Why has SEI's Goals-Based Investing platform seen a 15% drop in new account openings over the past quarter?

Introduction

The 15% drop in new account openings for SEI's Goals-Based Investing platform over the past quarter is a concerning trend that requires immediate attention. To address this issue, I'll employ a systematic approach to identify, validate, and resolve the root cause while considering both short-term fixes and long-term strategic implications.

Step 1

Clarifying Questions (3 minutes)

• Considering the timing, I'm wondering if there have been any recent changes to the platform's user interface or onboarding process. Have we implemented any significant updates in the past quarter?

Why it matters: UI changes can significantly impact user behavior and conversion rates. Expected answer: Yes, we rolled out a new onboarding flow two months ago. Impact on approach: If confirmed, we'd need to analyze the new flow's performance metrics compared to the previous version.

• Looking at the market conditions, I'm curious about any shifts in competitor offerings. Have any major competitors launched new features or pricing models recently?

Why it matters: Competitive pressure can directly influence new account openings. Expected answer: One competitor introduced a lower fee structure last month. Impact on approach: We'd need to assess our pricing strategy and value proposition.

• Considering user segments, I'm thinking about potential changes in our target audience. Has there been any shift in our marketing focus or target demographics?

Why it matters: Changes in target audience can affect the relevance of our offering. Expected answer: We've been experimenting with targeting a younger demographic. Impact on approach: We'd need to evaluate if our product aligns with this new segment's needs.

• Regarding system performance, I'm wondering about any technical issues that might have affected the platform. Have we experienced any significant downtime or performance degradation?

Why it matters: Technical problems can deter potential users from completing account creation. Expected answer: We had a few minor outages, but nothing major reported. Impact on approach: We'd need to investigate if these minor issues had a cumulative effect on user experience.