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My vision/project overview:

We are aligning financial services and health.  The plan is to expand Wells Fargo by creating and new sector within the organization that combines actual healthcare service from Wake Forest Baptist Health.  We then work the patients to prepare them financially for a holistic approach.  Check out https://yourwellq.com/ for a great understanding

Week 3

Mr. Chairman and Board Members,

Gathering Your Data

As we discussed in out last meeting, our vision is to ensure that all of our customers become their best by offering trustworthy financial advice and solutions that will make their daily lives better.

With this new vision our forward thinking must be innovative with a holistic approach.  We will begin a partnership with Wake Baptist Health to utilize a financial approach to healthcare.

Plan Reiteration

  • Wells Fargo Financial Services, L.P., advisors will develop a financial picture of your potential health care costs. This will help you tailor your financial planning strategy to include the impact your health could have on your future finances.
  • How the Health Care Financial Advising Process Works:
  • Step 1: Schedule a physical exam, Health Risk Assessment and biometric screening at the WellQ clinic.
  • Step 2: Come to the clinic and complete all three.
  • Step 3: With your approval, WellQ will provide your results to your CFS* Financial Advisor with Allegacy Investment Group. The advisor will use a proprietary program to predict the future costs that you can anticipate based on your Health Risk Assessment results.
  • Step 4: Your advisor will use the predicted future cost to help you understand the impact your risk factors have on your financial plan through a no cost/no obligation consultation. You can then use this information to best control the future of your finances and health.
  • By completing this process, you are working to create a plan to strengthen both your health and your wealth!

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Data Sources

In today’s age people are more self-aware and conscientious of what they put into their bodies.  Healthy living is a topic that has become increasingly important to the US Population over the past 10 years.

 

Here you can see the correlations with the concept of a healthy lifestyle differ by gender.

Psychological data is strong relevant source in the research and presentation of this new venture.  The Journal of Psychological Science reports:

“Existing retirement-contribution patterns and future health improvements are highly correlated. Employees who save for their future by contributing to a 401(k) show improvements in their abnormal blood test results and health behaviors approximately 27% more often than non-contributors.”

Road Blocks

I am currently unable to pull data from current Harvard study on AllHealth Wellness Savings account.  The program was a test developed to study how people respond to the linkage of health and finances.  The savings account is linked to you gym membership.  The more times you visit the gym in a statement cycle period the higher the interest rate you will receive on your savings account.  Although we have the all health savings accounts.  Additional market research needs to be conducted in Baptist medical on effects of medical cost and patient wellness.

Impacts

Gaps in available research will affect progression of plan by not having the ability to properly forecast profitability and strategic planning.  Cost of establishing a new branch model to intertwine clinical area and financial services department will seem uncertain.  Although this is the first of its kind, effective research is detrimental to the success of this next level banking.

Analytical Assessments

We will need to use hypothesis testing with a holistic rubric attached to assist in analyzing our data.  This combination health and the financial component are in untested waters.

 

Well Q. Healthcare Financial Advising. Retrieved January 16, 2019 from, https://yourwellq.com/financial-wellness/financial-services-overview#Advising

Cube You. Do Millennials Strive for a Healthy Lifestyle? Yes, but Only the Older Segment 25-34. Retrieved January 16, 2019 from, https://yourwellq.com/financial-wellness/financial-services-overview#Advising

 

Week 4

Dear Chairman Tocci and Fellow Board Members/Colleagues,

Wells Fargo’s vision is to ensure that all of our customers become their best by offering trustworthy financial advice and solutions that will make their daily lives better.

 

Did your analysis of the data confirm or refute your prediction?

The Data analysis completed confirmed the need to expand our interest into the market for the future of our organization.  The goal is to create a healthcare and financial services disruptor that drives not interest income.

Strategic initiative is to:

  • Grow deposits Relationships by 10% per year
  • Grow loans by 8% per year
  • Gown Commercial Services by 5% per year

Our research saw that 81 percent of people define wellness and some form of freedom and 54 percent want to make their own decision; however, they want someone else to validate that they are doing the right thing.

 

Which data analysis tools that you identified in your Week 3 discussion were most useful in analyzing the data you gathered? Explain.

In the preparation of my research, I thought that Hypothesis testing would work great.  But, also using visual data research on different wellness approaches proved to be essential in the overall analysis of this new step.

  • The global wellness economy is a $4.2 trillion market.
  • The industry grew 12.8% from 2015–2017, from a $3.7 trillion to a $4.2 trillion market, nearly twice as fast as global economic growth (3.6%).
  • Wellness expenditures ($4.2 trillion) are more than half as large as total global health expenditures ($7.3 trillion). The wellness industry represents 5.3% of global economic output.
  • Among the 10 wellness markets analyzed, revenue growth leaders from 2015–2017 (per annum) were the spa industry (9.8%), wellness tourism (6.5%) and wellness real estate (6.4%).

(Global Wellness Institute, 2018)

This data confirmed how combining financial approach with overall wellness and care will assist in preparing customers for life more effectively.  Taking that a step further and combining that into a physical location of health and financial services will also assist with the need to understand how medical diagnosis correlates to the ability to remain financially stable.

How will you organize and share your data so that it tells a clear and compelling story in your Capstone project?

I believe utilizing a Heat Map and Network Diagram would greatly assist in presenting a clear and compelling story.  The Heat Map promotes our understanding of the value system.  Network Diagram enables us to relate to different entities together and allows one to see financial wellness and health are more alike that we think.

Chief Executive Officer

Wells Fargo Bank, NA

Allegacy. (December 12, 2017) WellQ Strategic Initiative Guide.  Internal Source

Integrity Data. (December 27, 2018). 5 Key Employee Financial Wellness Statistics for 2019. Retrieved January 20, 2019 from, https://www.integrity-data.com/5-key-employee-financial-wellness-statistics-for-2019/

Davenport, T.H., & Kim, J.  (2013). Keeping Up with the Quants.  Boston, MA:  Harvard Business School Publishing.

Week 5

Your Strategic Plan

Hello Chairman Tocci and Fellow Board members,

How did data analysis help you identify opportunities?

Data analysis has definitely proven to be a major component in understanding why there is a direct need for financial services and healthcare to join together.   With the understanding of our new vision, we identified three areas of opportunities below.

Sales – Increase overall organization sales in service products of total relationship building.  This includes membership growth, lending, and investment.

Community Advantage – Increase community support and holistic wellness approach through new program.  This will also allow opportunities to partner with different organizations in the area.

Core system enhancement – Update and improve core system to align with new direction and intake of new product service line surrounding healthcare.  We will need a system that works in conjunction with healthcare partner.

 

Strategic Plan Recommendations

Create a joint venture partnership between Wake Forest Baptist Health and Wells Fargo to provide a holistic approach to financial and physical wellness via a membership model.  This will be executed via a separate entity within Wells Fargo.  The primary goal is to create a healthcare and financial services disruptor that drives non-interest income.

Partner with community resources to align new vision and idea with needs of the community.  Build systematic approach to offer for sales and health advantages.  Focus on streamlining process and sales tactics, business and community development outreach, and innovative strategy.

 

What are the risks?

  1. Incorrect Forecasting
  2. Data Analysis not accurate
  3. Competitors working on same venture
  4. Brand not fully recovered
  5. Evaluation of Market base not done correctly
  6. Profitability loss
  7. Issues with partnership

Thank you,

Reference

Allegacy (November 2017). NewCoWellQ. Retrieved from internal website on January 30, 2019.

 

Week 6

Hello Chairman Tocci and Fellow Board Members,

Defining Your Strategy

Based on the analysis you have undertaken during the past several weeks:

Restate your vision for the company and your implementation plan.

Vision: To ensure that all of our customers become their best by offering trustworthy financial advice and solutions that will make their daily lives better.

Plan Reiteration

  • Wells Fargo Financial Services, L.P., advisors will develop a financial picture of your potential health care costs. This will help you tailor your financial planning strategy to include the impact your health could have on your future finances.
  • How the Health Care Financial Advising Process Works:
  • Step 1: Schedule a physical exam, Health Risk Assessment and biometric screening at the Wells Fargo clinic.
  • Step 2: Come to the clinic and complete all three.
  • Step 3: With your approval, Wells Fargo will provide your results to your CFS* Financial Advisor with Wells Fargo Investment Group. The advisor will use a proprietary program to predict the future costs that you can anticipate based on your Health Risk Assessment results.
  • Step 4: Your advisor will use the predicted future cost to help you understand the impact your risk factors have on your financial plan through a no cost/no obligation consultation. You can then use this information to best control the future of your finances and health.

 

By completing this process, you are working to create a plan to strengthen both your health and your wealth.

What does the playing field look like? What are the current trends in your industry, and what has the competition been doing?

Wells Fargo holds about 85% of the market share the Triad territory.  Its major competitors are Branch Banking and Trust (BB&T), Bank of America, PNC Bank, and First National Bank (FNB).  They also compete with credit unions Allegacy and Truliant.  Currently, no other financial institution is integrating Healthcare and Financial Wellness.  Also, the triad is well known for major healthcare networks like Wake Forest Baptist Health, Novant Health, and Moses Cone Health Systems.

Current Banking Trends in the financial sector:

  • Artificial Intelligence
  • Digital Format Transformation for Online and Mobile Banking
  • Cryptocurrency Growth
  • Digital Only Financial Institutions

The competition has been greatly been growing in the area with artificial intelligence.  This is being utilized for better customer service interactions and security measures by allowing location to be cashless.  Financial institutions are all trying to be innovative through the overall customer experience.  This includes updating current digital formats to support not only todays features, but future topographies such has hand print recognition for account access.  Rate wars continue to be at the top of the list of what is your competitor doing.  Understanding that loyalty is not primal instinct anymore and the attitude of what is in it for me is.

