Best Practices for Practice Management Tim Highland,  Business Development Director July 19, 2006 This material is for fin...
Legal Disclosures  <ul><li>The content of this material is intended for use by advisors. You should check with your firm t...
How Fast Can  You  Grow in 14 Months?   Actual FR Production Revenue/Client Gross Revenue AUM Clients 10/2005 8/2004 $2,58...
How Fast Can  You  Grow in 20 Months?   Actual FR Production Revenue/Client Gross Revenue Clients 4/2005 8/2003 $8,577 $2,...
Russell’s approach to Practice Management Marketing Strategies Strategic Focus Value Proposition & One-Pager Viral Marketi...
Laying the groundwork <ul><li>Gain  I nsight </li></ul><ul><li>Make  D ecisions </li></ul><ul><li>Take  A ction </li></ul>
Ineffective Habit:   Cast a broader net to catch more clients.   <ul><li>You catch a lot of snails, slugs, garfish and a l...
Create a Community Via  Your Strategic Focus Geographic  Opportunities  Referral Source  Opportunities Client Segment  Opp...
Strategic Focus <ul><li>Cornerstone to your marketing effort </li></ul><ul><li>Use the “common sense” principle </li></ul>...
Ineffective Habit : The best way to drive client satisfaction and retention is as a fee-based Investment Counselor. <ul><l...
Consider the role of a Wealth Manager <ul><li>Gives you the differentiation to build a value proposition that rises above ...
Client  Needs Survivor Income  Retirement Plan Tax Strategies  Investment Strategies  Spending Plan Charitable Giving Busi...
Develop a service model that ROCKS! <ul><li>Implement the  Client Engagement Road Map   </li></ul><ul><li>Do good work for...
<ul><li>4th Quarter   </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Tax Strategy Review </li>...
<ul><li>4th Quarter   </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Tax Strategy Review </li>...
<ul><li>4th Quarter   </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Tax Strategy Review </li>...
Now Really Give Them Something  to Talk About! Karl Albrecht The WOW Factor! The Only Thing That Matters
Consider being the quarterback of a best-of-kind team! <ul><li>Outsource when you do not  provide unique value-add </li></...
<ul><li>This is not how the vast majority of profitable clients make decisions about selecting an advisor  </li></ul><ul><...
ABC Viral Marketing  A sset Gatherer   Existing Clients & Centers of Influence B acker   Profitable C lients
<ul><li>Data mine existing target clients for pockets of centers of influence </li></ul><ul><li>Brown Bag </li></ul><ul><u...
Create a Value Proposition in the form of a One-Pager <ul><li>Value Statement:  </li></ul><ul><ul><li>Help successful exec...
<ul><li>4th Quarter   </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Tax Strategy Review </li>...
Consider a Team Approach PSD PSD   PPA/NaviPlan PPA/NaviPlan   Implementation of Invest Strategies Implementation of Inves...
      Document Handling     Licensing     Dictation/Typing   Document Handling Order Office Supplies   Office Hospitality ...
<ul><li>Being busy and productive are two different things </li></ul><ul><li>It can lead to becoming a professional visito...
Focus on Verifiable Outcomes 1 Qualified  Prospects 2  Fact Finder 3  Light Weight Planning $ 5  Signed Documents   4  Com...
Track verifiable outcomes! Track Status: On Track Slowing Stalled Closed Sale
Resources
<ul><li>Good thoughts are no better than good dreams, unless they be executed.  </li></ul>Ralph Waldo Emerson
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Building a Better Business

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  • These are the actual production numbers of an FR in San Francisco. We engaged this FR in one of our High Speed Strategic Planning sessions in August of 2004. You can see the statistics on his book at that time. You can also see the dramatic change in just 14 months. By using the process that we will describe in this presentation he was able create exciting results. Looking beyond the numbers, what do you think it feels like to work in this firm now. They have cleaned up the bottom of their book and transferred clients to younger FRs in the office. Which business would you rather own? This particular example was selected because of the outstanding improvements as a result of rigorous implementation of the process we are going to cover. Some firms have better results than this, and others may have poorer results, hence the disclosure – your results may vary. FOR NM Audience – In the work that we have done with NM reps, the story is actually very well received because the majority of reps who have been in the business feel the service crush of having huge numbers of clients in their practice.  While many of them are insurance clients, many FR&apos;s have moved &amp;quot;up market&amp;quot; and they may not be clients that they will take time to get back to. If they effectively transition those clients to a younger/newer FR they can do the following:   1. Free up service capacity to do higher order work with their target market. 2. Get those clients to someone who is eager to service them like they should be serviced. 3. Provide warm leads (term conversions, etc.) to other reps. 4. Retain the renewal revenue.  If they keep the existing NML policies, the original FR continues to get the renewal revenue.
