Eight steps to deploying a crm solution that will make your business more effective and saleable
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John Easton from Maximizer Software talks about how to build a saleable business.
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Eight steps to deploying a crm solution that will make your business more effective and saleable
- 1. Eight steps to deploying a CRM solution that will make your Financial Services business more effective and saleable July 30th, 2015
- 2. John Easton Director, Wealth Management Presenter Having been at Maximizer for over 18 years, John has previously held the titles of Director of Key Accounts Director of Product Management, Manager of Product Management. An Entrepreneur at heart, and with a background in both technology and economics combined with nearly 25 years in the software industry, John tailors and delivers products to the specific markets that require them.
- 3. Introduction Identity • When do you plan to retire?
- 4. Your Systematic Approach for Getting the CRM You Need!
- 5. 8 Steps to Deploying a CRM Solution • Assess Your Needs • Determine Your Solution • Identify Vendors • Implement • Populate the System • Reap the Day to Day Benefits • Ready to Impress
- 6. Assess Your Needs • Who will use CRM, and how? • Do you need scalability? • What infrastructure do you have today? • How well do you really know your clients? • What is required for compliance?
- 7. Determine Your Solution Does my firm have the capability to customize a general CRM solution for my specific needs?
- 8. Determine Your Solution • Do I need an Industry specific solution?
- 9. Determine Your Solution What specifically configured elements would a specialized system have that would enhance its usefulness and value to my company?
- 10. Determine Your Solution •Household structure •Industry-specific custom fields •Key client views •Pre-configured segmentation searches •Performance and planning dashboards •Embedded industry-specific process workflows •Sales module to track new business •Service module to track processes •Communication templates and protocols •Remote access to all client information
- 11. Determine Your Solution How important is remote access to my CRM data?
- 12. Determine Your Solution Can I ensure the system will have all the security my clients would require, and I need, to protect myself and my business from any potential threats?
- 13. Determine Your Solution What flexibility do I require? • Scalability • Further configuration • Basic integration abilities
- 14. Identify Potential Vendors Experience and Capabilities • Recognized industry name • An experienced team • A road tested solution • World class data center • Regular back-ups • Established industry expertise • Demonstrable understanding of an Advisor’s needs
- 15. Identify Potential Vendors, Try it! • Go online, read! • First contact • Demonstration • Trial version
- 16. Implementing It How do I ensure it is implemented in the right way for my firm?
- 17. Populating the System How do I get my client information in there? • Export from your back office • Import via MS Excel • Add to it regularly
- 18. Populating the System What if it isn’t in an electronic state? • Pound the keys • Pound the keys • Pound the keys
- 19. Ensuring Adoption How do I make sure I get the maximum return on my new business investment once running? • Early buy in • Ask for their advice • Train, train, train
- 20. Reap the Day to Day benefits CRM helps you everyday!
- 21. Ready to Impress What will a potential buyer or partner see when they look at the CRM platform? • Highly systemized • Organized • Compliant • Transparent • Auditable
- 22. Ready to Impress What will a potential buyer see when they look at the CRM platform? A Valuable Book of Business
- 23. 8 Steps to Deploying a CRM Solution Conclusion
- 24. 8 Steps to Deploying a CRM Solution Demonstration
- 25. 8 Steps to Deploying a CRM Solution • Household structure • Industry-specific custom fields • Key client views • Pre-configured segmentation searches • Performance and planning dashboards • Embedded industry-specific process workflows • Sales module to track new business • Service module to track processes • Communication templates and protocols • Remote access to all client information
- 28. Key Client Views
- 29. Key Client Views - Personal
- 30. Key Client Views - Basic
- 31. Key Client Views - Financial
- 32. Key Client Views – Upcoming reviews
- 34. CRM Dashboards Performance and Planning
- 36. Planning - Review Dashboards
- 37. Planning - Renewals Dashboards
- 40. Service module to track processes
- 41. Sales module to track new business
- 44. Be Mobile
- 45. Mobile CRM
- 46. Mobile CRM
- 48. Thank You!
Editor's Notes
- With retirement not so far off for many financial advisors, as discussed in a recent Maximizer whitepaper, now is the time for many to plan for their own financial future and build the value of their business for potential sales down the road. A 2014 Maximizer survey of more than 900 financial advisors across Canada and the United States showed that more than 60% are already over age 50. The survey also revealed close to 30% of all advisors plan to retire in the next 10 years and more than half aim to give up work within the next 15 years. The findings indicate financial advisors will find themselves in a highly competitive sellers’ market in 10-15 years and, to ensure they adequately fund retirement with the sale of their business, they need to start building the value of their practice now. Efficient systems, streamlined processes and a rock solid book of business are all key to safeguarding the future of a wealth management practice. Having and effectively deploying the right Customer Relationship Management (CRM) solution is absolutely critical to achieving these goals.
