time.