2. • 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:
3. 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’
4. George Hartman & Tom Reimer
Managing Partners
Accretive 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
5. 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
Aging
Converting assets into retirement income
Transferring their money to children with whom I have
no relationship
Dying
Refusing to come back into the market / Looking for
lower risk investments
Leaving me for another advisor
6. 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
7. Growing your business in 2013
Redefining Financial Relationships
The old ways just don’t work anymore!
17. “Satisfaction” has very little to do with “Growth”
0%
20%
40%
60%
80%
100%
1-5 6-7 8-9 10
Percentageprovidinga
referral
Satisfaction rating (out of 10)
19. 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
28. 43%
49%
43% 44%
37% 22%
41% 40%
0%
20%
40%
60%
80%
100%
Disgruntled Complacent Content Engaged
Percentageresponding„yes‟
Somewhat Important Critical
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.
31. 55%
38% 39%
52%
12%
4%
6%
12%
0%
20%
40%
60%
80%
Disgruntled Complacent Content Engaged
Percentageofrespondents
Somwhat Important Critical
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.
32. 29%
47%
45%
76%
Disgruntled Complacent Content Engaged
Percentageresponding„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.
34. 20%
58%
75%
91%
21%
14%
17%
34%
3%
7%
0%
100%
Disgruntled Complacent Content Engaged
Percentageofrespondents
Somewhat/Very Comfortable Referring Ask for a Referral Has Referred
36
Focus on activating referrals from those most
comfortable giving them
Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
35. 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.
40%
55%
5%
0%
10%
20%
30%
40%
50%
60%
My advisor has done a good
job for me and I want to
return the favor by helping
him/her build the business
My friend had a financial
need and I wanted to provide
him/her with a possible
solution.
Neither
Percentageofrespondentswho
providedareferral
37
Source: Advisor Impact, Economics of Loyalty Canada: 2011
36. 38
Clients must see a real need for your advice
Q: What were the circumstances of providing the last referral?
38
38
44%
42%
7%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Friend asked for a
recommendation
Friend described a financial
challenge
Advisor asked for a name
Percentageofrespondentswhoprovided
areferral
Source: Advisor Impact, Economics of Loyalty Canada: 2011
37. 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
38. Develop a formal Client Feedback program
www.accretiveadvisor.com
45. 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
46. 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
47. 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
48. 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
49. 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. New Clients Gained Through LinkedIn
Has your use of LinkedIn
for prospecting helped
you gain new clients?
58. 10 characteristics of
Top-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
59. 10 Things I‟ve Learned from
Top 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
----- Meeting Notes (12-05-29 12:45) -----Once you understand the concept of engagment, there's TWO startegies to help grow your business.FIRST…Engage more clients, move that content and complacent group to Engagement.Second, and theses aren't mutually exclusive startegies..leverage you engaged relationships.Generate refealls, but not in the way most of us think we should, but a much easier way that generates high quality referrals
----- Meeting Notes (12-05-29 12:16) -----*The great mystery is that if they value you so much, why diesn't THAT translate into new business, and in particular REFERALLs.*Satisfaction/Loyalty/Comfort dont translate to new business*MEN VS WOMEN
----- Meeting Notes (12-05-29 12:16) -----*As a side note, lets look at the negative side of Satifaction and see what it means for your business*Changing advisors, you can probably guess, but could there be surprises?
----- Meeting Notes (12-05-29 12:45) -----*So looking purely at SATISFACTION, you can see it really has very little to do with growth*Satisfaction does not equal GROWTH
----- Meeting Notes (12-05-29 12:45) -----So as a result of JUlie's research, she's defined these new clusters of clients, based mostly on ENGAGEMNET.And these are the numbers, roughly for Canadian investors.so what do truly engaged clients look like, that 20% on average?
----- Meeting Notes (12-05-29 12:45) -----Share of walletHow do we use this knowleged to the clients' best interst as well as our own?How can we use this info to GROW our businesses?
----- Meeting Notes (12-05-29 12:45) -----Lets talk about he components that create more engaged clients.
----- Meeting Notes (12-05-29 12:45) -----All your clients expect contact and they want to know when its comingHow do you find out what they expect, and not just a gut feeling.Ask them, formal or informalOutcomes*meet expectations* elimintae Overservicing
----- Meeting Notes (12-05-29 12:45) -----LawyerAccountanteven the Family doctorOffer to do the little things that make you the center of their financial lives
----- Meeting Notes (12-05-29 12:45) -----Engaged clients are likely to relationships with all generations."Count clients by family" How many families do you have?WIVESCHILDRENOlder males may represent your most dangerous and precarious relationships WIVES 80%Their children may be your greatest enemy----- Meeting Notes (12-06-04 19:34) -----80% of recently widowed women move their account with 18 months
----- Meeting Notes (12-05-29 12:45) -----A formal financial plan is the best anchor for your business.Greater share of walletandmore committmnet to you
----- Meeting Notes (12-05-29 12:45) -----Another aspect of dricing ENGAGEMENT is leadership.All clients want to be leadLooking for their dad
----- Meeting Notes (12-05-29 12:45) -----the previuos slide was want they WANTHere's what they get
----- Meeting Notes (12-05-29 12:45) -----The problem is that in all groups even the Engaged,they dont get asked.
----- Meeting Notes (12-05-29 12:45) -----So that's how you engage more clients, but waht about those who are already engaged?They can be a valuable tool for GROWTH, if properly appoached and TRAINED.
----- Meeting Notes (12-05-29 12:45) -----Look at the red bar in each cluster COMFORT in giving a referalGray bar HAS gievn a referralQuality variesWho are the 3% that are disgruntled and still giving referrals!
----- Meeting Notes (12-05-29 12:45) -----What motivates people to give a referral?HELP someone.You or a friendThey just dont want to be asked
----- Meeting Notes (12-05-29 12:45) -----The clients have to see, RECOGNIZE A NEED and be able to convey a message about what you've done for them.MEN vs WOMEN
----- Meeting Notes (12-05-29 12:53) -----You need to know if they're comfortable andyou need to know why they would refer you
----- Meeting Notes (12-05-29 12:53) -----If they say theyve referred, you need to ask NOT FOR THE NAME, but why you referered.Ask the to create a script in there mind that relates to them that describes what you do. Not your mission statement or the tag line on your logo
----- Meeting Notes (12-05-29 12:53) -----On average your enegaed clientys will make 2 referrals per yearbut were meeting with a very small percentage of the overall referrals, that because they don't knoe HOW to refer.Thers that huge gap that can be narrowed if you approach your clients correctly.