  • Similar commentary as slide #3.
  • This slide will highlight the approach that Russell takes with practice management. The content that we have developed is, as I mentioned, our experience in working with over 300 firms. Over the years we have put these firms through our High Speed Strategic Planning program. The program consists of a year-long engagement where we meet on a quarterly basis and develop strategic plans as well as monthly coaching calls in between. The focus of our program is to help teams discover what it is they can and should become. Our approach begins with helping a firm identify their purpose and the guiding principles that support it. We define purpose as the fundamental reason the organization exists. Guiding principles are those timeless values that the organization employs in support of their purpose. Ironically, these are two of the most difficult topics for advisors and reps to address. We will also help establish a mission or long-term goal for the advisor as well as short and intermediate goals in support of that mission. From the bottom up, we employ a from of strategic analysis that will help identify external and internal issues/challenges that need to be worked through. We also have a robust benchmarking and client analysis tool that assists with our strategic analysis. The analysis is done to gain a firm grasp of where we are and to help identify strategies that can be put in place to support their purpose and mission. Those strategies typically fall into four areas….. It is my goal today to share with you some of our learning in this space and some tools and strategies that we have addressed to help advisors build their business. We have a longer presentation titled the 7 habits of ineffective advisors so I have captured a few of those points to share with you today.
  • IDA How fast is your environment changing? How fast is legislation changing, the market, new products and services, technology. This is an unprecedented time in terms of the rate of change. In his book, straight from the gut, Jack Welch states….. There is value in being nimble in today’s market
  • Leads to acquiring non-profitable clients 50% of clients = 5% of revenue $500K and Below / 78 Clients = $144K in revenue / 80 clients above $500K with $988K in revenue Creates service capacity issues Tend to deliver as much or more to small clients Who pays for them – overtime and profitable clients Prevents you from creating differentiation Service time absorbed by non-profitable clients prevents you from developing and delivering a service model that will wow a profitable client base Branding – elevate the state and slap on your brand Typical evolution of an advisor or financial rep…….
  • Adopting Strategic Focus can create exciting opportunities. It seems counterproductive at first glance but through identifying the righ client segments to pursue, the right products/services to deliver, the right referral sources you can actually grow much faster than attempting to be all things to all people. The concept of strategic focus is about community. Learning the language and idiosyncrasies of a specific target audience.
  • Common sense principle is if the right opportunity comes along you may need to take advantage of it. As your focus becomes tighter – the potential return must be that much greater in order to deviate from your strategic focus.
  • Your value will be linked solely to performance, and not any of the other valuable products and services you provide. 2. You will have trouble justifying your fee over time. 3. If you are perceived as an investment counselor, clients will expect you to respond to short-term market issues and be reactionary.
  • The Wealth Manager model does the following: Differentiation of the products and services you provide is the key! By positioning yourself as the coordinator you can function at a higher level and oversee the execution of the issues in their “financial ecosystem” Clients will view you in a different way and realize the value in being the coordinator When you consider the cost of finding and acquiring new clients as well as the potential referral value – you need to do everything you can to hold on to them.
  • Clients need help in all of these areas. This is the real value that you provide. It is not about performance of their portfolio or a specific product, it is about working to meet their needs. They want to know that their affairs are in order!
  • The Client Engagement is a tool that you can use to do great work for you clients and make sure they know about it. The Road Map is the cornerstone of a service model that rocks. You can use the road map to establish an action plan and use it as a tool to coordinate the strategies used to help them work towards to their financial goals.
  • As you complete activities on the road map you can check them off and get credit for the work that you have done. You can use the road map to coordinate service delivery with other professionals. Use it to get them to the attorney and get their will drafted, etc.
  • There are two points to remember about elevating your service level using the road map. Prioritize – prioritize the activities based upon what they told you was important in conjunction with what you know needs to be completed. Personalize – include the client’s name on the road map. For example, College Funding for Jack and Jill as opposed to College Funding. Doing this will bring the road map to life and the client will begin to take ownership the process.
