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Product Committee Support

Product Committee Set Up

One of the most frequent issues we see for Broker-Dealers going through a regulatory review is the lack of a product committee operating in line with expectations.

What is it: Like the foundation of a house, it is a governing body who manages your product shelf (approvals, removals, and active products).

Why do you need one: Regulators expect it; it formalizes required documentation and manages risk by gaining insights and approvals from different functions in an organization. The good ones can even help grow the top line.

It doesn't have to be onerous, but it does have to be right: governance, attendees, documentation, quorum, managing conflicts, etc.  To see our Product Committee In a Box, please click below (free Webinar, Check List, and Starter Charter).

Product Committee In a Box

Everything you need to get started.  Take a look then give us a call or email, we are here to help.

Legwork vs. Headwork

One of our clients described what we do this way: DDW does the legwork so we can focus on the headwork.

We never thought of it that way, but that succinctly describes what we do. Here’s what we think that means.

DDW will deliver the three pieces of our DDW Due Diligence Process:

  1. Product
    DDW will share with you a useful summary of what the product does and doesn’t do based on our deep dive into the product’s features. Many of these insights are shared in our Product Momentum Score reports.
  2. Partner
    DDW will give you candid insights about the product manufacturer’s capabilities and how they fit with your firm’s needs. This includes true wholesaler coverage, candid appraisals of value-add content, unvarnished opinions of their customer service levels, etc. (Note: We recommend you use the rating agencies and/or ALIRT for information about insurance carrier’s financial strength.)
  3. Peers
    DDW will share with you proprietary insights into how specific product decisions impact sales of other products, product category trends at peer firms, firsthand experiences of product sales and service levels and changes in direction at peer firm Product Committees. While some of these insights are shared in our Product Trend Reports, some of the most valuable peer intelligence is shared in our regularly scheduled product debriefs with your Product Committee.
The Benefits to your Product Committee of partnering with DDW include:
  • Better Decisions because you will have a complete set of data from which to make decisions
  • Shorter Meetings because you will have all the data you need to make decisions right now
  • Faster Decisions because you will never have to delay decisions because you need more data
  • Better Answers for those product manufacturers who want to know why you didn’t add their product to your shelf
Product Shelf Optimization

Product Shelf Optimization

And if you subscribe to our Product Shelf Optimization service, we will also share with you where a specific product fits or doesn’t fit with your current product shelf.

Our Product Shelf Optimization service can help you shrink the number of products you offer without adversely affecting your products sales volume. Often we can also upgrade the quality of your product shelf and better serve all of the needs of your customer base.

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