7 Steps To Build Book Value With CRM Technology


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If you're an investment advisor or an someone who works in wealth management a CRM is a critical tool that you may not be using effectively (if at all). In this presentation you will discover exactly how a CRM can solve the common problems faced by those who work in financial management.

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7 Steps To Build Book Value With CRM Technology

  1. 1. The Promise of CRM • Increased revenue • Scale growth • Improved service • Increased practice value • Effective delegation • Increased efficiency The CRM Promise: Build and Manage Relationships
  2. 2. Reality for Financial Advisors 48% of advisors said they need help in at least six of the seven areas of CRM – ActiFy, Inc 2011 25% of financial advisors said they do not use a CRM. – Aite Group 2012
  3. 3. The CRM Reality for Advisors • Lack of time to manage and implement • Limited technical expertise • Potential a high upfront cost • No clear ROI • Fear of the unknown
  4. 4. A Changing Landscape • Information overload • Increasing expectation for levels of service • Complex and shifting regulations for compliance • Expanding competition and options for clientele
  5. 5. Where to begin? What should you be asking of your CRM technology? What can I adapt or change to meet my business goals?
  6. 6. Step 1: Create a ‘One View’ World
  7. 7. Step 1 - Create a ‘One View’ World 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 Planning - The minimum data set here would be a place to record and easily retrieve information on financial profile, history and investments
  8. 8. Step 1 - 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
  9. 9. Step 2: Focus on the ‘C’ in KYC
  10. 10. Step 2- 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
  11. 11. Step 3: Embrace Prospect Nurturing
  12. 12. Step 3 – Embrace Prospect Nurturing • Welcoming PROSPECTS to your CLIENT management – Building a pipeline of NEW business • Online engagement and lead capture – Seamless integration is crucial – How quickly do you engage a new potential customer? • Targeted PROSPECT email campaigns and outreach – Automated but focused on adding value – Put potential prospects through a nurturing process – Manage high value referrals through a different campaign – Personalized with your own message – not corporate
  13. 13. Web to CRM Lead Capture • Seamless entry into your CRM • Eliminate slow follow up and data leakage Goal: Nurture Future Clients
  14. 14. Step 4: Go Social – Listen and Engage
  15. 15. Is there ROI in Social Media? Over 40 percent of Enthusiasts indicated they have successfully generated revenue based upon LinkedIn- related efforts. – Harvard Business (2013) 78.6% of sales people using social media to sell out performed those who weren’t using social media - Social Media and Sales Quota Survey (2013)
  16. 16. Step 4 – Go Social – Listen and Engage • Common barrier for investment advisors – Limited awareness or expertise – Concern of data security – Legal and reputational risks • Realistic strategy to start: LinkedIn – Focus on LinkedIn – Build personal professional profile – Expand and connect – Join industry related groups – Share relevant content to your audience Goal: Link Efforts to Your CRM
  17. 17. CRM LinkedIn Integration
  18. 18. Step 5: Make ‘Process’ a Competitive Advantage
  19. 19. Step 5 Make the ‘Process’ a Competitive Advantage • How much of your day-to-day process is repeatable? – FastApp, Trade Recommendation, Prospect Meeting • Identify repeatable process • Map a flow of tasks for recurring events • Create shared ‘Action Plans’ with all stakeholders
  20. 20. Action Plan: Client Meeting – FastApp (Day 2) 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
  21. 21. Step 5 Make the ‘Process’ a Competitive Advantage • 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
  22. 22. Step 6: Mark your Smartphone, Smarter
  23. 23. Step 6: Make your Smart Phone Smarter • Managing the NEW level client expectation – Availability and engagement • Productivity and Time Management – Work, update and manage tasks – Capture client updates and invaluable notes – Maintain connection and collaboration with office • Secure but Mobile – Easily accessible but security is maintained Goal: Optimize Out of Office Efforts
  24. 24. Step 7: Measure + Monitor = Money
  25. 25. Step 7: Measure + Monitor = Money • Measure – Personal performance targets – Performance to revenue goal – New customer acquisition – Volume of potential client pipeline • Monitor – Dashboard of top customers – Group performance to revenue target – Performance versus YoY or historical expectations Goal: Business performance forecasting
  26. 26. Case Study
  27. 27. DundeeWealth Profile • 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.
  28. 28. Investment Advisor Team Investment Advisor Administration Assistant Associate, Portfolio Solutions
  29. 29. 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
  30. 30. 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
  31. 31. The Solution • Developing 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
  32. 32. Action Plan: Trade Recommendations – New Money New money, recommendations needed. Day1 Send Portfolio recommendations. Day4 Follow up on recommendations. Day5 Confirm and place trades. Day6
  33. 33. Action Plan: Client Meeting – FastApp (Day 2) 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
  34. 34. 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
  35. 35. Planning a CRM Strategy? • Ensure CRM is as a core anchor to their communications and records. • The CRM solution needs to be scalable and adaptable in order to be truly effective. • Look for to use CRM for all checks and balances, whether compliance or otherwise. • Critical that advisors embed their processes into the CRM to gain the biggest ROI
  36. 36. Maximizer CRM for Wealth Management A complete solution to help investment advisors easily manage and build their ‘book of business’ with a simply to use, highly secure and easily customized solution. Learn more at http://www.maximizer.com/wealth