 

What are your moats (competitive advantages) and barriers (competitive disadvantages), and how does your plan create a sustainable competitive advantage (market leadership) for your organization?

Competitive Advantage

  • Strong market share
  • Focus on customer retention
  • Attractive and Profitable
  • Most successful in cross-sell advantage
  • Deposit Growth and low cost deposits
  • Community Involvement and local Support

Competitive Disadvantages

  • Rebranding/Reputation Repair
  • Commercial Banking profit loss
  • Product Service Fees

This new plan will enable Wells Fargo to create a new area of banking while also maintaining its lead in the industry.  This plan strengthens reputation, supports the community by promoting a holistic approach, and leverages partnerships through all other channels of banking (i.e. investments, retail, etc.).

How does analysis of the data and the competitive environment support your proposed plan?

The analysis of data confirmed how combining financial approach with overall wellness and care will assist in preparing customers for life more effectively.  Taking that a step further and combining that into a physical location of health and financial services will also assist with the need to understand how medical diagnosis correlates to the ability to remain financially stable.  Our competitors have not tapped into this channel.  Although they support community initiatives surrounding several efforts to promote top notch health, there has been nothing done to combine the two forces in one centralized location.

What are your initial estimates of your market opportunity (revenue and profit) for your plan? Defend your projections

Initial Project Budget: 600,000

Estimated Project Expenses: 547, 736

Revenue Potential: 500 customers with an 80% cross-sell ratio (Investment)

 

177,264.00 Profit.

Based on average customer relationship of $250 profit.

Thank you,

References

Perez, S. (October 9, 2014). Must Know: Is Wells Fargo making boring attractive for investors. Retrieved February 6, 2019 from, https://marketrealist.com/2014/10/must-know-wells-fargo-is-making-boring-attractive-for-investors

Labitan, B and Callah, N. (May 21, 2012) Wells Fargo (WFC); Competitive Advantages. Retrieved February 6, 2019 from, https://www.gurufocus.com/news/177432/wells-fargo-wfc-competitive-advantages

Well Q. Healthcare Financial Advising. Retrieved January 16, 2019 from, https://yourwellq.com/financial-wellness/financial-services-overview#Advising

 

 

Week 7

Hello Chairman Tocci and Fellow Board Members

Funding Your Plan and ROI

Using the financial models of your choice from the quantitative courses you have taken in this program, explain:

Vision: To ensure that all of our customers become their best by offering trustworthy financial advice and solutions that will make their daily lives better.

The projected financial impact (ROI) of the successful execution of your implementation plan. This should include projections of:

  • Size and potential revenue impact for the organization
  • How will this impact your company’s portion of the marketshare?

The cost of implementing your plan, including acquisition and sale of assets, hiring and retention, manufacturing, marketing, operations overhead, etc.

Goals:

  • To understand the potential market opportunity that can be captured with effective execution.
  • To understand the risk and sensitivity relative to potential economic returns based on captured market share.

 

Target area for New Vision Growth is Riverway Trade Areas.

Riverway demographics within a five-mile radius:

–     Total Population 114,741

–     Average Household Income $71,175

–     Total Deposits $1.832B

Demographics of Area

–   Population and Households are forecast to grow at ~1% per year

–   Average Household Income is forecast to grow at 1.9% per year

–   HH per branch of 1,473 are above US averages of approximately 1,100

 

Current Member Demographics

–     Households 3 Mile (1684) 5 Mile (2545)

–     Number of Accounts 3 Mile (3304) 5 Mile (3954)

–     Average Deposit Balance 3 Mile ($8539) 5 Mile ($9698)

–     Average Loan Balance 3 Mile ($29869) 5 Mile ($31493)

 

Key Economic Factors and Assumptions

 

Revenue Impact

 

  • Forecast revenue of $65.3 million at maturity based on achieving 100 percent of the total 4.00 percent market opportunity
  • Market share growth at 1.20 percent per year based on HH growth within the trade area

 

Again, we expect total marketshare to increase substantially due to the medical component we are adding.  Wells Fargo will be the only major financial institution for 4 miles.

 

The cost of the medical application to Wells Fargo store site will range from 90,000 to 150,000.00.  We will be applying medical staff alongside of traditional banking components.  Crossing training will be necessary for regulatory requirements and customer experience

 

  1. Space- $2000-$2500 per month
  2. Payroll/Training- $15000 per month
  3. Vendors- $5000 initial setup- $900 monthly
  4. Equipment- $10000-$15000 for initial purchases
  5. Insurance- $1000 per year for GL, $5,000-$15,000 on average for malpractice

References

Allegacy (January 2019). Palladium.Retrieved February 12, 2019 from an internal site.

Physician Practice Specialist. (May 9, 2018). How much does it cost to start a medical practice? Retrieved February 13, 2019 from https://physicianpracticespecialists.com/credentialing/how-much-does-it-cost-to-start-a-medical-practice/

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