  • In conjunction with the road map, implement the WOW factor in your business. Use your ongoing interaction with your clients and wrap some WOW service around it. When bringing up the subject of wow, advisors typically migrate toward an annual client appreciation event of some sort. We have found that wrapping WOW around your everyday interaction with clients is what really WOWs them.
  • This is not how the vast majority of profitable clients make decisions about selecting an advisor Medical operation – audience member
  • It looks like this: You are a profitable asset gatherer and you desire many profitable clients. The most effective way to do this is to make backers out of your existing clients and a select number of centers of influence. So how do you do this?
  • Data Mine: Tipping Point: a connectors that are knowledgeable salesmen Brown Bag – go to the COI’s office engage them about THEIR business. Deliver on your service model! Essential to generating referrals.
  • In addition to the value statement, support it with proof points, delivery statements (how you deliver results) and your strategic focus. When working with centers of influence, include your strategic focus on your one-pager and include a sample client engagement road map that outlines your service model.
  • There are two points to remember about elevating your service level using the road map. Prioritize – prioritize the activities based upon what they told you was important in conjunction with what you know needs to be completed. Personalize – include the client’s name on the road map. For example, College Funding for Jack and Jill as opposed to College Funding. Doing this will bring the road map to life and the client will begin to take ownership the process.
  • The goal of the pipeline is to track Verifiable Outcomes. The sales process can get watered down and it is easy to lose focus. If you can focus on verifiable “binary” outcomes (either done, or not done) you can move qualified prospects to clients more efficiently.
  • In addition to tracking the sales process, the pipeline report will feed out business intelligence on the back-end. You will be able to track your close ration, the average number of days it takes to close a case, where your revenue comes from, as well as specific referral sources by name.
  • We have additional resources to help you with these topics!
  • Building a Better Business

    1. 1. Best Practices for Practice Management Tim Highland, Business Development Director July 19, 2006 This material is for financial representative use only and not for distribution to current or potential investors. Building a Better Business
    2. 2. Legal Disclosures <ul><li>The content of this material is intended for use by advisors. You should check with your firm to determine whether or not you are appropriately licensed/credentialed to engage in the activities discussed. </li></ul><ul><li>Russell Investment Group is a Washington, USA corporation, which operates through subsidiaries worldwide and is a subsidiary of The Northwestern Mutual Life Insurance Company. </li></ul><ul><li>Copyright© Russell Investment Group 2006. All rights reserved. </li></ul><ul><li>Securities distributed through Russell Fund Distributors, Inc. member NASD, part of Russell Investment Group. </li></ul><ul><li>First used: July 2006 </li></ul><ul><li>RFD 06-5391 </li></ul>
    3. 3. How Fast Can You Grow in 14 Months? Actual FR Production Revenue/Client Gross Revenue AUM Clients 10/2005 8/2004 $2,583 $866 $775,000 $650,000 $165 M $110 M 300 750 These numbers represent results by an FR who attended High Speed Strategic Planning and put the ideas into practice. Your results may vary.
    4. 4. How Fast Can You Grow in 20 Months? Actual FR Production Revenue/Client Gross Revenue Clients 4/2005 8/2003 $8,577 $2,677 $1,423,707 $508,630 166 190 These numbers represent results by an FR who attended High Speed Strategic Planning and put the ideas into practice. Your results may vary.
