Why has SEI Investments's SEI Wealth Platform seen a 15% decrease in new client onboarding over the past quarter?

Introduction

The SEI Wealth Platform's 15% decrease in new client onboarding 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 onboarding process. Have we implemented any new features or workflows in the past quarter?

Why it matters: Recent changes could directly impact onboarding efficiency. Expected answer: Yes, we updated the KYC process last month. Impact on approach: If confirmed, we'd focus on the new KYC process as a primary area of investigation.

• Looking at the market conditions, has there been any significant shift in the wealth management industry or regulatory environment recently?

Why it matters: External factors could be influencing potential clients' decisions. Expected answer: No major industry changes, but there's been increased scrutiny on fintech security. Impact on approach: We'd need to assess our security messaging and features in the onboarding process.

• Examining our user segments, have we noticed any particular client type or size being disproportionately affected by this decrease?

Why it matters: Identifying affected segments could point to specific issues or needs. Expected answer: Mid-size wealth management firms seem more hesitant to onboard. Impact on approach: We'd focus on understanding the unique needs and concerns of mid-size firms.

• Considering our competitive landscape, have any major competitors launched new features or pricing models recently?

Why it matters: Competitive pressures could be drawing potential clients away. Expected answer: One competitor introduced a simplified onboarding process with lower fees. Impact on approach: We'd need to reassess our onboarding complexity and pricing strategy.