Case Study: Transforming Client Services in a Closed Fund

The Challenge

A closed fund faced significant challenges in reducing expenses, particularly staff costs, while dramatically improving its level of client service. The company struggled to recruit experienced staff due to low morale, exacerbated by persistent rumours regarding its potential sale or outsourcing. The situation was further complicated by the departure of the Client Services Director, who was not being replaced.

The initial brief was to provide guidance and support to three senior managers, identify failing areas, and implement appropriate remedial action to stabilise and enhance the Client Services function.

Key Findings

• An initial review uncovered several critical issues:
• A generally poor level of service provision with no climate of service excellence.
• Significant backlogs in most areas, caused by a high volume of poorly handled complaints, which in turn generated additional complaints.
• Insufficient expertise among staff, many of whom had limited knowledge and lacked a breadth of understanding.
• Inadequate two-way communication with front-line staff, leading to inefficiencies and further dissatisfaction.

The Solution

A structured action plan was implemented to address these concerns:

Clearing Backlogs & Setting Service Standards

• A simple yet effective action plan was established, which cleared existing backlogs and introduced a five-day service standard for all regular processes.
• A streamlined methodology for handling complaints was developed, ensuring all complaints were addressed within three days of receipt.

Complaint Reduction & Improved Service Levels

• The improved complaint-handling process led to a dramatic reduction in complaints, decreasing from approximately 400 per month to just 20 per month.
• Enhanced client interactions and a more structured approach to service delivery significantly boosted customer satisfaction.

Staff Morale & Operational Efficiency

• With the success of the service improvement initiatives, staff morale improved considerably.
• The need for additional staff was significantly reduced, and within 12 months, the Client Services function was handling higher volumes with fewer staff.

Training & Development

• In collaboration with HR, formal training programs were introduced for each Client Services staff member, ensuring continuous learning and professional development.
• Targeted productivity and effectiveness programs were rolled out to eliminate unnecessary and unproductive processes across all Client Services departments.

Project Management & Interdepartmental Collaboration

• Special attention was given to client service projects, particularly those involving IT, which had a history of delays and unmet deadlines.
• Stronger, more positive relationships were cultivated with key departments, including IT, Finance, Compliance, and Internal Audit, fostering a more collaborative and constructive working environment.

The Outcomes

• Complaint volumes reduced by 95%, improving customer satisfaction and trust in the service function.
• Service backlogs were eliminated, with a structured five-day service standard implemented.
• Employee morale significantly improved, leading to better retention and engagement.
• Operational efficiency increased, enabling higher work volumes to be handled with fewer staff.
• Training programs institutionalised, ensuring ongoing skills development and knowledge retention.
• Stronger cross-functional collaboration, leading to more effective and timely completion of projects, particularly in IT.

Conclusion

This intervention successfully transformed the Client Services function within the closed fund. By addressing the root causes of inefficiency, implementing a clear action plan, and fostering a culture of service excellence, the organisation was able to reduce costs, improve staff morale, and significantly enhance its service delivery. This case study serves as a testament to the effectiveness of structured intervention and strategic management in driving operational improvements and customer satisfaction.