Overview
Project Overview
Schwab acquired TD Ameritrade, a broker for online stock trading, long-term investing, and retirement planning. The process of integrating the two companies began, and advisors transitioned to new Schwab clients. With this acquisition, Schwab aimed to provide better investment, trading, and wealth management services across every phase of their financial journeys.
My role:
Senior UX Researcher.
Outcome:
Research strategy and recommendations report including new redefined target personas, and main features prioritization to build the new “Schwab Wealth Advisory” digital service.
Time frame:
Two months, 2021.
CHALLENGE
The challenge was to maintain investor satisfaction with their personalized advice in managing their wealth to support their long-term investment goals.
GOALS
Develop a new digital product experience to support the long-term investment goals of Schwab’s highest net worth clients ($1M+ investable assets).
IMPACT
10% increase in user satisfaction with the new product and a 30% growth in trust between advisors and investors.
Process
- I developed a research strategy plan based on current information and previous knowledge.
- Conducted user research and usability testing in 6 weeks.
- I worked together with the UX Designer, and a Product Manager to collect and validate feedback from the concept test so the three of us could have a more comprehensive vision.
- I synthesized insights into actionable recommendations and priorities to develop the foundational features of the MVP.
Outcomes
KEY FINDINGS
Their wealthiest investors didn’t feel that they had much personalized advice from their advisors. One of the crucial insights across different segments was the need for ongoing advice and investment guidance that would adapt to their life changes and unexpected events.
IMPACT
Influenced product development by getting buy-in to build a two-sided platform, which increased 10% in user satisfaction, and 30% growth in trust between advisors and investors.
- Advisors can now tailor investment guidance based on customers’ life changes and evolving needs that are consistently captured on the platform.
For more information on this case study please contact me.