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EAI helps regional bank smoothly manage changes to compensation plan

To learn more about how EAI’s Commission Processing can help your business, please email Marketing@eaiinfosys.com or call

(877) 537-1507

CHALLENGEAligning organizational goals with organizational activity can be quite difficult. This is especially true when it comes to managing rep activity. Finding the right way to incentivize your organization’s stars while managing overall compensation is a common Broker-Dealer trial.

A large Regional Bank with over $30 billion in assets found itself facing this very challenge. They had made adjustments to their compensation plan in order both manage compensation and drive more insurance and advisory business. However, a major change to the incentive plan can take months to fully implement. There were numerous considerations that had to be taken into account, such as how established reports would run with the new plan, how to verify that commissions were correctly applied for every transaction, and allowing for adjustments that might be necessary down the road.

Their goals were clear:

• Smoothly transition reps to the new incentive plan

• Provide reps with unrestricted access to their commission information

SOLUTIONThis Regional Bank turned to EAI, its partner or over 8 years, as a resource to help them adapt their compensation plan and accompanying systems. Once the plan was defined, EAI got to work implementing it a way that would allow for easy configuration down the road. This included updating payroll reports to display new data, establishing payouts for fee-based/advisory accounts, and loading new data from their clearing firms.

RESULTImplementing the incentive plan with EAI’s assistance allowed the Regional Bank to seamlessly move toward their organizational vision. They avoided much of the confusion and many of the obstacles associated with changing an incentive plan.

• There were no added complications closing monthly cycles

• Management had excellent clarity into the effectiveness of the plan as a result of reporting upgrades

• The flexible user interface ensured that the bank could manage changes to the incentive plan without additional input from EAI

Best of all, the changes were sufficiently automated that users did not have to spend additional time figuring out how to work within the new compensation system. Leveraging EAI to implement this change ensured that the bank could keep their reps happy while simultaneously achieving their organizational objectives.