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For professional use only Working closely with clients to maintain their confidence in investment CISI Private Wealth Management Conference 2012.

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Presentation on theme: "For professional use only Working closely with clients to maintain their confidence in investment CISI Private Wealth Management Conference 2012."— Presentation transcript:

1 For professional use only Working closely with clients to maintain their confidence in investment CISI Private Wealth Management Conference 2012

2 For professional use only May you live in interesting times.

3 For professional use only “Like it or not we live in interesting times. They are times of danger and uncertainty; but they are also more open to the creative energy of men than any other time in history.” “Like it or not we live in interesting times. They are times of danger and uncertainty; but they are also more open to the creative energy of men than any other time in history.” Robert Kennedy - Day of Affirmation address– Cape Town, 1966

4 For professional use only

5 Bruce’s important survey Free to download at

6 For professional use only Problem 2011 © Bruce Weatherill Executive Consulting Limited, trading as Weatherill Executive Consulting. All rights reserved

7 For professional use only Problem 2011 © Bruce Weatherill Executive Consulting Limited, trading as Weatherill Executive Consulting. All rights reserved

8 For professional use only “... a basic truth: If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are.” “... a basic truth: If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are.” Source: Resignation letter published in the New York Times 14 th March 2012 Greg Smith Former executive director & head of United States equity derivatives business in Europe, the Middle East and Africa – Goldman Sachs

9 For professional use only The IFA Sector Client focussedClient focussed Rumours of the death of the IFA are greatly exaggeratedRumours of the death of the IFA are greatly exaggerated Upper end of sector is thrivingUpper end of sector is thriving Chartered practitioners & CFP ® charter holdersChartered practitioners & CFP ® charter holders

10 For professional use only IFAs alive and well The top 10 IFAs in the South- East have £1.9 billion in assets under advice between them. Source: Citywire “New Model Adviser” – 6 th March 2012

11 For professional use only Learn from others We need to focus on what the client wantsWe need to focus on what the client wants Develop ‘soft’ skillsDevelop ‘soft’ skills Firms need to be truly client centricFirms need to be truly client centric

12 For professional use only Tom Peters "Mr. Peters... says that effective management is management that delivers more value to customers and more opportunity for service, creativity and growth to workers. He is saying that the decent thing to do is also the smart thing. It's a wonderful message.“ Paul Weaver, Hoover Institute, in the Wall Street Journal

13 For professional use only “A Passion for Excellence” “The first of two sustainable strategic advantages we have observed is an obsession with customers. Customers, not markets. Not marketing. Not strategic positioning (whatever that means). Just customers. A ‘market’ has never been observed paying a bill. Customers do that.” “The first of two sustainable strategic advantages we have observed is an obsession with customers. Customers, not markets. Not marketing. Not strategic positioning (whatever that means). Just customers. A ‘market’ has never been observed paying a bill. Customers do that.”

14 For professional use only “A Passion for Excellence” “The winners stun us not by their cleverness, but by the fact that each and every tiny aspect of the business is just a touch better than the norm.” “The winners stun us not by their cleverness, but by the fact that each and every tiny aspect of the business is just a touch better than the norm.”

15 For professional use only The objective TRUSTEDADVISERSTATUS

16 For professional use only 5 STEPS TO TRUST Spend Time with your clientSpend Time with your client

17 For professional use only 5 STEPS TO TRUST Take Time with your clientTake Time with your client Build RapportBuild Rapport

18 For professional use only 5 STEPS TO TRUST Take Time with your clientTake Time with your client Build RapportBuild Rapport Gain insight and UnderstandingGain insight and Understanding

19 For professional use only The obvious? KNOWYOURCUSTOMER

20 For professional use only Know your client Identify what the client sees as their problem:Identify what the client sees as their problem: –Living too long –Dying too soon –Contingencies Where does your client fit?Where does your client fit?

21 For professional use only Know your client If there is no problem there is no need for a solution!If there is no problem there is no need for a solution!

22 For professional use only 5 STEPS TO TRUST Take Time with your clientTake Time with your client Build RapportBuild Rapport Gain insight and UnderstandingGain insight and Understanding Show how your Solution works for your client’s requirementsShow how your Solution works for your client’s requirements

23 For professional use only What people really want to know: Will it work?Will it work? Will it work well?Will it work well? Will it work in the future?Will it work in the future?

24 For professional use only 5 STEPS TO TRUST Take Time with your clientTake Time with your client Build RapportBuild Rapport Gain insight and UnderstandingGain insight and Understanding Demonstrate your understanding by Showing how your solution works for your client’s requirementsDemonstrate your understanding by Showing how your solution works for your client’s requirements Tend to the ongoing client relationship by giving excellent serviceTend to the ongoing client relationship by giving excellent service

25 For professional use only Remember! IF YOUR CLIENTS HAVE CONFIDENCE IN YOU THEY WILL HAVE CONFIDENCE IN THE INVESTMENTS YOU RECOMMEND

26 For professional use only Remember! TRUSTED ADVISER

27 For professional use only 5 STEP SUMMARY... T-take TIME R-build RAPPORT U-gain insight and UNDERSTANDING S-SHOW how the solution works – for them T-TEND to your ongoing client relationship

28 For professional use only “I hope this can be a wake-up call... Make the client the focal point of your business again. Without clients you will not make money. In fact, you will not exist.” Source: Resignation letter published in the New York Times 14 th March 2012 Greg Smith

29 For professional use only Positive feedback 2011 © Bruce Weatherill Executive Consulting Limited, trading as Weatherill Executive Consulting. All rights reserved

30 For professional use only Survey conclusion © Bruce Weatherill Executive Consulting Limited, trading as Weatherill Executive Consulting. All rights reserved “Client centric organisations will be the most successful, as high net worth clients who regard their wealth manger as their ‘Trusted Advisor’ are more profitable. Such clients give their wealth manager a greater share of their ‘wallet’, are more likely to grant portfolios managed at the discretion of the wealth manager, do not leave, and very importantly, are an excellent source of new business in terms of referrals.”

31 For professional use only KEY CONCLUSION KnowledgeKnowledge ProfessionalismProfessionalism EthicsEthics IntegrityIntegrity

32 For professional use only KEY CONCLUSION TRUSTED ADVISER MY WORD IS MY BOND

33 For professional use only “Fin”


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