    5. 5. Russell’s approach to Practice Management Marketing Strategies Strategic Focus Value Proposition & One-Pager Viral Marketing Sales Strategies Fact Finding SPIN Tracking Verifiable Outcomes (Rline) Leveraging Your Existing Client Base Organizational Strategies Service Teams Functional Org Chart Organizational Efficiency Effective Compensation Service Strategies Client Engagement Road Map “ WOW” Quarterly Reviews Defining Service Models Customer Satisfaction Strategic Analysis – “IDA” Business Benchmarking & Client Analysis (Rplan) Purpose & Guiding Principles Mission and Goal Setting
    6. 6. Laying the groundwork <ul><li>Gain I nsight </li></ul><ul><li>Make D ecisions </li></ul><ul><li>Take A ction </li></ul>
    7. 7. Ineffective Habit: Cast a broader net to catch more clients. <ul><li>You catch a lot of snails, slugs, garfish and a lot of suckerfish fish </li></ul><ul><li>It prevents you from becoming a specialist </li></ul><ul><li>This spray and pray approach prevents effective viral marketing </li></ul>
    8. 8. Create a Community Via Your Strategic Focus Geographic Opportunities Referral Source Opportunities Client Segment Opportunities Product/Service Opportunities
    9. 9. Strategic Focus <ul><li>Cornerstone to your marketing effort </li></ul><ul><li>Use the “common sense” principle </li></ul><ul><li>The tighter the focus, the more appetizing the opportunities (outside your focus) must be. </li></ul>
    10. 10. Ineffective Habit : The best way to drive client satisfaction and retention is as a fee-based Investment Counselor. <ul><li>Too much of the perceived value is based on the performance of a client’s portfolio </li></ul><ul><li>An Investment Counselor is viewed as a next generation stock broker (new age stock jockey) – one that is more objective but lacks the value-add to justify a fee over time </li></ul><ul><li>Clients expect an Investment Counselor to respond to short-term performance </li></ul>
    11. 11. Consider the role of a Wealth Manager <ul><li>Gives you the differentiation to build a value proposition that rises above the noise of the investment marketplace </li></ul><ul><li>Puts you in a position to do higher order work with clients </li></ul><ul><li>Your clients’ cost benefit analysis = client retention </li></ul><ul><ul><li>Cost of acquisition </li></ul></ul><ul><ul><li>Life-time revenue value </li></ul></ul><ul><ul><li>Life-time referral value </li></ul></ul>
    12. 12. Client Needs Survivor Income Retirement Plan Tax Strategies Investment Strategies Spending Plan Charitable Giving Business Succession Wealth Manager Wealth Transfer Education Planning Financial Representative Use Only
    13. 13. Develop a service model that ROCKS! <ul><li>Implement the Client Engagement Road Map </li></ul><ul><li>Do good work for your clients and remind them of it </li></ul><ul><li>Play the role of the Wealth Manager </li></ul><ul><li>Put the “WOW” in your business </li></ul>
    14. 14. <ul><li>4th Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Tax Strategy Review </li></ul><ul><li>Family Meeting </li></ul><ul><li>ED: Legacy Planning </li></ul><ul><li>1 st Quarter </li></ul><ul><li>Data Gathering </li></ul><ul><li>Financial Goals </li></ul><ul><li>Risk Tolerance </li></ul><ul><li>Long-range plan </li></ul><ul><li>ED: Diversification </li></ul>Roadmap for Mr. & Ms. Client Year 1 <ul><li>3rd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Long-term Care </li></ul><ul><li>ED: Alt. Asset Classes </li></ul><ul><li>2nd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Retirement Planning </li></ul><ul><li>Investment Planning </li></ul><ul><li>ED: Lifeboat Drill </li></ul><ul><li>3rd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Survivor Income </li></ul><ul><li>ED: Long-term View </li></ul><ul><li>4th Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Estate Planning </li></ul><ul><li>Client Satisfaction </li></ul><ul><li>2nd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Disability Income </li></ul><ul><li>ED: Fixed Income </li></ul><ul><li>1 st Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Education Planning </li></ul><ul><li>ED: Equities </li></ul>Year 2
