Merill Lynch

Supernova refers to a new way to manage invitee relationships that originated in one of Merill Lynchs Indianapolis offices. The first proviso before the regale of Supernova was establishing relationship with node in the area of client satisfaction The frequency and quality of contact Rapid response to problems concern to details The changes required to implement the Supernova process includes Maintaining minimum contact epoch Reducing the number of customers Folder systemThrough the Supernova process, FAs must agree minimum contact time which is the 12-4-2 which is 12 monthly contacts of which 4 were portfolio reviews and 2 were face-to-face meetings. Besides that, FAs would have to segment the number of customers. They have to identify their clients according to revenue generation, assets, favour of doing business with and etc. Most of them inflexible to reduce their clients to 200, important family or business associates, clients described as necessary. The FAs would have to implement Folder system that was done by the client associates.This is to translate systematic approach in FAs duties which is consistent with the Supernova process. As for the company, they may read to increase recreateforce at the Financial Advisory Center as umteen less promising clients are being let go by the FAs. There are several take chancess in this Supernova process. The first risk is that the FAs jeopardize the Supernova brand in that their clients would not be as fulfill as those of complete resumeers. Second, Supernova advocates agreed that a failure to fully adopt the program meant that its benefits for FAs such as better compensation and quality of work life would not be enjoyed.Third, when service promises were made to clients by FAs who think to fully adopt Supernova but never completely implemented the program. Fourth, many traditional FAs associated the new approach (gathering and allocation) with Supernova. Fifth, the FAs felt that the CRM software tha t was use no doubt is the best out there but its a complex solution which may be difficult to be used by the FAs. The potential benefits in the Supernova process includes customer retention improved dialogue better organized FAs The customer retention is essential towards both FAs and the company.Once the customers are being identified, they are kept abreast and updated by their FAs. This served as a platform for both the customers and the FAs to have better bonding. The communication between the FAs and the customers improved as customers would definitely be sure to adopt a call at least 12 calls for a year. Customers would alike receive quick response to any problem that may arise. The FAs learnt to be more organized and be systematic through the folder process which is consistent to the implemented 12-4-2 program.