Presentation is loading. Please wait.

Presentation is loading. Please wait.

Tim Highland, Business Development Director July 19, 2006 This material is for financial representative use only and not for distribution to current or.

Similar presentations


Presentation on theme: "Tim Highland, Business Development Director July 19, 2006 This material is for financial representative use only and not for distribution to current or."— Presentation transcript:

1 Tim Highland, Business Development Director July 19, 2006 This material is for financial representative use only and not for distribution to current or potential investors. Building a Better Business Best Practices for Practice Management

2 Financial Professional Use Only Legal Disclosures The content of this material is intended for use by advisors. You should check with your firm to determine whether or not you are appropriately licensed/credentialed to engage in the activities discussed. Russell Investment Group is a Washington, USA corporation, which operates through subsidiaries worldwide and is a subsidiary of The Northwestern Mutual Life Insurance Company. Copyright© Russell Investment Group 2006. All rights reserved. Securities distributed through Russell Fund Distributors, Inc. member NASD, part of Russell Investment Group. First used: July 2006 RFD 06-5391

3 Financial Professional Use Only Revenue/Client Gross Revenue AUM Clients 10/20058/2004 $2,583$866 $775,000$650,000 $165 M$110 M 300750 How Fast Can You Grow in 14 Months? Actual FR Production These numbers represent results by an FR who attended High Speed Strategic Planning and put the ideas into practice. Your results may vary.

4 Financial Professional Use Only Revenue/Client Gross Revenue Clients 4/20058/2003 $8,577$2,677 $1,423,707$508,630 166190 How Fast Can You Grow in 20 Months? Actual FR Production These numbers represent results by an FR who attended High Speed Strategic Planning and put the ideas into practice. Your results may vary.

5 Financial Professional Use Only Marketing Strategies Strategic Focus Value Proposition & One-Pager Viral Marketing Sales Strategies Fact Finding SPIN Tracking Verifiable Outcomes (Rline) Leveraging Your Existing Client Base Organizational Strategies Service Teams Functional Org Chart Organizational Efficiency Effective Compensation Service Strategies Client Engagement Road Map “WOW” Quarterly Reviews Defining Service Models Customer Satisfaction Strategic Analysis – “IDA” Business Benchmarking & Client Analysis (Rplan) Purpose & Guiding Principles Mission and Goal Setting Russell’s approach to Practice Management

6 Financial Professional Use Only Laying the groundwork  Gain Insight  Make Decisions  Take Action

7 Financial Professional Use Only Ineffective Habit: Cast a broader net to catch more clients.  You catch a lot of snails, slugs, garfish and a lot of suckerfish fish  It prevents you from becoming a specialist  This spray and pray approach prevents effective viral marketing

8 Financial Professional Use Only Geographic Opportunities Referral Source Opportunities Client Segment Opportunities Product/Service Opportunities Create a Community Via Your Strategic Focus

9 Financial Professional Use Only Strategic Focus  Cornerstone to your marketing effort  Use the “common sense” principle  The tighter the focus, the more appetizing the opportunities (outside your focus) must be.

10 Financial Professional Use Only Ineffective Habit : The best way to drive client satisfaction and retention is as a fee-based Investment Counselor.  Too much of the perceived value is based on the performance of a client’s portfolio  An Investment Counselor is viewed as a next generation stock broker (new age stock jockey) – one that is more objective but lacks the value- add to justify a fee over time  Clients expect an Investment Counselor to respond to short-term performance

11 Financial Professional Use Only Consider the role of a Wealth Manager  Gives you the differentiation to build a value proposition that rises above the noise of the investment marketplace  Puts you in a position to do higher order work with clients  Your clients’ cost benefit analysis = client retention  Cost of acquisition  Life-time revenue value  Life-time referral value

12 Financial Professional Use Only Client Needs Wealth Manager 12 Financial Representative Use Only

13 Financial Professional Use Only Develop a service model that ROCKS!  Implement the Client Engagement Road Map  Do good work for your clients and remind them of it  Play the role of the Wealth Manager  Put the “WOW” in your business