    15. 15. <ul><li>4th Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Tax Strategy Review </li></ul><ul><li>Family Meeting </li></ul><ul><li>ED: Legacy Planning </li></ul><ul><li>1 st Quarter </li></ul><ul><li>Data Gathering </li></ul><ul><li>Financial Goals </li></ul><ul><li>Risk Tolerance </li></ul><ul><li>Long-range plan </li></ul><ul><li>ED: Diversification </li></ul>Roadmap for Mr. & Ms. Client Year 1 <ul><li>3rd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Long-term Care </li></ul><ul><li>ED: Alt. Asset Classes </li></ul><ul><li>2nd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Retirement Planning </li></ul><ul><li>Investment Planning </li></ul><ul><li>ED: Lifeboat Drill </li></ul><ul><li>3rd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Survivor Income </li></ul><ul><li>ED: Long-term View </li></ul><ul><li>4th Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Estate Planning </li></ul><ul><li>Client Satisfaction </li></ul><ul><li>2nd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Disability Income </li></ul><ul><li>ED: Fixed Income </li></ul><ul><li>1 st Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Education Planning </li></ul><ul><li>ED: Equities </li></ul>Year 2
    16. 16. <ul><li>4th Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Tax Strategy Review </li></ul><ul><li>Family Meeting </li></ul><ul><li>ED: Legacy Planning </li></ul><ul><li>1 st Quarter </li></ul><ul><li>Data Gathering </li></ul><ul><li>Financial Goals </li></ul><ul><li>Risk Tolerance </li></ul><ul><li>Long-range plan </li></ul><ul><li>ED: Diversification </li></ul>Roadmap for Mr. & Ms. Client Year 1 <ul><li>3rd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Long-term Care </li></ul><ul><li>ED: Alt. Asset Classes </li></ul><ul><li>2nd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Retirement Planning </li></ul><ul><li>Investment Planning </li></ul><ul><li>ED: Lifeboat Drill </li></ul><ul><li>3rd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Survivor Income </li></ul><ul><li>ED: Long-term View </li></ul><ul><li>4th Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Estate Planning </li></ul><ul><li>Client Satisfaction </li></ul><ul><li>2nd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Disability Income </li></ul><ul><li>ED: Fixed Income </li></ul><ul><li>1 st Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Education Planning </li></ul><ul><li>ED: Equities </li></ul>Year 2
    17. 17. Now Really Give Them Something to Talk About! Karl Albrecht The WOW Factor! The Only Thing That Matters
    18. 18. Consider being the quarterback of a best-of-kind team! <ul><li>Outsource when you do not provide unique value-add </li></ul><ul><li>Outsource when external expertise and/or scale supports customer satisfaction and/or profitability </li></ul><ul><ul><li>Visible to Clients </li></ul></ul><ul><ul><li>Estate attorney </li></ul></ul><ul><ul><li>Tax attorney </li></ul></ul><ul><ul><li>Accountant </li></ul></ul><ul><ul><li>Insurance Agent </li></ul></ul><ul><ul><li>Transparent to Clients </li></ul></ul><ul><ul><li>Performance Reporting </li></ul></ul><ul><ul><li>Accounting </li></ul></ul><ul><ul><li>Compliance </li></ul></ul><ul><ul><li>Billing </li></ul></ul><ul><ul><li>Manager selection </li></ul></ul>
    19. 19. <ul><li>This is not how the vast majority of profitable clients make decisions about selecting an advisor </li></ul><ul><li>Direct marketing efforts tend to stroke your ego and cause you to kid yourself about results and ROI </li></ul><ul><li>You do not have enough marketing spend to have any impact on demand generation </li></ul>Ineffective Habit : Direct marketing is an effective way to reach prospects
    20. 20. ABC Viral Marketing A sset Gatherer Existing Clients & Centers of Influence B acker Profitable C lients
    21. 21. <ul><li>Data mine existing target clients for pockets of centers of influence </li></ul><ul><li>Brown Bag </li></ul><ul><ul><li>Listen-Listen-Listen </li></ul></ul><ul><ul><li>Present the One-Pager </li></ul></ul><ul><ul><li>Repeat – out of sight, out of mind </li></ul></ul><ul><li>Mutual clients engage COI </li></ul><ul><li>Referral </li></ul><ul><li>Wow the referral and more will come </li></ul>Creating a COI Backer
    22. 22. Create a Value Proposition in the form of a One-Pager <ul><li>Value Statement: </li></ul><ul><ul><li>Help successful executives create, protect, and preserve multi- generational wealth. </li></ul></ul><ul><li>Proof Points: </li></ul><ul><ul><li>Forty-five years of successful professional relationships </li></ul></ul><ul><ul><li>Relentless commitment to excellence and integrity as guiding principles </li></ul></ul><ul><ul><li>Ongoing pursuit of professional competence (CLU, ChFC, CFP) </li></ul></ul><ul><li>How we deliver these results: </li></ul><ul><ul><li>Provide customized Client Engagement Roadmap that crystallizes expectations </li></ul></ul><ul><ul><li>Provide solutions via QB of best-of-kind providers in area </li></ul></ul><ul><ul><li>Leverage Russell’s investment manager research to implement diversified portfolios </li></ul></ul><ul><li>Strategic Focus: </li></ul><ul><ul><li>Client Focus: Corporate Executives </li></ul></ul><ul><ul><li>Service Focus: Wealth Management </li></ul></ul><ul><ul><li>Geographic Focus: Greater Seattle area </li></ul></ul><ul><ul><li>Referral Source Focus: Current Clients & Estate Planning Attorneys </li></ul></ul>
