A 6-phase approach is recommended to revamp the company's Strategic Planning process:

1. Business Diagnosis: Identifying the root causes of the current strategic shortcomings. This involves both internal and external analyses, including an in-depth assessment of historical business performance and strategic initiatives.
2. Market and Competitor Analysis: Understanding market trends, customer behavior, and competitor moves which may necessitate a redirection or fine-tuning of the company's strategy.
3. Strategy Formulation: Designing clear, actionable strategic plans utilizing insights from phases 1 and 2, best practices frameworks and methodologies.
4. Resource Allocation and Implementation Planning: Aligning resources and operational plans to the newly formulated strategy, bridging the gap between planning and execution.
5. Monitoring and Control: Establishing mechanisms and key performance indicators to monitor the execution of the strategic plan and make necessary adjustments.
6. Strategic Learning and Feedback: Embedding reflexivity and continuous learning in the process by reviewing the company's strategy periodically, incorporating feedback, and driving continuous improvement.

Modernizing a legacy Strategic Planning process often involves dealing with resistance to change, especially from those familiar and comfortable with the current process. It is crucial to tackle this through Change Management techniques, bringing all stakeholders on board with the revitalized strategy.

As a financial service provider, the organization may have to deal with strict regulations that constrain its Strategic Planning. Guidance can be sought from legal experts who specialize in the financial sector, to ensure that the strategy is compliant.

Finally, cost of revamping the current process might be a pressing concern, particularly if the company is currently facing financial underperformance. A cost-benefit analysis can help deliver an objective, comprehensive view of the financial implications and potential returns of the transformation.

Sample Deliverables

• Current State Assessment Report (PDF)
• Competitive Landscape Analysis (Excel)
• Strategic Options Assessment (PowerPoint)
• Strategic Plan (PDF)
• Implementation Roadmap (PowerPoint)
• KPI Dashboard (Excel)

Developing a Strategic Planning approach grounded on best practices frameworks can facilitate alignment with industry benchmarks, cultivating a sustainably high-performing strategy process. Prominent frameworks include the Balanced Scorecard, the Ansoff Matrix, and Porter's Five Forces Model.

Technology can substantially augment the effectiveness and responsiveness of Strategic Planning. Predictive analytics, AI, and machine learning can help capture real-time market trends and consumer behavior patterns. McKinsey reports that organizations leveraging AI in their strategy formulation process are 50% more likely to report profit margins significantly above the average.

One of the critical success factors in a Strategic Planning process revamp is the organization's capacity to allocate sufficient resources—both financial and human capital. This financial service provider, already grappling with underperformance, must judiciously manage its investments in this transformation to avoid over-extension. The company should undergo a thorough analysis to prioritize the strategic initiatives that promise the greatest return on investment. Utilizing a phased approach to the rollout can allow for the monitoring of results and the application of capital to areas with the highest potential. In their research, McKinsey has underscored the importance of resource reallocation to agile companies, suggesting that dynamic resource redistribution is central to sustaining a performance edge ("The benefits of resource reallocation: McKinsey Global Survey results," 2016).

Additionally, the cultural aspect cannot be overlooked. A financial service provider entrenched in traditional ways of working might experience significant resistance to a new Strategic Planning approach. The management must lead by example and continuously communicate the benefits of the new strategic framework, ensuring transparency throughout the transformation. Employee engagement initiatives that highlight and reward early adopters of the new strategic model can promote a more adaptable and innovative culture.

Financial companies operate within a labyrinth of compliance requirements that have only intensified in the wake of financial crises and scandals. Regulatory compliance can significantly affect how the organization formulates and implements its strategies. For this client, their revised strategic plans must be developed with an eye on regulatory frameworks at all levels—local, national, and international. Compliance should not be a mere afterthought but integrated throughout the strategic planning phases. External legal experts specializing in financial regulations could offer an objective viewpoint, identifying potential compliance risks and proposing strategies that capitalize on regulatory opportunities.

Regulatory compliance can lead to a source of competitive advantage, where the company becomes known for its ethical stance and robust risk management practices. Organizations that closely track and anticipate regulatory changes can manage risks opportunistically and with greater agility, thus gaining a competitive edge ("How to thrive in a regulated environment," McKinsey Quarterly, February 2020).

The organization's understanding of market trends and consumer behaviors is pivotal in shaping a Strategic Planning process that is responsive and dynamic. This requires developing a robust market intelligence framework that utilizes advanced analytics to recognize patterns and predict trends. Incorporating data sources beyond traditional market research—such as social media sentiment analysis, customer feedback loops, and predictive modeling—can furnish richer insights for strategy formulation.

An advanced market intelligence capability will allow the financial service provider to detect early signals of changing customer needs or disruptive trends, thus informing strategic adjustments. To remain competitive, it is essential that the company not just react to changes but anticipates them to proactively shape the market environment. McKinsey's research supports the proactive stance, detailing how foresight in market trends and consumer behavior can inform pivotal strategic decisions that can either forge new markets or significantly disrupt existing ones ("Competing in a world of sectors without borders," McKinsey Quarterly, July 2017).

Strategic Planning should not be a static, annual procedure but rather an ongoing, iterative process that encourages continuous refinement and learning. Embedding strategic learning and feedback mechanisms is key to making the strategy evolve in tandem with the business landscape. The incorporation of continuous improvement ideologies, such as the Kaizen approach, can be beneficial in fostering an organizational culture that is always seeking to enhance the strategic planning process.

The organization must establish clear channels for feedback from all stakeholders, operational data, and strategic outcomes to flow back into the strategy formulation process in a closed-loop manner. This encourages responsiveness and the ability to pivot strategies rapidly in light of new information or market changes. A strategy that hinges on learning and adaptation is much more resilient to the pressures of a volatile and unpredictable financial services market.

In summary, these inspective measures, when integrated within the proposed 6-phase model, will effectively shore up the financial service provider’s Strategic Planning process. It will help them retain relevance and competitiveness in a market characterized by rapid evolution and disruptive innovations.