Your SlideShare is downloading. ×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Introducing the official SlideShare app

Stunning, full-screen experience for iPhone and Android

Text the download link to your phone

Standard text messaging rates apply

Making The Shift To Wealth Management CRM

602
views

Published on

A presentation describing the benefits of why Wealth Management advisers should make the shift to an Industry Specific Wealth Management CRM platform.

A presentation describing the benefits of why Wealth Management advisers should make the shift to an Industry Specific Wealth Management CRM platform.

Published in: Economy & Finance

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
602
On Slideshare
0
From Embeds
0
Number of Embeds
4
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide
  •  Generic Client Profiles -  complete client view and KYC at your fingertips. The ability to say the right thing right timeRisky Succession Plan -  how do you plan to exit your business? Client Service Fails - how will you compete in the future? Ever growing demand for MORE service….everyone thinks they are uniqueMeaningless Metrics – How are you measuring performance? Is this a manual process…how do you report or track ongoing KPI’s that really matter to wealth managersProcess Overload – How do you easily manage repeatable actions and process in your business? How much of a distraction is this to your core activities that support revenue growth?
  • John has been focused on CRM technology for 15+ years, specializing in product management and developing strategic relationships at Maximizer Software. He spends a great deal of his time speaking with investment advisors and wealth management firms to define how CRM solutions should match specific business requirements. 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.
  • Simply using these technologies, whether is be web or mobile devices, is no longer enough. Anyone can use these generic technologies.To truly gain competitive advantage, you need to go beyond the “out of the box” solution and make it your own.It is proving vital that businesses leverage technology for competitive advantage. Sales force automation and access to information, evolving marketing though inbound concepts, analytics and reporting. These are all proven to be hallmarks of successful businesses
  • Firm and advisor performance. - customer service as health of businessWhat client issues are arising to
  • Drop the term FastApp….Talk about client reviews…..KYC reviews….state reviews…..clients retiring clients who turn 65.
  • Customer example Two of a customer who has really made MAX their own in order to secure competitive advantagehttp://www.maximizer.com/pdf/webinars/7-steps-to-build-book-value.pdf DundeeWealth's brokerage business is made up of DWM Securities Inc., Dundee Private Investors Inc., Dundee Insurance Agency Ltd., and Dundee Mortgages Services Inc. •These operations include a full service investment dealer engaged in wealth management & financial advisory services, retail brokerage, financial planning, mutual fund dealership, a full service Managing General Agency (Insurance), and Mortgage services. •DundeeWealth has approximately 1,000 Advisors dealing with the public. For the past year AJ and his team have focused on centralizing their business operations on Maximizer, with the following results:Efficiency in Process Creation of repeatable business process in the CRMValue of complete information Increased discipline within meeting notesBigger picture of unique client needsAutomation to save time Transactions you need to avoidLower costs of staff per client Easiest process to follow Ex: Quarterly ReviewsEnsuring a consistent client experienceDeveloping a process for all stages –Simplified and repeatable client process •“Action Plans” for each stage –Trade recommendation process –Client FastApp process •Daily Action Plan –Hotlist tasks, alerts and follow up activity –Manage and delegate across team –Segment by prospects and customers
  • Transcript

    • 1. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM 11:00AM PT / 2:00PM ET PC Audio Broadcast is Available Conference Call: 1-877-668-4493 Meeting Number: 662 482 990 Event Number : 662 482 990 PC Audio is Available OR Call-In Number: 1-877-668-4493
    • 2. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Today Agenda • The promise v. reality of CRM • The SHIFT to industry specific CRM • 5 Reasons to Make the SHIFT • Demo: Maximizer Wealth Management Solution • Questions and Discussion
    • 3. © 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. 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.
    • 4. © 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
    • 5. © 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
    • 6. © 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
    • 7. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 8. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 9. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 10. © 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 WME specific solution help?
    • 11. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 12. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 13. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 14. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 15. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 16. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 17. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 18. © 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.
    • 19. © 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
    • 20. © 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
    • 21. © 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
    • 22. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 23. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 24. © 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
    • 25. © 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
    • 26. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 27. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 28. © 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?
    • 29. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 30. © 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
    • 31. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 32. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 33. © 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
    • 34. © 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
    • 35. © 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
    • 36. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM DEMO
    • 37. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Case Study
    • 38. © 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
    • 39. © 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
    • 40. © 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
    • 41. © 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
    • 42. © 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
    • 43. © 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 Max Client profile notes and meeting follow up task
    • 44. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Visit: maximizer.com/wealth Request Demo: info@maximizer.com
    • 45. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 46. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
    • 47. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM