Case study Operating model and strategy refresh
In May 2023, the Company’s Executive Committee held an off-site meeting to consider the structure of the business and how it should look going forwards. The discussion centred on the Company’s operating model and how this could support a refreshed strategy. The output from this meeting was then brought to the Board.
June 2023 The CEO reported to the Board on the results of the Executive
September 2023 A workshop with 30 senior individuals was held in order to work through possible issues raised by the proposed change. The CEO reported on this to the Board, with the Board discussing the points raised. It was agreed that the Company should adopt the proposed two-pillar structure, supported by a strong corporate core, and that work should progress to put this in place.
December 2023 The new business structure was announced to the whole Company at a Town Hall. The Board thanked management for the work done, emphasising the importance of using this more efficient structure to maximise flows. They also highlighted the need for greater analysis of market data in order make the most of the opportunities for the business and it was agreed to hold a strategy day in February to look at how best to optimise the business.
Committee meeting. While the overall requirement for advice was growing, the Board recognised that the market and the Company’s business mix were changing. It was agreed that the current geographic structure of the Company’s business was not optimal and, instead, the Company should consider aligning its operating model around its two main distribution channels – via financial advisers and direct private clients. Management were asked to carry out further work on the subject and revert with a plan of how this would work in practice.
February 2024 The Board held a strategy day,
April 2024 Management presented the Board with a series of priority initiatives for discussion. These focused on improving client outcomes, growing FUM and enhancing the core capabilities of the business. The Board agreed that these should be the key areas of focus for the next year. More details on these initiatives can be found in the ‘Our strategy’ section on pages 26 and 27.
which included external input on the Company and the market opportunity. It was noted that there were several strategic choices available for the Company and was agreed that a review of the International business should be carried out. It was further agreed that management should revert with a set of tangible proposals at the April Board meeting.
70 Brooks Macdonald Group plc Annual Report and Accounts 2024
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