- In this Webinar, we discuss a systematic approach for getting the CRM you need , or perhaps upgrading or improving the one you have already - – i.e. one that builds the value of the business every day, and makes it highly attractive to potential partners and/or buyers when the time comes to make the transition to your own retirement.
- In short, we believe there are eight steps you need to take to effectively and efficiently put in place a CRM system that will transform your book of business, and the way you interact with each of your clients on a regular basis
- Who will use CRM? - Decide which partners and support staff need access to client information Do you need scalability? - Consider projected growth and aims for expanding the business What technical infrastructure do you have in place? - Look at the IT support and available hardware you have, whether you should consider an on-premise or cloud solution (or a variation of that), and your security requirements Do you know your clients as well as a practice such as yours should? - Determine whether you are able to capture key client details and make them instantly accessible, so your firm can connect with its customer base in a more intimate manner than the big players – this is the Unique Selling Proposition of a smaller wealth management practice. Figure out who is in your book of business, what you need to know about them and how you can best capitalize on the easy availability of the information to advisors and support staff Is fear of a compliance failure an issue? - Understand the compliance risks. Look at how grounding your processes and ensuring organization and accountability can be critical to protecting the business over the long term from legal and regulatory issues
- Does my firm have the capability to customize a general CRM solution for my specific needs? Substantial IT know-how, support and investment is necessary for the level of customization necessary to reconfigure a general CRM system to meet the very specific needs of a wealth management practice – otherwise there are far better and more cost-effective alternatives
- Do I need an Industry specific solution? An out-of-the-box Wealth Management (WM) CRM solution can be up and running at a financial advisor firm almost immediately A WM CRM solution does not require dedicated IT staff or expensive outsourced support to An industry specific solution for financial advisors is just that, it is already configured particularly for your type of business
- What specifically configured elements would a specialist system have that would enhance its usefulness and value to my company?
- What specifically configured elements would an Industry-specific system have that would enhance its usefulness and value to my firm? Household structure Industry-specific custom fields Key client views Pre-configured segmentation searches Performance and planning dashboards Embedded industry-specific process workflows Sales module to track new business Service module to track processes Communication templates and protocols Remote access to all client information
- How important is remote access to my CRM data? If you need to travel frequently, work at home fairly regularly, have more than one office, meet with clients in the location of their choices, and of course use mobile devices such as smart phones and tablets, then you need full mobile access and of course it must be fully secure
- Can I ensure the system will have all the security my clients would require and I need to protect myself and my business from any potential threats? A system with built-in, high-level data centre protections via cloud can provide a big security boost to smaller firms concerned with the state of their own information architecture and the need for investment in this area
- What flexibility do I require? Scalable up or down – to prepare for rapid business growth or temporary retrenchment, which Software as a Service (SaaS) and cloud make easy and worry-free Adjustable configuration – to fine-tune the CRM system specifically for your company Out of the box integration with other applications – to ensure information held on software such as Excel and Outlook can be linked into the CRM system
- What experience and capabilities do I look for in a vendor? A recognized industry name with a strong track record An experienced and established deployment and support team A road tested solution Tier III data centre status for security ISO certification Regular back-ups (can have you up and running 24 hours after a disruption) Established expertise with wealth management clients Good understanding of the requirements of a financial advisor firm
- How do I know if a vendor I like has a solution that will be right for my firm? Read some of their materials – blogs, whitepapers, guides, eBooks, product sheets – to see where they are coming from, how well they understand your industry and the needs of a firm like yours, and what priorities they see as relevant to you Contact, when ready, one of their salespeople to talk through your particular needs and problems – again, seeing how well they understand your pain points and they can address them Ask for a full demo of their product to see how it works and how it would play to your strengths and weaknesses as a financial advisor – they should be able to walk you through live examples of exactly what you can see and do with their CRM Ask for live trial version complete with some made up clients so you can really see what the system is really like
- How do I ensure it is implemented in the right way for my firm? Speak with the vendor or their certified partner about the most suitable configuration once you decide on a CRM solution, identify how you intend to use it and the number of users who will have access Take full advantage of the support and advice they offer in setting it up – including after-purchase care – and consider the servicing options offered and what best fits your requirements Talk through how the CRM solution will integrate with other systems – namely back office – and, where assistance is needed, ask for it Consider a subscription model if you are unsure about the number of users, and look at the flexibility the vendor offers in this area
