In a few short months, the world has gone through radical upheaval due to the Coronavirus COVID-19 pandemic – and financial services is not immune from the impact.
In many ways, this global experience forces finance to go back to its roots and think about its fundamental purpose of servicing clients well. Now, as countries and sectors begin to address their ‘exit strategy’, there is both a need, and an opportunity, to re-define what the new normal should look like.
As professional advisors to the global wealth management market, we believe there is no going back to the future. Firms which believe and behave as if the good old days will return simply will not survive.
After any major financial crash, regardless of cause, paradigm shift is inevitable. Leaders must stay ahead of the game and be ready, now, to shape and succeed in a new world.
What’s changed?
Everything. In particular how, when, where – and possibly why – we work. Preconceptions, long held as immutable truths, have quickly crumbled: the inefficiency of working from home; the necessity of travelling to do business; the impracticality of flexible work hours.
How can leaders regain perspective?
Davies has market-leading expertise in organisational development. For a holistic view of all-encompassing change, I often use the European Foundation for Quality Management (EFQM) model. This looks at what a company looked like before the crisis, what it looks like now and what it should look like in order to succeed in future. The EFQM excellence model is a non-prescriptive business excellence framework for organizational management, promoted by the EFQM and designed to help firms become more competitive. While not an exhaustive list, it does provide a robust starting point.
Regardless of sector, size, structure or maturity, firms need to establish appropriate management systems to be successful. The EFQM excellence model is a tool to help firms do this by measuring where they are on the path to excellence, helping them understand gaps, and promoting solutions. The model groups five categories as essential ‘enablers’ to achieve success, which then translate into four different areas of results… These are summarised in the full whitepaper.
Download the full whitepaper: Back to work – or forwards to a better future?
