Why has Vestmark's VestmarkONE platform seen a 15% decrease in new client onboarding over the past quarter?

Introduction

The 15% decrease in new client onboarding for Vestmark's VestmarkONE 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 and long-term implications for the product and business.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might be seasonal factors at play. Has this 15% decrease been compared to the same quarter last year?

Why it matters: Seasonal variations could explain the decrease and impact our solution approach. Expected answer: Yes, it has been compared, and the decrease is still significant. Impact on approach: If seasonal, we'd focus on year-over-year comparisons and cyclical strategies.

• Considering the onboarding process, I'm curious about the conversion funnel. Has there been a change in the number of leads entering the funnel, or is the drop occurring at a specific stage?

Why it matters: Pinpointing where in the funnel the drop occurs will help focus our investigation. Expected answer: The number of leads has remained consistent, but fewer are completing the onboarding process. Impact on approach: We'd concentrate on identifying bottlenecks in the later stages of the onboarding process.

• Given the nature of VestmarkONE as a wealth management platform, I'm wondering if there have been any regulatory changes affecting the financial services industry recently.

Why it matters: Regulatory changes could significantly impact client willingness or ability to onboard. Expected answer: No major regulatory changes have occurred in the past quarter. Impact on approach: We'd shift focus from external regulatory factors to internal product or process issues.

• Thinking about the product itself, have there been any significant updates or changes to the VestmarkONE platform in the last quarter?

Why it matters: Recent changes could have unintended consequences on the onboarding process. Expected answer: A new feature was rolled out two months ago. Impact on approach: We'd investigate how this new feature might be affecting the onboarding experience.