    23. 23. <ul><li>4th Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Tax Strategy Review </li></ul><ul><li>Family Meeting </li></ul><ul><li>ED: Legacy Planning </li></ul><ul><li>1 st Quarter </li></ul><ul><li>Data Gathering </li></ul><ul><li>Financial Goals </li></ul><ul><li>Risk Tolerance </li></ul><ul><li>Long-range plan </li></ul><ul><li>ED: Diversification </li></ul>Roadmap for Mr. & Ms. Client Year 1 <ul><li>3rd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Long-term Care </li></ul><ul><li>ED: Alt. Asset Classes </li></ul><ul><li>2nd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Retirement Planning </li></ul><ul><li>Investment Planning </li></ul><ul><li>ED: Lifeboat Drill </li></ul><ul><li>3rd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Survivor Income </li></ul><ul><li>ED: Long-term View </li></ul><ul><li>4th Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Estate Planning </li></ul><ul><li>Client Satisfaction </li></ul><ul><li>2nd Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Disability Income </li></ul><ul><li>ED: Fixed Income </li></ul><ul><li>1 st Quarter </li></ul><ul><li>Goals Review </li></ul><ul><li>Roadmap </li></ul><ul><li>Investment Review </li></ul><ul><li>Education Planning </li></ul><ul><li>ED: Equities </li></ul>Year 2
    24. 24. Consider a Team Approach PSD PSD   PPA/NaviPlan PPA/NaviPlan   Implementation of Invest Strategies Implementation of Invest Strategies   Long Range Planning Long Range Planning   Analysis Analysis   Investment Policy/Allocation Investment Policy/Allocation   Russell Proposals-PSD Russell Proposals-PSD   -LTC -LTC   -Term Conversions -Term Conversions Opportunity Identification In Force Marketing In Force Marketing Office – Bills, Payroll, etc. Group Plan Meetings Group Plan Meetings Investment Philosophy - Supporting Documents - Supporting Documents The Plan for each client - Agenda for meetings - Agenda for meetings - Proposal Quarterly Reviews Quarterly Reviews - Fact Finder Day to Day Client Contact Day to Day Client Contact - Initial Meeting Manages clients roadmap Manages clients roadmap Asset Gather Senior Client Manager Senior Client Manager Financial Advisor
    25. 25.       Document Handling     Licensing     Dictation/Typing   Document Handling Order Office Supplies   Office Hospitality Schedule Appointments   Schedule Appointments Filing   Filing Phone   Phone Computer Conv., Issues, etc.   Client Qtrly Report prep Client Qtrly Report prep Payroll - Acct Maint-PIPS, DIST, Wires,etc - Acct Maint-PIPS, DIST, Wires,etc Special Projects - Trade Confirmation - Trade Confirmation PPA data entry - Cost Basis - Cost Basis Transition plan - Transfers-Subm, Track, Verify - Transfers-Submit, Track, Verify Business Reports Review, fill out & subm apps Review, fill out & submit apps - Etc. New Investment Accounts New Investment Accounts - Decedent Issues - Illustrations - Illustrations - Cost Basis (splits, mergers) - Split Dollar - Split Dollar - Transfers - Track Underwriting - Track Underwriting Ops Problems & Issues - Past Due Letters - Past Due Letters Trades, Qtrly Rebalancing - Follow up on AP - Follow up on AP - Transfers - Schedule Exams - Schedule Exams - New Accounts New Insurance Policies New Insurance Policies Oversee Junior Client Manger Junior Client Manager Operations Manager
    26. 26. <ul><li>Being busy and productive are two different things </li></ul><ul><li>It can lead to becoming a professional visitor </li></ul>Ineffective Habit : Sales activities drive sales
    27. 27. Focus on Verifiable Outcomes 1 Qualified Prospects 2 Fact Finder 3 Light Weight Planning $ 5 Signed Documents 4 Comprehensive Solution
    28. 28. Track verifiable outcomes! Track Status: On Track Slowing Stalled Closed Sale
    29. 29. Resources
    30. 30. <ul><li>Good thoughts are no better than good dreams, unless they be executed. </li></ul>Ralph Waldo Emerson
    31. 31. www.russell.com Auckland Chicago London Melbourne New York San Francisco Sydney Tacoma Tokyo Toronto

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