- Populate the CRM platform with all available client data How do I get my information on there? Initiate a massive data download from the back office once the CRM solution is implemented Transfer all the client details, records and intelligence you have stored electronically to the new CRM platform Take the time to move various pieces of data into the right files and fields What if it isn’t in a fit state to transfer electronically? If you, partners or support staff hold important client knowledge in your head/s, organize a major brain dump – do not hesitate, do not procrastinate, just get it down or dictate it and get someone else to input the information If other information is inaccessible via computers – e.g. in filing cabinets, on pieces of paper, or on incompatible software – enter it into the CRM system manually as well If your staff are overwhelmed by the task, get in temps to type in all useful client information from all available sources – to input accurate information into the right fields
- What if it isn’t in an electronic state? If you, partners or support staff hold important client knowledge in your head/s, organize a major brain dump – do not hesitate, do not procrastinate, just get it down or dictate it and get someone else to input the information If other information is inaccessible via computers – e.g. in filing cabinets, on pieces of paper, or on incompatible software – enter it into the CRM system manually as well If your staff are overwhelmed by the task, get in temps to type in all useful client information from all available sources – to input accurate information into the right fields
- Ensure user adoption to get the most out of it Once the new CRM solution is fully up and running, how do I make sure I get the maximum return on my new business investment? Starts long before you are up and running -- - Get buy-in from everyone at the firm during the vendor research phase, making sure they are clear on its importance to the future of the business, the benefits in terms of processes, efficiency, client relationships, compliance, and just plain making their lives easier and jobs more worry-free Explain all this and ask for staff input in fine-tuning the configuration of fields, searches and other elements Train them all, taking whatever training your vendor offers, investing in further training if necessary – the more users put into the system, the more you will get out of it, so ensuring they fully understand how to use it is a worthwhile investment
- Reap the operational benefits Does having CRM help me now – not just in 10 or 15 years when I sell up? Your business will be more effective and secure – and as a result make more money Systemization, standardized processes and organized workflow ensures efficiency and compliance – in other words, you sleep better at night, your not forgetting important dates and details A personalized approach supported by granular client knowledge that bigger, less-nimble competitors simply cannot tap into gives you a significant competitive advantage over more faceless financial service giants More productive work time and effective management of workload lowers cost of staff per client and margins go up The firm will be positioned to attract new partners, move into new categories of wealth management, draw new clients and follow up on new opportunities with existing clients – all with the result that both revenues and profits should continually grow
- Impress potential buyers What will a potential buyer or partner see when they look at the CRM platform? …. A business that is… A highly systematized - backed by a purpose-built tool for governing processes and recording your daily client information, correspondences and interactions A comprehensive, quantified, verified, actionable book of business that becomes the central asset of your business – making it worth buying at a premium ‘Client experience’ that is seamlessly transferrable – otherwise, without that client history and intelligence comprehensively recorded and easily accessible, the value of your business will be seen as questionable to a potential purchaser
- Impress potential buyers What will a potential buyer see when they look at the CRM platform? A Valuable Book of Business
- There are inherent risks for buyers of wealth management practices. The key to selling your firm for top dollar is to be the safe bet for potential purchasers. Buyers don’t want to worry about clients not rooted to the practice and compliance issues rearing their head once the original owner is gone. What they want is to be confident there will not be any surprises once they take over the business and that every action and communication is well-documented – ‘This guy’s recording everything’ should be the reassuring thought in a buyer’s mind. Long before it comes time to sell, you also want to be set up for growth. A properly configured CRM platform positions your firm for just that, making sure you are fully geared up to take on partners and new lines of business. Having the technical infrastructure in place to expand the business into new areas gives you the option of bringing in potential purchasers as partners initially; or just having the business set up for future expansion can be a draw for buyers who are looking for the potential to build out a practice.
- Overall, deploying the right CRM solution and integrating it into the fabric of the whole business creates an attractive foundation for any buyer. With business processes systematized and workflow automated via a Wealth Management CRM solution, you are able to demonstrate your firm runs like a well-oiled machine and your book of business is worth its weight in gold (verified, quantified, the key to further growth). As a result, the day that ‘for sale’ sign goes up in your front window, buyers will beat a path to your door. Lets have a look at what we have done
- Household structure Industry-specific custom fields Key client views Pre-configured segmentation searches Performance and planning dashboards Embedded industry-specific process workflows Sales module to track new business Service module to track processes Communication templates and protocols Remote access to all client information
- Single customer and consolidated views – A consolidated household view presents all information at both an individual and family/cohabitants level – so you can look at the activities and details of the entire household, which may include notes, emails, documents, sales opportunities, activities, service cases and other contacts pertaining to related clients. Likewise a consolidated client view pulls together a number of clients that may involve the same tasks, opportunities and deadlines relating to group benefits such as pension plans and insurance, making it easier to track events and map out actions for related clients.
