1. Asset Accumulation Series Webinar 3 of 7: Define Stages August 13, 2014

2. Agenda Overview of ActiFi and the 2014 Redtail Webinar Series
Recap of Previous Session
Business Development Process: Define Stages
ActiFi
Why it is important
How to define requirements for Redtail on paper
Redtail
Translating requirements from paper to technology
How to make it work on Redtail
Q&A
Preview the next Webinar in the Series
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3. Getting the Most Out of Technology

4. What Percentage of Technology ROI is tied to Advisor Utilization?
Answer: 100%

5. How much benefit does an advisor/planner get if they use their old processes on the new technology?
Answer: NONE
Get your processes “tech ready”
“if 2 people at same firm”

6. WHY
HOW
ACTIFI: We are here to show you “HOW” to make this happen and not “WHY” you should make this happen.
If you aren’t bought into how a CRM-centric practice is beneficial, there are about 100 presentations for you to watch to get you motivated!
With that said, here is a quick figure provided by CEG Worldwide (show the chart that states that advisors that spend 60% of their time with clients as opposed to 30% earn 6x more revenue)
The workshop that we are going through today is going to empower you to define how you are going to make this happen!!
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7. Keys to Success Popular question from FAs: “What CRM should I buy?”
Expect to show up Monday…
99% of time, it is NOT the CRMs fault

8. Keys to Success – ALWAYS REMEMBER
Tech as good as used
Used as good as process
Process as good as executed
People execute the process only if they understand it, agree to it, and believe in it

9. End in mind: Flash to the “big wow” of the CRM-centric practice – state that this is possible, but it doesn’t happen overnight. Reference Nietzel’s point that the trick to going from $1M to $3M is systems! We are going to get you ready for systems.
For illustrative purposes only
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10. Define Your Business Development Process
Overview/Define Your Process
Define Classifications and Sources
Define Stages
Identify Default Next Steps
Create Pipeline Report
Segment Your Client Base
Analyze Your Client Base/Identify Ideal Opportunities

11. Define Your Classifications
Classifications are the kinds of relationships you have with people from the time you first hear about them until they become a client.
Examples include:
Lead: Not acquainted, acquired contact info by referral or some other method
Qualified Lead: Determined to be a good “fit”
Prospect: Not yet a client, building a relationship
Client: With an opportunity or life event on the horizon
Center of Influence: Not necessarily a client, but a potential or existing referral source
Affiliated Professional: Tax attorney, divorce attorney, insurance agent, etc.
Write down your exact words and how you define them
Lead: A person with whom you are not acquainted, whose contact information (phone number, name, address) you have acquired by referral or some other method
Prospect: A person who is not yet a client, but with whom you are building a relationship that could result in a formal client relationship
Qualified Lead (or Prospect): someone with whom you are building a relationship AND you have qualified them on the basis of assets, income, etc. to be a good “fit”.
Existing Client: one of your existing clients may have a life event coming up that you want to keep closer tabs on (e.g., an inheritance or a large distribution)
You may choose to use any number of Classifications for potential clients, there is no right or wrong way to do it, as long as you are consistent and understand what each term means.
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12. Define Your Source Types and Names
Source Types and Names help you identify where a prospect came from.
Source Types are broader categories, while Source Names indicate which specific Source Type generated the prospect.
Write down your exact words and how you define them for your Source Types.  
Examples of Source Types
Examples of Source Names
Marketing Campaign
Direct Mail, Newsletter
Center of Influence
COI Name
Affiliated Professional
Attorney name, CPA name
Personal Networking
Rotary, Kids’ soccer
Event
Social Security Education seminar
For example, if a prospect was a referral from a client (Tom Jones): the Source Type would be Referral, and the Source Name would be Tom Jones
You don’t need to define Source Names at this point; you will end up using many Source Names over time, as you hold different types of events, work with different referral sources, and engage in different types of marketing campaigns.
You may choose to use any number of Source Types; there is no right or wrong way to do it, as long as you are consistent and understand what each term means.
Once you have defined Classifications and Sources you will be able to generate reports that show you, for example, all the clients obtained by a specific marketing campaign or event, or all clients obtained through affiliated professionals. This will allow you to be able to measure your return on investment and identify the best opportunities for you to grow your business.
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13. Define the Stages in Your Pipeline
Get contact info
Introduction
Discovery
Proposal
Commitment
Onboard
Stages define where you are in the sales process with each prospect
Note that the Stages should align to the Classifications. For example, if you use Lead and Prospect Classifications, then a person would graduate from Lead to Prospect after they attain the second Stage listed above, Initial Meeting. Similarly, once a person signs the contract they move up from Prospect to Client.
Write down your exact words and how you define them
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14. For illustrative purposes only
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For illustrative purposes only

