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We plan to kickoff new Opportunity Teams this year. In order to narrow down our list of potential opportunities, we asked prior Opportunity Team participants and Ideation Team meeting contributors to review suggestions collected to date. This group was comprised of the following individuals: Ryan Smyth, Jason Rini, Miles Weatherup, Jatin Gaba, Liz Prevas, Craig Marschinke, Dan Krems, Bill Kennedy, Michele Comarsh-Hein, and Sara Nomellini. As a result, here are the opportunities that were recommended with high interest (listed below in no particular order).
We would like you to review this list and rank your level of interest on a scale of 1 - 5 (with 1 being not interested and 5 being very interested).
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P&S Reporting Opportunity Continued
• Cost Analysis to continue process for staffing
• Processing new reports; smart retirement of old reports; annual recertification
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Mailings Continued: Focus on End-Client Communications
• Sending volumes of physical docs to end-clients – Inventory Analysis
• Is there a Legal/Regulatory requirement
• If Yes – Electronic vs. Physical
• If Physical – Define format requirements (high gloss)
• Example: IAR Change Term Letters (physical vs. electronic)
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Good Steward to the Planet
Paper usage evaluation of when are we creating paper documents for various purposes (mailings, printing, archiving for audit, etc.)
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Advisor Facing Forms Review
Although broader Imaging Initiative will address long term. Short Term Inventory of all Advisor Facing Forms and consolidation & retirement efforts (for example: Cash Management, Adhoc and On Demand Journal request, etc.)
• Determine ownership & purpose (remove dupes, etc.)
• Consolidate forms when appropriate
• Retire forms when orphaned
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Update Notification System Analysis
An opportunity to align the 2011 Notifications Project with the a P&S cross business Opportunity team to support project implementation success.
• 2011 Project Effort is changing functionality for more ease of use to generate new & modify existing notifications. Partner with an Cross Business Unit Opportunity team to analyze and support the workflow and messaging requirements
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LPL Meetings - Facilities, Technologies and Practices Standardization
Deliverable is proposal to Sr. Management for the following standards:
• Conference room set-up
• Online conference tools
• Meeting protocols - standardized documentation (agendas, minutes, etc.)
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Internal Faxing Review
In addition to the 70k imaging system docs (mostly faxed)
• $150k annual spend on inbound & outbound faxes (advisor & internal Home Office BU to BU)
• Costs do not include:
o 4+ dedicated FTEs
o Number of individuals leaving workstations to go fax
o Actual paper volume and cost
o Environmental impact
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Review of 2011 Declined PCRS
Create criteria and evaluate project list for efforts that may contain cost/efficiency savings and become candidates for the Reinvestment Pool monies.
• Advisory Compliance Workbench (released in 2004, no updates to date) – Advisor and Advisory team impacts
• Home Office Platform enhancements (phase 1 delivered, need phase 2 to improve workflow, eliminate redundancies and better service for Advisors
• Any others
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Money Movement Request Analysis
Need to identify volumes for the requests for money movement, assess viability and meaningfulness (large manual efforts required today). Encourage conversion to ACH wires from physical checks (as LPL charges a fee for wires).
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Online Advisor Onboarding Kit
IS Channel only, integration into new Advisor Onboarding Tool – requires business owner (Pam Coakley nominated) and cost analysis as Reinvestment Pool Candidate.
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Dual Monitors for BDSS Operations Processors
The New Accounts operations teams are required to review processed document images and interact with multiple applications on single monitors. Potentially have a team explore the efficiency gains and quantify long term savings for the hardware investment. Current high level cost estimates are $250 per monitor for 500 staff.
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| Are there additional opportunities not included in this survey that you feel should be considered? | | |
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