- Custom fields – Wealth management CRM requires industry-specific fields that breakdown key client information according to personal, professional and financial information. The Maximizer WME ships with over 500 preconfigured industry specific custom fields. Examples include the basic ones you would expect, birthdate, marital status, children names and ages, anniversary dates, retirement dates. We also include all the fields from the KYC form, as well as fields for capturing their place of employment, years of experience, job title, and salary. These are really just a small subset of the entire list… This entire list of fields came from the team of Advisors who helped me build the product, and the fields we put in are not just txt fields where you always have to type in the value for your clients, these fields have the drop down lists of available choices of values to choose from already populated for you
- Including the fields for use is only part of the puzzle we solve for you, the next requirement is to have a interface that allows you to consume this information quickly and easily. A good WME CRM needs to have these fields displayed in preconfigured views of most commonly used custom fields that are grouped into easily digestible lists. These fields, which can number in the hundreds, capture a level of detail that basic CRM would not, this is just about name address and phone number, it is about providing an extensive amount of key client information at a glance. Maximizer ships with 8 separate and specific groupings of fields to allow the user of the systems to locate almost every field of information captured on any client in a matter of just a few clicks.
- Personal key fields might include date of birth, 65th birthday, marital status, spouse’s name, children’s ages, Occupation, Employer, Type of Business and Citizenship
- Basic fields designate Segmentation, Type of record, Accounts types held, Primary advisors name, how long of time they have been a client, etc
- Financial fields might cover basic information such as Salary, Investable income, Banking details as well as any potential ongoing expenses such as Mortgage amount, Child support, Alimony, Boat or RV payments etc.
- Having fields and views on fields capturing all of the date based events taking place in your clients lives is paramount to offering top quality service to your clients. You need to know when their birthdate is, when they are planning on retiring, and when they are turning 65 and 71. You also need to know when you are supposed to perform their various annual reviews, KYC, tax planning, retirement and estate planning. For many of you these are also fee based services you are offering your clients, making the automation and awareness of the occurrence of these meetings that much more important.
- Catalogue of common wealth management searches – This is critical to improving the planning and efficiency within a wealth management practice, they enable advisors to segment clients by either personal or general events – such as upcoming birthdays, anniversaries, and reviews as already mentioned. or insurance expiration dates. Searches can be made by all clients, all households, or segmented according to advisor, those retiring, those with mortgages, those most valuable to the firm, demographic group or geography. Most importantly, what searches are doing is they are leading you to who you need to do what with next…. Searches also lead us to Dashboards. Maximizer ships with over 75 separate pre-configured searches in the box, ready for you to use immediately.
- Specialized dashboards – A properly configured dashboard puts both aggregate information on the business and specific tracking of key clients at your fingertips. Information such as how many clients you have, how many new clients you have added over the past year etc, but Dashboards are even more important for allowing you to plan and prepare for all of the cyclical and regular occurring activities that you engage in with you clients. Maximizer CRM now ships with 7 industry specific and 5 additional general sales, marketing and service dashboards.
- Advisor performance Dashboards – number of clients, number of new clients, segmentation and net worth of clients
- Indicators displaying a list of all of the reviews that a firm may have to be performing over the next 30 days
- Indicators displaying a list of all of the upcoming renewals that a firm may have to be performing over the next 30 days. Insurance policies, GICs, Seg funds, Mortgages. Being in contact with your client well ahead of heir renewal dates gives both you and them the time needed to properly plan and prepare for the next decisions and actions. You owe it to your self and them to plan in this way.
- Specific action plans to manage processes – Key business processes should be easily automated via the software so workflow is organized and compliant – that way nothing ever gets missed. Encapsulating common processes not only ensures compliance, but improves efficiency and client service. Our pre-configured Action Plans allow you to easily schedule a series of tasks for common business functions such as opening an account, making an address change, renewing a mortgage, or making trade recommendations. Maximizer is currently shipping with 30 separate Action plans covering all of the regular functions that are being performed in every Wealth Management office today – KYC reviews, New account openings,
- And once an Action Plan has been scheduled, all scheduled future activities are visible under the Client’s Activities tab
- The service module is great place to track your specific business processes that you are engaging in with each of your clients. Each of you are in the service business, having the details of each of your service offerings consolidated in one location on a client by client basis helps you keep track of where you are in the process with each of your clients. This is paramount to staying organized as you continually engage with your clients on your specific cyclical and regular basis.
- The Maximizer Sales module is a great place to track all of your Sales and Account activities. Here you can record the details for each account that each of your clients have with you. It is excellent for tracking Insurance policies, GICs, Seg funds, Annuities, and any other product that has an expiry, renewal or maturity date. We have added all of he fields you would require to track this key information on each of these types of accounts, and we have already gone ahead and built the searches and dashboards for you that will show you the lists of clients that have what expiring.
- Maximizer allows you to record each of your clients email wishes directly in the CRM. It further lets you classify each outgoing email from either Maximizer or Outlook, and automatically block them if they are against a clients wishes
- Maximizer’s mobile solution works on all smartphones and tablets, it is a fully functional CRM that gives you all of the same functionality as you have on our desktop version.