Nbf ankers feb 13
-
date post
19-Oct-2014 -
Category
Documents
-
view
101 -
download
2
description
Transcript of Nbf ankers feb 13
Grow your business!National Bank Financial
TorontoFeb. 13,2013
Redefining Financial Relationships
• Introduction…who cares?
• The state of business development in 2013
• Engage your existing clients and grow your business
• Attract more referrals
• Find your CFO/CEO hat
• Get and use client feedback
• What does “social media” mean for your future?
Agenda:
Accretive Advisor™ is committed to helping Investors and their Financial Advisors create more successful financial relationships.
• Our goal is to redefine the relationship between investors and their financial advisors.
• We provide the resources and facilities that enable Investors who are serious about their money and Advisors who are serious about their business, to find each other.
Redefining Financial Relationships
About Accretive Advisor
ACCRETIVE: ‘WORKING TOGETHER TO ACHIEVE MORE’
George Hartman & Tom Reimer
Managing PartnersAccretive Advisor Inc.
Through our combined 70 years working in the financial services industry, we have seen the great things that can happen when an Investor and an Advisor share high levels of trust and confidence.
Advisor Universe
• Our mission is to help great financial advisors become extraordinary advisors in a supportive, collegial community.
• An Accretive Advisor is part of a community of financial advisors who take their business seriously.
About Accretive Advisor
Redefining Financial Relationships
Is this you?
I have spent the past (fill in your own number) of years building what I thought was a successful practice. Now my client base is:
Not valuing my advice AgingConverting assets into retirement incomeTransferring their money to children with
whom I have no relationshipDyingRefusing to come back into the market /
Looking for lower risk investmentsLeaving me for another advisor
Is this you?
I spend more time on administration and client service than giving advice and developing business
I feel like the business is running me – rather than the other way around
My work/life balance is way out of whack – it isn’t much fun anymore
I have no idea how I will realize the value of this business that I have spent years building
Growing your business in 2013
Redefining Financial Relationships
The old ways just don’t work anymore!
Cold Calling
Redefining Financial Relationships
Direct Mail
Redefining Financial Relationships
Email Marketing
Redefining Financial Relationships
Newsletters
Redefining Financial Relationships
Seminars
Redefining Financial Relationships
Referrals
Redefining Financial Relationships
If You Don't Exist On The Web, You Don't Exist!
Grow your business…from within…or from without!
www.accretiveadvisor.com
Critical Somewhat important
Neutral Not very important
Not at all important
0%
20%
40%
60%
80%
100%
40%48%
9%2% 1%
Good News…your clients need you!
Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
Your advice is perceived as Critical and Important in achieving their goals
1. Engage more clients
2. Leverage already
engaged clients
16
Two strategies to grow your business
“Satisfaction” has very little to do with “Growth”
1-5 6-7 8-9 100%
20%
40%
60%
80%
100%
Satisfaction rating (out of 10)
Per
cen
tag
e p
rovi
din
g a
re-
ferr
al
Engaged18%
Satisfaction/ Loyalty
Referrals
Disgruntled
12%
Complacent14%
Content56%
20
“Engagement” is the new metric for growth
Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
Engaged clients:
• are among the most satisfied and loyal clients
• place a high value on advice relative to the fees they pay
• put the advisor in the role of ‘trusted advisor’; co-ordinating across other professionals
• use their advisors on a multi-generational basis
• are more likely to have a financial plan
• trust you with a major share of their assets
• provide almost all referrals made across the industry
21
Engage
Connect
Lead
Partner
You’re in control: Driving engagement in your existing clientele
22
Connect…
Connect:Engaged clients are more likely to expect and receive more plan reviews
24
Connect:Engaged clients want an advisor who quarterbacks their other professional relationships
25
Connect:Engaged clients are more likely to work with their advisor on a multi-generational basis
26
Connect:Engaged clients are more likely to have a formal financial plan
27
…and don’t forget the wives!
Lead…
Disgruntled Complacent Content Engaged0%
20%
40%
60%
80%
100%
43%49%
43% 44%
37% 22%41% 40%
Somewhat Important Critical
Pe
rce
nt a
ge
re
spo
nd
ing
‘ye
s’
Q. How important is it to you that your advisor demonstrate strong leadership?
30
Lead: All clients are looking for guidance from a strong leader
Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
Disgruntled Complacent Content Engaged0%
20%
40%
60%
80%
100%
14%
53%
70%
87%
Per
cent
age
res
pond
ing
‘yes
’
Q. Do you consider your advisor a strong leader?
31
Lead:…but not all are getting it!
Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
Partner…
Disgruntled Complacent Content Engaged0%
20%
40%
60%
80%
55%
38% 39%
52%
12%
4%6%
12%
Somwhat Important Critical
Per
cent
age
of r
espo
nden
ts
Q. How important is it to you that your advisor asks you for feedback/input on the service that he or she provides?
33
Partner: All clients want a say
Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
Disgruntled Complacent Content Engaged
29%
47%45%
76%
Per
cent
age
res
pond
ing
‘yes
’
34
34
Partner: …but most have never been asked for feedback!
Q. Has your financial advisor ever asked you for feedback on the service that he or she provides?
Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
1. Engage more clients
2. Leverage already
engaged clients
35
Disgruntled Complacent Content Engaged
20%
58%
75%
91%
21%
14%17%
34%
3%7%
0%
100%
Somewhat/Very Comfortable Referring Ask for a Referral
Has Referred
Per
cent
age
of r
espo
nden
ts
36
Focus on activating referrals from those most comfortable giving them
Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
37
Clients want to help their friends and advisor
Q: Which of the following best describes the motivation behind providing a referral to your advisor.
0%10%20%30%40%50%60%
40%
55%
5%
Pe
rc
en
tag
e o
f re
sp
on
de
nts
wh
o
pro
vid
ed
a r
efe
rra
l
37
Source: Advisor Impact, Economics of Loyalty Canada: 2011
38
Clients must see a real need for your advice
Q: What were the circumstances of providing the last referral?
38
38
Friend
ask
ed fo
r a re
com
men
datio
n
Friend
des
crib
ed a
finan
cial c
halle
nge
Adviso
r ask
ed fo
r a n
ame
0%5%
10%15%20%25%30%35%40%45%50% 44% 42%
7%
Pe
rce
nta
ge
of
res
po
nd
en
ts w
ho
p
rov
ide
d a
re
ferr
al
Source: Advisor Impact, Economics of Loyalty Canada: 2011
Tapping into the opportunity:Just ask…but don’t ASK!
“I noticed on our client feedback survey that you're willing to refer your friends and family to us…”
39
Develop a formal Client Feedback program
www.accretiveadvisor.com
46
Client Audit: Getting started
47
Client Audit: Select questions
48
Client Audit: Survey invitation
49
Client Audit: Dashboard
50
Client Audit: Program summary and Client profile
51
Client Audit: Reports & tools
A comprehensive Client Snapshot provides a high-level view of your business, showing aggregated information across all questions and then broken down by core objective: driving engagement, structuring and streamlining service and increasing revenue and referrals. A separate report captures all verbatim comments in a single location to help you quickly identify trends.
52
Client Audit: Client Snapshot
You can see a completed survey for any client who responded to the survey simply by selecting the client name from a dropdown list. Use this report for an in-depth understanding of your most engaged clients or to identify potential problems with clients at risk.
53
Client Audit: View completed survey
Use this report to view a list of all clients at risk, based on their overall satisfaction ratings. Assess current and future flight risk and identify those clients who should receive a direct follow-up call to discuss potential concerns.
54
Client Audit: Identify clients at risk
Run target lists of all clients who are interested in individual service or cross-selling opportunities. Using this report you can identify those clients who have specifically expressed an interest in learning more about the services that you provide.
55
Client Audit: Uncover cross-selling opportunities
Run a personalized meeting plan that will allow you to conduct a more effective review meeting, picking up on key responses from clients – satisfaction, expectations and revenue and referral opportunities. Use this report to focus your follow-up conversation in a way that will drive deeper and more productive conversations with your clients.
56
Client Audit: Personalized meeting plan
57
Client Audit: Leveraging your reports
Using Social Media to grow your business
Social Media
Social media allows more opportunities for connection. That is a financial advisor's bread and butter
Financial advisors report high adoption levels of
social media for business
LinkedIn is the preferred social platform among
financial advisors
Social Network Use by Business Purpose
New Clients Gained Through LinkedIn
Has your use of LinkedIn
for prospecting helped
you gain new clients?
10 characteristics ofTop-Performing Advisors
1.Have a clear vision for your practice
2.Work on as well as in your business
3.Create a strategy to realize your vision
4.Understand what your target market wants
5.Define your value proposition - services, products & processes
10 Things I’ve Learned fromTop Performing Advisors
6.Build a marketing plan to attract the clients you want
7.Use a disciplined methodology
8.Make every client relationship profitable
9.Recognize clients’ lifetime value
10.Create clients for life
Grow your business!National Bank Financial
TorontoFeb. 13,2013
Redefining Financial Relationships