15. All Rights Reserved to ActiFi

16. Define the Processes for the Stages in Your Pipeline
Get contact info
Introduction
Discovery
Proposal
Commitment
Onboard
Each Stage has a process outlining the steps involved, what materials are used or introduced, what role is responsible, and the due date.
Depending on the advisor and the prospect, the time and number of steps involved to move to the next Stage may vary.
Note that the Stages should align to the Classifications. For example, if you use Lead and Prospect Classifications, then a person would graduate from Lead to Prospect after they attain the second Stage listed above, Initial Meeting. Similarly, once a person signs the contract they move up from Prospect to Client.
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17. All Rights Reserved

18. Defining a Process Activity
What is the activity (action verb)
Who does it (role, not name)
When does it occur (in relation to the milestone)
How long does it take
What triggers the activity
How do you know when the activity is completed
Task
Who When
Trigger
How do you know it’s done correctly
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19. Process Definitions

20. Process Definitions

21. Sample Process: Intro Meeting
Prepare
Conduct
Follow Up
Task 1.1
Task 1.3
Task 2.1
Task 3.1
Task 3.3
Task 1.2
Task 2.2
Task 3.2

22. Client Service Specialist
Role Definitions
Senior Advisor
Principal advisor and most senior relationship manager
Para-planner or junior advisor that supports many of the day-to-day and preparation activities
Planning Specialist
Primarily administrative and task-oriented resource e.g, schedule meetings, maintain paperwork, etc.
Client Service Specialist

23. Sample Process: Intro Meeting
Prepare
Conduct
Follow Up
Task 1.1
Task 2.1
Task 3.3
Senior Advisor
Task 1.3
Task 3.1
Task 3.2
Planning Specialist
Task 1.2
Task 2.2
Client Service Specialist

24. Post It Notes? Seems Awfully Low-Tech…..
You have to know how
Learning how to create processes is like learning arithmetic.
You have to learn how to do the math before you can use a calculator.
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25. All Rights Reserved to ActiFi

26. Managing Your Sales Process on Redtail
Terminology and language really matter. Identify and define your terms and make sure everyone is in agreement.
Balance optimism and realism in your opportunity forecasting.
You can’t monitor what you don’t measure. Accurate data is important, but only to the extent that it serves management review and decision-making.
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27. Managing Data on Redtail -- Tips
Redtail is your data source. Excel is a tool used to manipulate the data, not to store it.
Talk to Redtail about tips and tricks they have to manage your client data.
This is not a one-time project. Things are always changing with your clients. You should review your data regularly to make sure your data remains accurate.
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28. Next Time Wednesday, August 27th 4:00 Eastern/1:00 Pacific
Overview/Define Your Process
Define Classifications and Sources
Define Stages
Identify Default Next Steps
Create Pipeline Report
Segment Your Client Base
Analyze Your Client Base/Identify Ideal Opportunities

29. Today’s presentation and slides will be made available by Redtail via the link below:
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30. Questions? Brian Kostick 763-746-1267 bkostick@actifi.com
Rick Williamson
x1067