14 Financial Professional Use Only 4th Quarter Goals Review Roadmap Tax Strategy Review Family Meeting ED: Legacy Planning 3rd Quarter Goals Review Roadmap Investment Review Long-term Care ED: Alt. Asset Classes 2nd Quarter Goals Review Roadmap Retirement Planning Investment Planning ED: Lifeboat Drill 1 st Quarter Data Gathering Financial Goals Risk Tolerance Long-range plan ED: Diversification Roadmap for Mr. & Ms. Client 3rd Quarter Goals Review Roadmap Investment Review Survivor Income ED: Long-term View 4th Quarter Goals Review Roadmap Investment Review Estate Planning Client Satisfaction 2nd Quarter Goals Review Roadmap Investment Review Disability Income ED: Fixed Income Year 1 1 st Quarter Goals Review Roadmap Investment Review Education Planning ED: Equities Year 2

15 Financial Professional Use Only 4th Quarter Goals Review Roadmap Tax Strategy Review Family Meeting ED: Legacy Planning 3rd Quarter Goals Review Roadmap Investment Review Long-term Care ED: Alt. Asset Classes 2nd Quarter Goals Review Roadmap Retirement Planning Investment Planning ED: Lifeboat Drill 1 st Quarter Data Gathering Financial Goals Risk Tolerance Long-range plan ED: Diversification Roadmap for Mr. & Ms. Client 3rd Quarter Goals Review Roadmap Investment Review Survivor Income ED: Long-term View 4th Quarter Goals Review Roadmap Investment Review Estate Planning Client Satisfaction 2nd Quarter Goals Review Roadmap Investment Review Disability Income ED: Fixed Income Year 1 1 st Quarter Goals Review Roadmap Investment Review Education Planning ED: Equities Year 2

16 Financial Professional Use Only 4th Quarter Goals Review Roadmap Tax Strategy Review Family Meeting ED: Legacy Planning 3rd Quarter Goals Review Roadmap Investment Review Long-term Care ED: Alt. Asset Classes 2nd Quarter Goals Review Roadmap Retirement Planning Investment Planning ED: Lifeboat Drill 1 st Quarter Data Gathering Financial Goals Risk Tolerance Long-range plan ED: Diversification Roadmap for Mr. & Ms. Client 3rd Quarter Goals Review Roadmap Investment Review Survivor Income ED: Long-term View 4th Quarter Goals Review Roadmap Investment Review Estate Planning Client Satisfaction 2nd Quarter Goals Review Roadmap Investment Review Disability Income ED: Fixed Income Year 1 1 st Quarter Goals Review Roadmap Investment Review Education Planning ED: Equities Year 2

17 Financial Professional Use Only Now Really Give Them Something to Talk About! Karl Albrecht The WOW Factor! The Only Thing That Matters

18 Financial Professional Use Only Consider being the quarterback of a best-of-kind team!  Outsource when you do not provide unique value-add  Outsource when external expertise and/or scale supports customer satisfaction and/or profitability Visible to Clients  Estate attorney  Tax attorney  Accountant  Insurance Agent Transparent to Clients  Performance Reporting  Accounting  Compliance  Billing  Manager selection

19 Financial Professional Use Only  This is not how the vast majority of profitable clients make decisions about selecting an advisor  Direct marketing efforts tend to stroke your ego and cause you to kid yourself about results and ROI  You do not have enough marketing spend to have any impact on demand generation Ineffective Habit : Direct marketing is an effective way to reach prospects

20 Financial Professional Use Only ABC Viral Marketing Asset Gatherer Backer Existing Clients & Centers of Influence Profitable Clients

21 Financial Professional Use Only 1.Data mine existing target clients for pockets of centers of influence 2.Brown Bag  Listen-Listen-Listen  Present the One-Pager  Repeat – out of sight, out of mind 3.Mutual clients engage COI 4.Referral 5.Wow the referral and more will come Creating a COI Backer

