0
11:00AM PT / 2:00PM ET
PC Audio Broadcast is Available
Conference Call: 1-877-668-4493
Meeting Number: 667 137 807
Today’s Speaker
John Easton
Strategic Accounts – Wealth Management

John has been focused on CRM technology for 15+ years,...
The Promise of CRM
•
•
•
•
•
•

Increased revenue
Scale growth
Improved service
Increased practice value
Effective delegat...
The CRM Reality for Advisors
•
•
•
•
•

Lack of time to manage and implement
Limited technical expertise
Potential a high ...
A Changing Landscape
•
•
•
•

Information overload
Increasing expectation for levels of service
Complex and shifting regul...
WWW.MAXIMIZER.COM

© 2014 Maximizer Software Inc.
Where to begin?
What should you be asking of your CRM
technology?
What can I adapt or change to meet my
business goals?

W...
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

© 2014 Maximizer Software Inc.
Dangers of Limited Profile
• Lower level of client satisfaction
• Treated like number 028030-3

• Incomplete history of al...
Client Profiles
4 Core Areas of a Client Profile:
• Demographics— Age, gender, employment status,
relationship status, fam...
Focus on the ‘C’ in KYC
• Intuitive data capture to eliminate administration
• Easy to change and adapt
• What data is req...
Create a ‘One View’ World
• One view of client history
• Notes, calls, emails and client profile

• Shared view of core cl...
WWW.MAXIMIZER.COM

© 2014 Maximizer Software Inc.
WWW.MAXIMIZER.COM

© 2014 Maximizer Software Inc.
Why is technology crucial?
• Preserve the practices' business value to enable
retirement
• Ability to recruit and train ne...
Evaluating Book Value
• How would you articulate the value of your
business?
• How would a potential buyer/partner clearly...
WWW.MAXIMIZER.COM

© 2014 Maximizer Software Inc.
WWW.MAXIMIZER.COM

© 2014 Maximizer Software Inc.
Expectations for ‘Unique’ Service
• Do you have the ability to segment clients by
service level?
• All information availab...
WWW.MAXIMIZER.COM

© 2014 Maximizer Software Inc.
Monitoring Metrics
• Measure
• Personal performance targets versus firm targets
• Performance to revenue goal
• New custom...
WWW.MAXIMIZER.COM

© 2014 Maximizer Software Inc.
Process Overload
• How much of your day-to-day process is
repeatable?
• Trade Recommendation, Prospect Meeting
• Identify ...
Process Overload
• Develop a repeatable workflow within CRM
• Shared responsibility for process
• Identify ‘special/diffic...
Action Plan:
Client Meeting

IA to
complete
and return
NCAF/KYC
for fastapp
forms.

Assistant
completes
and prints
fastapp...
Case Study

WWW.MAXIMIZER.COM

© 2014 Maximizer Software Inc.
Investment Advisor Team
Associate,
Portfolio Solutions

Investment
Advisor
Administration
Assistant

Regional
Office

Asso...
Business Goals
• Existing Clients
• Provide the highest level of service to existing clients
• Expand the depth of service...
The Business Challenge
• Time Management
• Internal Information Management
• External Information Management

• Developing...
The Solution
• Developing a process for all stages
• Simplified and repeatable client process

• “Action Plans” for each s...
Action Plan:
Client Meeting

IA to
complete
and return
NCAF/KYC
for fastapp
forms.

Assistant
completes
and prints
fastapp...
Case Study Results
• Efficiency in Process
• Creation of repeatable business process in the CRM

• Value of complete infor...
Results of Industry Specific CRM
• Value of complete information
• Increased discipline within meeting notes, email corres...
Visit: maximizer.com/wealth
Email: jeaston@maximzier.com

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.
5 Dangers Of Not Using Wealth Management CRM
Upcoming SlideShare
Loading in...5
×

5 Dangers Of Not Using Wealth Management CRM

319

Published on

As an investment adviser you are unique. You exist in a complex industry, faced with distinct challenges uncommon to any other type of business. Therefore, your CRM software needs to understand your unique business process and challenges. To learn more about wealth management CRM and CRM for financial advisers click on the following link http://www.maximizer.com/crm/wealth-management/

Published in: Technology
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
319
On Slideshare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
5
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Transcript of "5 Dangers Of Not Using Wealth Management CRM"

  1. 1. 11:00AM PT / 2:00PM ET PC Audio Broadcast is Available Conference Call: 1-877-668-4493 Meeting Number: 667 137 807
  2. 2. 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. With a background in technology and Economics, John possesses a unique perspective on tech and the market drivers that turn products into innovative and lasting solutions. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  3. 3. The Promise of CRM • • • • • • Increased revenue Scale growth Improved service Increased practice value Effective delegation Increased efficiency The CRM Promise: Build and Manage Relationships WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  4. 4. 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 WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  5. 5. A Changing Landscape • • • • Information overload Increasing expectation for levels of service Complex and shifting regulations for compliance Expanding competition and options for clientele WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  6. 6. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  7. 7. Where to begin? What should you be asking of your CRM technology? What can I adapt or change to meet my business goals? WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  8. 8. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  9. 9. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  10. 10. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  11. 11. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  12. 12. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  13. 13. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  14. 14. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  15. 15. 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. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  16. 16. 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 WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  17. 17. 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 WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  18. 18. 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 WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  19. 19. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  20. 20. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  21. 21. 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 WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  22. 22. 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 WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  23. 23. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  24. 24. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  25. 25. 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? WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  26. 26. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  27. 27. 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 WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  28. 28. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  29. 29. 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 WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  30. 30. 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 WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  31. 31. 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 WWW.MAXIMIZER.COM Docs upload onto fastapp. Email Mandator y Client Package Update CRM Client profile notes and meeting follow up task © 2014 Maximizer Software Inc.
  32. 32. Case Study WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  33. 33. Investment Advisor Team Associate, Portfolio Solutions Investment Advisor Administration Assistant Regional Office Associate, Portfolio Solutions Investment Advisor WWW.MAXIMIZER.COM Administration Assistant © 2014 Maximizer Software Inc.
  34. 34. 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 WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  35. 35. 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 WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  36. 36. 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 WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  37. 37. 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 WWW.MAXIMIZER.COM Docs upload onto fastapp. Email Mandator y Client Package Update Max Client profile notes and meeting follow up task © 2014 Maximizer Software Inc.
  38. 38. 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 WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  39. 39. 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 WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  40. 40. Visit: maximizer.com/wealth Email: jeaston@maximzier.com WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  41. 41. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  42. 42. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  43. 43. WWW.MAXIMIZER.COM © 2014 Maximizer Software Inc.
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×