Vendor Selection / Contract Negotiation
Why This is Important to You
The selection of the right partners in the wealth management space is a mission critical task that impacts every aspect of your business from your ability to recruit talent, to workflow efficiency, product availability, investment management performance, compliance, technology and your corporate identity and reputation.
Too often we see financial institution executives view service providers as indistinguishable from one another and therefore often underestimate the impact that these partners have on the success of the wealth management program.
Consider the amount of due diligence and emphasis you place on your core processing systems, your check and online service providers and your loan review systems for the bank. Then apply that same meticulousness to selecting a broker-dealer partner as an example. This partner controls the products, compliance, revenue sharing, operations, processing, investment management, insurance platform and virtually all of the moving parts that mirror what you have put together for your bank or credit union.
We know the key players to include in the due diligence process and help you save time and money by ruling out those that have lost a competitive edge, have unfavorable pricing or tend not to work straightforwardly with their prospects and clients.
Not only is selecting the right vendors a mission critical undertaking, it represents a meaningful expense, impacting margins and shareholder value. We know in which closets the skeletons are hidden allowing us to negotiate the absolute best terms for you wealth management businesses.
How We Work With You
We learn about your culture and your objectives for employing a particular vendor and because we know the key players we can quickly help narrow the field of those to include and those to omit from your due diligence process. This saves you both time and money.
From writing a comprehensive Request For Information (“RFI”) to negotiating the best contractual terms, we work with you every step of the way to ensure that you select the right partner at the right price, the first time.
Specifically, we provide our clients with:
- An analysis of your pricing compared with peers
- A side-by-side comparison of the attributes and drawbacks of key components including pricing
- A thorough review of the proposed vendor contract including identifying items that are unfavorable to your institution
- Coordination with you and interface with the vendor in order to resolve issues identified
- Reference checks to gain competitive intelligence, peer comparisons, satisfaction levels, service gaps and pricing
- Develop a comprehensive RFI and on-site meetings to ensure each critical aspect of a vendors offering is thoroughly vetted.
What This Means For You
- The peace of mind that comes from knowing that you selected the right partner at the most favorable price and terms
- Ease of managing vendor relationships via use of a detailed document of provider “promises” that allows you “to keep them honest” in meeting all of their commitments
- The solace that comes with knowing that you can satisfy the regulators and board of directors need for detailed documentation of the due diligence process
- The ability to satisfy the most discerning employees’ inquiries as to why a particular vendor or system was selected.
Who Will Help You
Kane Carlton is a consortium of the best and brightest talent in the wealth management industry. This confederation of seasoned professionals combines decades of practical experience in highly specialized disciplines with a no-nonsense, innovative, results driven focus with a singular mission
to help you.
Thomas C. Kane, Founder and Chief Transformation Strategist
Henry D. Morneault, Consulting Associate
Consulting Associate, Operations Strategist and Transition Expert
Why Kane Carlton
We help our wealth management clients make informed decisions by providing them with research, competitive intelligence, best practices and innovative, objective solutions designed to reduce costs, increase revenue and stay competitive. Yet, unlike pure consulting we pride ourselves on being on the field and in the game with you, focusing on implementing the work product we create.
We understand that the thin line separating a flourishing career from unemployment and a thriving franchise from a failed business is a combination of the decisions you make. So make your first decision the right decision -- decide Kane Carlton.