22 Financial Professional Use Only Create a Value Proposition in the form of a One-Pager Value Statement:  Help successful executives create, protect, and preserve multi- generational wealth. Proof Points:  Forty-five years of successful professional relationships  Relentless commitment to excellence and integrity as guiding principles  Ongoing pursuit of professional competence (CLU, ChFC, CFP) How we deliver these results:  Provide customized Client Engagement Roadmap that crystallizes expectations  Provide solutions via QB of best-of-kind providers in area  Leverage Russell’s investment manager research to implement diversified portfolios Strategic Focus:  Client Focus: Corporate Executives  Service Focus: Wealth Management  Geographic Focus: Greater Seattle area  Referral Source Focus: Current Clients & Estate Planning Attorneys

23 Financial Professional Use Only 4th Quarter Goals Review Roadmap Tax Strategy Review Family Meeting ED: Legacy Planning 3rd Quarter Goals Review Roadmap Investment Review Long-term Care ED: Alt. Asset Classes 2nd Quarter Goals Review Roadmap Retirement Planning Investment Planning ED: Lifeboat Drill 1 st Quarter Data Gathering Financial Goals Risk Tolerance Long-range plan ED: Diversification Roadmap for Mr. & Ms. Client 3rd Quarter Goals Review Roadmap Investment Review Survivor Income ED: Long-term View 4th Quarter Goals Review Roadmap Investment Review Estate Planning Client Satisfaction 2nd Quarter Goals Review Roadmap Investment Review Disability Income ED: Fixed Income Year 1 1 st Quarter Goals Review Roadmap Investment Review Education Planning ED: Equities Year 2

24 Financial Professional Use Only Consider a Team Approach Financial AdvisorSenior Client Manager Asset GatherManages clients roadmap - Initial MeetingDay to Day Client Contact - Fact FinderQuarterly Reviews - Proposal- Agenda for meetings The Plan for each client- Supporting Documents Investment PhilosophyGroup Plan Meetings Office – Bills, Payroll, etc.In Force Marketing Opportunity Identification -Term Conversions -LTC Russell Proposals-PSD Investment Policy/Allocation Analysis Long Range Planning Implementation of Invest Strategies PPA/NaviPlan PSD

25 Financial Professional Use Only Operations Manager Junior Client ManagerJunior Client Manger Oversee New Insurance Policies - New Accounts- Schedule Exams - Transfers- Follow up on AP Trades, Qtrly Rebalancing- Past Due Letters Ops Problems & Issues- Track Underwriting - Transfers- Split Dollar - Cost Basis (splits, mergers) - Illustrations - Decedent Issues New Investment Accounts - Etc.Review, fill out & submit appsReview, fill out & subm apps Business Reports- Transfers-Submit, Track, Verify- Transfers-Subm, Track, Verify Transition plan- Cost Basis PPA data entry- Trade Confirmation Special Projects- Acct Maint-PIPS, DIST, Wires,etc PayrollClient Qtrly Report prep Computer Conv., Issues, etc. Phone Filing Schedule Appointments Office Hospitality Order Office SuppliesDocument Handling Dictation/Typing Licensing Document Handling

26 Financial Professional Use Only  Being busy and productive are two different things  It can lead to becoming a professional visitor Ineffective Habit : Sales activities drive sales

27 Financial Professional Use Only 1 Qualified Prospects 2 Fact Finder 3 Light Weight Planning Focus on Verifiable Outcomes $ 5 Signed Documents 4 Comprehensive Solution

28 Financial Professional Use Only Track verifiable outcomes! Track Status: On Track Slowing Stalled Closed Sale

29 Financial Professional Use Only Resources

30 Financial Professional Use Only Good thoughts are no better than good dreams, unless they be executed. Ralph Waldo Emerson

31 Financial Professional Use Only www.russell.com Auckland Chicago London Melbourne New York San Francisco Sydney Tacoma Tokyo Toronto


Download ppt "Tim Highland, Business Development Director July 19, 2006 This material is for financial representative use only and not for distribution to current or."

Similar presentations


Ads by Google