5 Dangers of Not Using Wealth Management CRM Advisors Websites
 

5 Dangers of Not Using Wealth Management CRM Advisors Websites

on

  • 74 views

Why should wealth managers be using CRM software specifically developed for their industry as opposed to other "out of the box" CRM software.

Why should wealth managers be using CRM software specifically developed for their industry as opposed to other "out of the box" CRM software.

Statistics

Views

Total Views
74
Views on SlideShare
60
Embed Views
14

Actions

Likes
0
Downloads
1
Comments
0

1 Embed 14

http://www.maximizer.com 14

Accessibility

Categories

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

5 Dangers of Not Using Wealth Management CRM Advisors Websites 5 Dangers of Not Using Wealth Management CRM Advisors Websites Presentation Transcript

  • 11:00AM PT / 2:00PM ET PC Audio Broadcast is Available Conference Call: 1-877-668-4493 Meeting Number: 667 137 807
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Today’s Speaker John Easton Strategic Accounts – Wealth Management John has been focused on CRM technology for 15+ years, specializing in product management and developing strategic relationships at Maximizer Software.
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM The Promise of CRM • Increased revenue • Scale growth • Improved service • Increased practice value • Effective delegation • Increased efficiency The CRM Promise: Build and Manage Relationships
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM The CRM Reality for Advisors • Lack of time to manage and implement • Limited technical expertise • Potential a high upfront costs • No clear ROI • Fear of the unknown
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM A Changing Landscape • Information overload • Increasing expectation for levels of service • Complex and shifting regulations for compliance • Expanding competition and options for clientele
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM A Changing Landscape • Information overload • Increasing expectation for levels of service • Complex and shifting regulations for compliance • Expanding competition and options for clientele
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Where to begin? What should you be asking of your CRM technology? What can I adapt or change to meet my business goals? How can a wealth management specific tool help?
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Dangers of Limited Profile • Lower level of client satisfaction • Treated like number 028030-3 • Incomplete history of all client interactions • Inability to segment clients to manage service levels and find revenue opp.
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Client Profiles 4 Core Areas of a Client Profile: • Demographics— Age, gender, employment status, relationship status, family position, corporate position • Compliance – Risk tolerance, investor acumen, objectives • Goodwill - Record what’s really important to the client or prospect. Data that you will want to record is family members, charities supported, religious preference. • Financial Objectives- The minimum data set here would be a place to record and easily retrieve information on financial profile, history and investments
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Focus on the ‘C’ in KYC • Intuitive data capture to eliminate administration • Easy to change and adapt • What data is required today versus next year? • Foundation of ‘real’ client engagement • Make KYC data work for you • Segment data to prioritize client management
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Create a ‘One View’ World • One view of client history • Notes, calls, emails and client profile • Shared view of core client information • Key details NOT all information • Delegation of tasks and activities • Shared calendar of team schedule Goal: Visibility + Collaboration
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Why is technology crucial? • Preserve the practices' business value to enable retirement • Ability to recruit and train new talent are important to continuity planning • Vital that advisers have the right technology in place to support the future of their businesses
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Evaluating Book Value • How would you articulate the value of your business? • How would a potential buyer/partner clearly see this value? • Well managed CRM versus Ad-Hoc process
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Expectations for ‘Unique’ Service • Do you have the ability to segment clients by service level? • All information available? At any time? • Customized service plans based on demographics? • Millennial versus Boomers Versus New Clients • Ability to customize communication • Best mix of phone, email, text?
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Monitoring Metrics • Measure • Personal performance targets versus firm targets • Performance to revenue goal • New customer acquisition • Volume of potential client pipeline • Monitor • Dashboard of top client • Group performance to revenue target • Performance versus YoY or historical expectations • Client service levels Goal: Business performance forecasting
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Process Overload • How much of your day-to-day process is repeatable? • Trade Recommendation, Prospect Meeting • Identify repeatable process • Map a flow of tasks for recurring events • Create shared ‘Action Plans’ with all stakeholders
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Process Overload • Develop a repeatable workflow within CRM • Shared responsibility for process • Identify ‘special/difficult’ clients for special treatment • Look for opportunities to delight clients Goal: Save Time + Delight Clients
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Action Plan: Client Meeting IA to complete and return NCAF/KYC for fastapp forms. Assistant completes and prints fastapp. Client/IA sign wet fastapp Void Cheque Received DL Copy Received FastApp Docs dated and signed Docs upload onto fastapp. Email Mandator y Client Package Update CRM Client profile notes and meeting follow up task
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Case Study
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Investment Advisor Team Investment Advisor Administration Assistant Associate, Portfolio Solutions Investment Advisor Administration Assistant Associate, Portfolio Solutions Regional Office
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Business Goals • Existing Clients • Provide the highest level of service to existing clients • Expand the depth of service offerings provided • New Clients • Efficiently process new account openings • Repeatable, highly efficient new client process • Potential Clients • Identify and manage pipeline of new potential clients • Effectively communicate and develop a client profile
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM The Business Challenge • Time Management • Internal Information Management • External Information Management • Developing a Financial Snapshot • Integrated technologies built around a CRM so that an advisor can see a 360 degree view of their client • Managing Compliance • Using CRM to maintain critical compliance trail
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM The Solution • Developing a process for all stages • Simplified and repeatable client process • “Action Plans” for each stage • KYC Review • Client onboarding process • Daily Action Plan • Hotlist tasks, alerts and follow up activity • Manage and delegate across team • Segment by prospects and customers
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Case Study Results • Efficiency in Process • Creation of repeatable business process in the CRM • Value of complete information • Increased discipline within meeting notes • Bigger picture of unique client needs • Automation to save time • Transactions you need to avoid • Lower costs of staff per client • Easiest process to follow Ex: Quarterly Reviews • Ensuring a consistent client experience
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Results of Industry Specific CRM • Value of complete information • Increased discipline within meeting notes, email correspondences • Bigger picture of unique client needs • Efficiency in Process • Creation of repeatable business process in the CRM • Automation to save time • Streamline common Tasks and Activities • Lower costs of staff per client • Easiest process to follow Ex: Quarterly Reviews • Ensuring a consistent client experience • Happier clients means more Business! • You are always onside with the regulators • You’ll be sleeping better
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Visit: maximizer.com/wealth Email: jeaston@maximzier.com Call: 1-800-804-6299
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
  • © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM