Fendrick and morgan,_llc

Finance Operations Research Event
Cherry Hill East DECA Chapter
Cherry Hill High School East
1750 Kresson Road
Cherry Hill, NJ 08003
February 21, 2017
Sam Berman
Ryan Savitch

Table of Contents
I. EXECUTIVE SUMMARY …………………………………………………………1
II. INTRODUCTION ………………………………………………………………......4
A. Description of the business or organization ……….………………………...…...4
B. Description of the community (economic, geographic, demographic and
socioeconomic factors)…………………………………………………..………..5
C. Overview of the business or organization’s current promotional strategies and
practices……………….…………..………………………………………………8
III. RESEARCH METHODS USED IN THE STUDY..…... .………………………...9
A. Description and rationale of research methodologies selected to conduct the
research study…………………………………..………………………………....9
B. Process Used to Conduct the Selected Research Methods………………………12
IV. FINDINGS AND CONCLUSIONS OF THE STUDY ..........................................13
A. Findings of the research study………………..………………………………… 13
B. Conclusions based on the findings...…………………………………………… 16
V. PROPOSED STRATEGIC PLAN ………………………………………………. 18
A. Objectives and rationale of the proposed strategic plan…...….…………………18
B. Proposed activities and timelines......……………………………………………20
C. Proposed metrics or key performance indicators to measure plan
Efffectiveness……………………………………………………………………23
VI. PROPOSED BUDGET………………………………….………………………....25
VII. BIBLIOGRAPHY………………………………………………………………….27
VIII. APPENDIX…………………………………………………………………………28

1
I. EXECUTIVE SUMMARY
Client: Fendrick & Morgan, LLC. Voorhees, New Jersey.
Purpose: A new marketing technique is taking the business world by
storm. This technique is SoLoMo. This stands for Social Local and Mobile marketing.
Businesses are rushing to invest their revenue for new marketing opportunities in SoLoMo.
Fendrick & Morgan, LLC is looking to expand its marketing mix by utilizing SoLoMo, in order
to better reach different customer bases. Therefore, we conducted a plethora of research to create
a strategic plan that can help Fendrick & Morgan, LLC not only expand their means of
marketing, but also achieve a higher profit margin overall.
Research Conducted:
Findings from Research: Our team discovered a multitude of findings through this varied
research. These findings included anything and everything; from the businesses own information
and their current marketing strategies, to what potential consumers are looking for in an estate
planner.
Important Findings from Primary Research
Interview Focus Group Survey
 Spend 7% out of the
recommended 10% of
revenue on current
marketing strategies.
 The primary target market
is 35-50 year olds with
enough assets to start
planning for the future.
 Of the 10 couples, 7 of
them do not have anything
planned. Those that have a
plan only have done so
because they have already
had an encounter with an
estate planner.
 The couples were not too
worried about their assets
because they don’t have a
significant amount or they
have relatives who they
trust to take care of the
assets.
 Of the first 100
respondents, on average
they believe on a scale of
1-5 the importance of
planning for their future is
a 4.2/5
 Most prospective clients
will only attend a meeting
with an estate planner if
they know someone who is
a client or if someone has
referred them they trust.
Research
Primary
Interview
with
Founder
Focus Group Survey
Secodary
Online
Research
Online
Customer
Reviews

2
Proposed Strategic Plan: Using our findings, our team was able to
come up with several conclusions, leading to our proposed strategic
plan that will help Fendrick & Morgan, LLC achieve a greater profit
margin and increase their market share.
Objective: Activity:
Improve social media presence across the
board
Create and continue to update social media
Help build community outreach through
business to business partnerships
Partner with groups at Morgan Stanley to bring
in more clientele
Advertise and improve mobile marketing Put advertisements on popular apps, with
hyperlinks to the company website
Proposed Timeline of the activities:
SWOT Analysis of our Strategic Plan:
Strengths:
 Capital
 Small, local, business
 Well-known already
 Ideal number of workers
 Good location
Weaknesses:
 Difficult to market the idea of needing
an estate planner
 The plan will not be totally
implemented right away
Opportunities:
 Minimal current marketing
 SoLoMo appeals to most people,
especially those in their target market
 Inexpensive way to grow the business
Threats:
 Technological regression
 Competitors
March will be the time of year when
we begin to implement our proposed
plan to increase SoLoMo marketing.
We will hire a social media consultant
who will organize and update our
social media accounts, in order for full
optimization. Next, we will hire a
consultant for advertisement creation
and to help us deem which apps are
most effective. Lastly, we will begin
to connect with Morgan Stanley to
create the referral program.
March
April
July
April we will begin to utilize our social
media accounts to better optimize their
ability to reach potential consumers. Also,
we will publicize our relationship with
Morgan and Stanley by creating and issuing
our first biannual newsletter. Lastly, we will
use Google Analytics to collect data from
both the apps we are advertising on and the
traffic on our website.
July will give us enough time to evaluate the
effectiveness of our plan. At this point we
will make any necessary changes to our plan,
to continue the success of Fendrick &
Morgan, LLC’s social, local, and mobile
marketing.

3
Proposed Budget:
Shown above is the expense trend by month for the proposed SoLoMo plan for Fendrick &
Morgan, LLC. The first month is the most expensive due to the necessity of consultants and
other fixed costs, surrounding initial investments. After the first month, the only other fixed cost
is for a bi-yearly newsletter with Morgan Stanley. The only month-to-month costs will be
maintaining social media and app advertisements, which will be done by the hired consultant. As
time goes on, costs begin to deteriorate making the plan more beneficial the longer it gets used.
The total cost of the plan is $19,950. Most of the investment goes towards app
advertisements, including creation, implementation, and analysis. Since the app advertisements
implements Geo-fencing, there has to be location specialization, in addition to app popularity.
Geo-fencing is a real-time Geo-marketing tactic designed to target users within an established
geographic area using radio frequency identification (RFID) or global positioning (GPS).
We predict a 40% increase in new clients in the first year alone, which in turn leads to a 50%
increase in revenue, and an 11% increase in market share. However, this will not only be a one
year plan; as with the addition of new clients, word of mouth will continue to expand the
company and the current plan can be continued to be used for years to come!
Thank you for meeting with us, we look forward to sharing our ideas with you!

4
II. INTRODUCTION
A. Description of the business or the organization
Located in Voorhees, New Jersey, Fendrick & Morgan, LLC is dedicated to serving their
clients through estate planning. In 2001 Douglas A. Fendrick, along with his partner Jamie
Shuster Morgan founded the firm due to an apparent need in the local community. Fendrick
& Morgan, LLC although a small business, with only five attorneys and a handful of staff, is
one of the most well-known estate planning
firms in Southern New Jersey, and the
surrounding areas. At Fendrick & Morgan,
LLC each case is approached differently, and
by utilizing a combination of in-depth
knowledge, along with skillful, and unique
drafting procedures, Fendrick & Morgan, LLC
is able to personally craft a plan that best meets each client’s needs. Servicing over 700 new
clients a year, and 15,000 since conception, Fendrick & Morgan, LLC fosters and maintains
a proprietary approach to individual estate planning. Fendrick & Morgan, LLC is able to
forge such strong connections with its clients by looking towards the future and always
remaining in constant contact. Fendrick & Morgan, LLC remains in contact through
bimonthly phone calls, and consistent emailing. Fendrick & Morgan, LLC as part of
planning each client’s estate always creates a will, minimizing the impending taxation of a
deceased individuals assets, and ultimately intending to leave the client’s beneficiaries with
the best possible outcome.

5
In general, the firm targets two types of individuals; those who
have significant life experience and are planning for the rest of
their lives, and those who are planning to or have recently started a family of their own.
Fendrick & Morgan, LLC does target potneital clients with an abundance of assets that need
to be disseminated, but will never turn a prospective client
away. Although, Fendrick & Morgan, LLC does not have a
current presence on social media, the company can greatly
benefit from expanding their message to new customers. The
company mainly practices in New Jersey, with the large bulk
of their business coming from Burlington County, Camden County, and other surrounding
areas. Despite, being one of the most well-known firms in the Southern New Jersey region,
Fendrick & Morgan, LLC in actuality does little current marketing. According to founder,
Doug Fendrick, only 7% of clients come from sources, other than word of mouth. By not
utilizing marketing, and still maintaining a high level of notoriety and success, Fendrick &
Morgan, LLC has a great chance to grow their business through SoLoMo marketing, and to
continue successfully competing with the other 15-20 firms in the South Jersey area. With
an abundance of firms competing for roughly one million potential customers, Fendrick &
Morgan, LLC needs to distinguish themselves to acquire the right customers.
B. Description of the community (economic, geographic, demographic and socioeconomic
factors)
Economic: Voorhees, New Jersey, where Fendrick & Morgan, LLC is located has a median
household income of just over $75,000. The median household income in New Jersey is just
over $72,000 making Voorhees one of the wealthier towns in New Jersey. With 5.7% of

6
residents living in poverty, Voorhees has a significant smaller
percentage of those impoverished than the state of New Jersey as
a whole, which has 10.8% of people living in
poverty. Additionally, there is only a 4.9%
unemployment rate in Voorhees, which is a not only
less than the states average but is also typical for a
thriving economy. To continue, the area is
characterized by a healthy amount of inflation, just
above 1.5%, and along with this, a relatively high
cost of living at 192.9, which is in the top 15% of all
municipalities in the United States. Furthermore, the
most well-known employers around the area are Subaru, TD Bank and Campbell’s Soup.
Overall, the surrounding areas are very affluent, with neighboring Cherry Hill having a
median household income of $104,983, and being named one of the top places to live in the
country, according to Money Magazine.
Geographic: Voorhees, New Jersey is located in Camden County, which has roughly one
million residents. Their office is located 17 miles from
Philadelphia, 90 miles from New York City, and 140 miles from
Washington D.C. Since all of these major cities are so close in
location, it makes for great business opportunities as well as a
diversified client pool. Many Philadelphians know of Voorhees,
New Jersey as it is so close; therefore pulling in a larger client

7
base. The area that Fendrick & Morgan, LLC is in is also ideal as
there is an abundance of room for growth of industry, thus leading
to a higher quality of life for all residents.
Demographic: The office of Fendrick & Morgan, LLC is located in the Staffordshire
Professional Center on White Horse Road in Voorhees, New Jersey. The estimated
population of New Jersey is
8,958,013 according to census.gov.
With about 0.3% of the state’s
population in Voorhees, Fendrick &
Morgan, LLC is still well known
despite being in a small town. While
only 29,700 people live in Voorhees,
making the population itself is quite
small, the surrounding towns such as Cherry Hill, more than make up for it with a
population of over 70,000. Overall Voorhees is about 72% white, 16% Asian, 9% African
American and 3% other. While, Camden County as a whole is even more diverse with a
population that is 66% White, 20% African American, 5% Asian American, and 9% other.
This shows the town and surrounding community’s diversity, leading to a lot of unique
clients for businesses. Even further, the percentage of people over 65 in Voorhees is 16.5%
leading to a lot of potential clients for Fendrick & Morgan, LLC. With 92% of people
having a high school diploma or higher degree of education, it shows the surrounding
schools provide sufficient education for the native youth, along with holding a high number
of upper middle class families; the type of families Fendrick & Morgan, LLC needs to

8
market towards. Overall, the resulting demographics, lead to a
greater chance for SoLoMo marketing to effectively reach and
influence the market.
Socioeconomic: Voorhees, New Jersey has a thriving economy led by the multitude of
businesses in the area. With only 5.7% of families living in poverty, Voorhees is a town that
gives everyone the opportunity to succeed. The surrounding area in South Jersey consists of
many attractions: including the Camden Aquarium, the South Jersey Discovery Museum and
many other attractions. In addition, to these amenities, Voorhees, and the surrounding towns,
such as Cherry Hill, Moorestown, and Haddonfield, all have top school systems, ranked
highly both in the state and nationally. This high level of education, leads to a high level of
economic success, and quality of living. Other businesses that attract people are The
Children’s Hospital of Philadelphia (CHOP) which has a building located in Voorhees,
Jefferson Hospital, as well as Virtua Hospital, all top medical facilities in the state. All of
these employers lead to the fertile economy of Voorhees and the surrounding areas. Being
the prospering town it is, Voorhees appeals to not only many businesses but also the general
population.
C. Overview of the business or organization’s current promotional strategies and
practices
Fendrick & Morgan, LLC is a local business that has a few different forms of advertising.
The founder Doug Fendrick says he is very fortunate on how he currently attracts clients.
Most of his clients come into his office through word of mouth, otherwise known as a
reference. Mr. Fendrick believes in the rule of three; he presumes that if people hear his
firm’s name three times from three different people, then they will seriously consider

9
retaining his firm’s services. The forms of advertisement that Mr.
Fendrick currently utilizes are a miniscule amount of online ads
and a few scattered seminars. Mr. Fendrick said that only 4% of his current clients came to
his because of advertising, while the rest were solely from word of mouth. Fendrick and
Morgan, has a website which allows prospective clients to see what Fendrick & Morgan,
LLC truly does, but does not utilizes advertisements anywhere else on the web. The other
type of online marketing Fendrick does implore is Geo-marketing. The specific type of Geo-
marketing used by Fendrick & Morgan, LLC is search engine optimization also known as
SEO. This puts their company on top of Google’s search results when people search “estate
planning in Voorhees New Jersey.” Also, if they are within the Geo-fencing range, then they
can input “estate planning near me” and Fendrick & Morgan, LLC will be on top of their
results. Geo-fencing is the practice of using global positioning to define a geographic
boundary according to marketinggetssolomo.com. Despite spending revenue on SEO and
Geo-fencing, Mr. Fendrick said the business only spends 7% of their revenue on marketing.
Most firms use 10% leaving 3% for future endeavors to help improve their marketing.
III. RESEARCH METHODS USED IN THE STUDY
A. Description and rationale of research methodologies selected to conduct the research
study
Research Goals:
1. Uncover the specific methods of SoLoMo marketing that are best for the company.
2. Observe the current marketing methods used by the company.
3. Analyze the proficiency of the current methods.
4. Find what methods will best add to Fendrick & Morgan, LLC current marketing mix.

11
Secondary:
Online Research
• Online research was commenced on September 27th, but will continue throughout
the duration of the paper. We researched an enormous amount of information,
beginning with the principles of marketing and ending research surrounding geo-
marketing. In between we focused on, estate planning, social media, local
demographic and economic information, consultant costs, alternative marketing,
and most importantly what exactly SoLoMo is. In addition to utilizing an online
book about SoLoMo marketing, the rest of our research was found on a variety of
reputable websites and databases.Our online research has led and will lead us to
many observations that will be vital throughout the rest of the paper. In order to
achieve the main goal, which is to increase the SoLoMo marketing at Fendrick &
Morgan, LLC online research was absolutely vital.
Customer Reviews
• After finding Fendrick & Morgan, LLC's website, we obtained many customer
reviews. These customer reviews lead us to aspects that individuals felt were both
strengths and weaknesses surrounding the whole company. One apparent weakness
that was seen in many reviews was the lack of marketing currently used by
Fendrick & Morgan, LLC. This made the firm hard to find, despite its impeccable
reputation. We found many intriguing reviews that will help us plan for the future
marketing of the company.

12
B. Process used to conduct the selected research methods
Primary Research: This section will specify the measures, which we sequentially followed to
conduct the examinations necessary for our research. We have consequentially separated each
example of research by its type, and provided in-depth detail on what each different method
consisted of.

13
Secondary Research:
In order to supplement our primary research, we additionally utilized a variety of
informative internet-based secondary research. A main focus of our online research was
the actual definition and process behind SoLoMo marketing, and the intended effect of
such marketing. We also used an informative online book to gain more information on the
uniqueness of SoLoMo marketing. Since we found most of our research about marketing
online, we made sure to check each sites authenticity, and information by constantly cross-
checking facts on different sites. In addition to our other research, we also found
information about estate planning and the importance of financial planning for individual’s
futures, by reading news articles along with Fendrick & Morgan, LLC’s website. The final
part of our secondary research was reading customer reviews on both Fendrick & Morgan,
LLC's website along with other estate planners in the area. By doing this, we were able to
obtain the necessary information to determine what people particularity liked and did not
like about estate planning.
IV. FINDINGS AND CONCLUSIONS OF THE STUDY
A. Findings of the research study
The research we cultivated, gave us insight in to the current methods of marketing used at
Fendrick & Morgan, LLC as well as what we can improve on in the future. Our findings
from primary research include our personal interview, the distribution of our surveys and our
results from the focus group. Our secondary research also contributed a multitude of findings
from online research and customer reviews.

14
Primary:
INTERVIEW WITH DOUG FENDRICK:
Findings of the Focus Group
What their currently
planning
What they hope to have in the
future
Other Interesting Findings
 Of the 10 couples, 7 of
them do not have anything
planned
 The 3 that have a plan only
have done so because they
have had a previous
encounter with an estate
planner
 The 3 couples also think it
is necessary because
“anything could happen”
 One couple said, they
believe they do not have
planning now, but they
hope to obtain enough soon
 All of the couples hope to
have their assets in place
with a set plan within the
near future.
 Most of the parents of these
couples have told them to
get in touch with an estate
planner as soon as possible.
 The couples seemed not too
worried about their assets
because they either don’t
have a significant amount or
they have relatives who
they trust to take care of
their assets
Findings of the Interview
The Business Current Strategies Target Market
 15,000 clients
 Spend 7% out of
recommended 10% of
revenue on their marketing
strategies
 Prepare about 700 wills per
year
 Obtain most of their clients
through word-of-mouth
 3%-4% of clients discover
the firm through online
marketing
 Seminars are often given in
order for people to start
learning about the business
 The primary target market
is 35-50 year olds with
 Secondary target market is
50-70 year olds, who have
accumulated a significant
amount of assets.
Findings of the Survey
Importance What prospective clients look
for
Interesting Responses
 Of the first 100
respondents, on average
they believe on a scale of 1-
5 the importance of
planning for their future is a
4.2/5
 One respondent said, “One
of our biggest concerns is
our children’s future.”
 Of the respondents, all but
one reported spending time
on Facebook daily.
 A friendly and smart estate
planner with a lot of
experience.
 Most prospective clients
will only attend a meeting
with an estate planner if
they know someone who is
a client.
 Clients are looking for ads
that both catch their eye on
social media, as well as
being informative.
 “My assets truly need to be
in place soon so my
children will not have to
worry in case of a disaster”
 “Honestly, I have not
started thinking about
where my assets are going,
but this made me realize I
need to start thinking soon.”

15
Secondary:
Online Research: A Finding result online was a huge factor in our research. Throughout our
research we obtained a plethora of findings, which we will use to for the development of our
strategic plan. Our online research led us to findings about the important concept of Geo-
marketing. Geo-marketing is any marketing that includes the use of location intelligence in order
to improve the odds of a particular message reaching the right consumer at the right time. We
also learned that 71% of all Internet users have a Facebook account or have used Facebook as of
2014. Facebook also had a 12% increase in use by people of the age of 65 from 2013 to 2014,
coinciding with an important market for Fendrick & Morgan, LLC. Other social media was also
found to be significant in this study, Twitter is used by 23% of all Internet users and LinkedIn
and Instagram are used by 28% and 26% respectively. Additionally, we also did a great amount
of research on SoLoMo marketing, by utilizing our online book. We found that mobile phone
applications, community outreach, and social media optimizations are the best way to improve
marketing.
Customer Reviews: While researching Fendrick & Morgan, LLC we found many customer
reviews. The customer reviews although most were positive, did contain some feedback that
needed addressing. Our findings consisted of mainly great reviews on Doug Fendrick and his
associates, but there were a few reviews, which related to the necessary improvement of the
SoLoMo marketing going on at Fendrick & Morgan, LLC. Although they currently have search-
engine-optimization equipped, one review claimed it was hard to find the company’s information
when they were not located in the Southern New Jersey or Philadelphia areas. To continue, one
review suspected that they should have more tangible marketing due to the fact it is hard to
always recall names when heard through word-of-mouth.

16
B. Conclusions based on the findings
Through discussion and deliberation, the findings we came up with
ultimately led us to many conclusions. These conclusions will assist us in creating our
strategic plan to improve SoLoMo marketing at Fendrick & Morgan, LLC.
Interview:
Findings Conclusion
 The company spends 7% of their
budget on marketing and 4% of
clients come from their current
strategies.
Through these findings we concluded that
m Fendrick & Morgan, LLC needs to
improve their marketing towards potential
consumers ages 35-50, as most of their
current marketing is towards 50-70.
Survey:
Findings Conclusion
 Of the first 100 respondents, on average
they believe on a scale of 1-5 the
importance of planning for their future is
a 4.2/5
 One respondent said “On of our biggest
concerns is our children’s future.”
 “Honestly, I have not starting thinking
about where my assets are going but this
made me realize I need to start thinking
soon.”
 Of the respondents, all but one reported
spending time on Facebook daily.
Our survey also led us to conclude many
things about the community’s interest in
planning for their future. We concluded that
nearly every respondent cared and wanted to
plan for their future, even though not many
had started to do so.
Fendrick & Morgan, LLC has an
opening in the market to expand their share
m of it. Additionally, we concluded that
Fendrick & Morgan, LLC needs to gain more
clients, to get more clients, as most people
will share their good experience, in turn
providing a positive reference. And most
individuals will not hire an estate planner
without already having a trusted reference.
Our final conclusion in this section was that
Fendrick & Morgan, LLC needs to create
more interesting and informational
advertisements that are varied in their
location.

17
Focus Group:
Findings Conclusion
 Of the 10 couples, 7 of them do not
have anything planned.
 The 3 that have a plan only have done
so because they have had a previous
encounter with an estate planner.
 The 3 couples also think it is
necessary because they believe
“anything could happen at any
moment.”
 Most of the parents of these couples
have told them to get in touch with an
estate planner as soon as possible.
 The couples seemed not too worried
about their assets because they either
don’t have a significant amount or
they trust their relatives to take care
of their assets.
Our conclusions based on the results of our
focus group were very similar to our
conclusions based on the survey we
conduced. However, we found out something
unique as well, we concluded that Fendrick
& Morgan, LLC needs to reach out to
younger couples in even greater numbers, as
couples were more likely to follow their
m friends advice than their parents.
Fendrick & Morgan LLC also needs to
convey that any person with any amount of
assets can start estate planning, as one couple
in particular was worried they did not have
substantial enough resources.
Secondary Research:
Findings Conclusion
 We also learned that 71% of all
Internet users have a Facebook
account or have used Facebook as of
2014. Facebook also had a 12%
increase in use by people of the age
of 65 from 2013 to 2014. Other
social media is also significant in
this study, Twitter is used by 23% of
all Internet users and LinkedIn and
Instagram are used by 28% and 26%
respectively.
 Although they currently have search-
engine-optimization equipped, one
review claimed it was hard to find
the company’s information when
they were out of the Southern New
We concluded based on our Internet
research that Fendrick & Morgan, LLC
should reach out to potential customers on
social media, as over 71% of their potential
market uses Facebook on a regular basis.
We also concluded that Fendrick and
Morgan should utilize more community
outreach to reach the maximum amount of
customers in the area, in addition to bulding
better community relations.
Our customer review based research gave
us a lot of conclusions based on the current
SoLoMo marketing. The reviews led us to
conclude that Fendrick & Morgan, LLC

18
Jersey and Philadelphia areas. To
continue, one review suspected that
they should have more tangible
marketing due to the fact it is hard to
always remember names through
word-of-mouth.
 We found that mobile phone
applications, community outreach,
and social media optimizations are
the best way to improve marketing
as a whole.
does not currently use Geo-marketing
effectively. We also concluded that
Fendrick & Morgan, LLC needs to use
Geo-targeting to better marketing both
locally and mobile.
Through this we were able to conclude that
Fendirck & Morgan, LLC needed to create
a social media presence, strategically
advertise on popular phone applications,
and partner with other local businesses to
foster good-will in the community and grow
the firms name.
Overall, through both our primary and secondary findings, we have concluded
that there is a vast amount of potential for Fendrick & Morgan, LLC to improve their
SoLoMo marketing. Similarly, through our market research we have concluded that
Fendrick & Morgan, LLC's primary target market is in need of persuasion when it comes
to using an estate planner. Fendrick & Morgan, LLC’s primary target market, being 35-
50 are both easy to reach, and persuaded by both opinions and data. Thus, the
combination of these two factors puts Fendrick & Morgan, LLC in a prime position to
increase their overall market share and profit.
V. PROPOSED STRATEGIC PLAN
A. Objectives and rationale of the proposed strategic plan
Our overall objective is to improve the methods of advertising for Fendrick & Morgan, LLC
specifically in the Social, Local and Mobile aspects.
Objective 1: Improve social media presence across the board
Objective 2: Help build community outreach through business to business partnerships
Objective 3: Advertise and improve mobile marketing

19
Objective 1
Currently, Fendrick & Morgan, LLC’s social media presence, or rather lack thereof, is
cause for concern in an ever-growing social media marketplace. In our research, we
discovered that 71% of internet users use Facebook, with an even greater percentage of
those users being in Fendrick & Morgan, LLC’s target market. Additionally, Twitter and
LinkedIn are also two massive markets that we can tap into to obtain clientele, both have
large percentages of users that are in the 30-50 age range, that have high median salaries.
We propose that by tapping into these massive social media markets, Fendrick &
Morgan, LLC will be able to increase their market share by a minimum of 6%.
Objective 2
According to Mr. Doug Fendrick, his firm does obtain over 90% of its clients through
word of mouth, however according to our survey and focus group, younger individuals
do not know when and where to start the process of planning for the future. By partnering
with other businesses that provide necessary services, our partners will be able to lead
potential customers to Fendrick & Morgan, LLC. In our interview, Mr. Fendrick said that
he does obtain clients through professional referrals, but not a substantial amount. We
aim to increase the number of business-to-business partnerships, as it is a free way to
advertise and help the community grow economically.
Help Build Community Outreach Through
Business-to-Business Partnerships
Improve Social Media Presence Across the Board

20
Activity 1: Create and continue to update social media
Objective 3
Fendrick & Morgan, LLC has limited to no exposure in the mobile market. According to our
research, creating a mobile app for Fendrick & Morgan, LLC would not increase the number
of clients, however creating a new mobile website would draw in new consumers. We
additionally determined that advertising on popular apps, such as Reminders and Calendars,
would be beneficial in growing Fendrick & Morgan, LLC’s customer base. By advertising on
these apps, we will be able to reach an even larger potential base.
B. Proposed activities and timelines
Our findings and conclusions led us to our objectives. In order to achieve these objectives,
we came up with three proposed activities.
1. Create and continue to update social media accounts
2. Partner with groups at Morgan Stanley to bring in more clientele
3. Put advertisements on popular apps which lead to the company website
The current status of the social media accounts at Fendrick & Morgan, LLC is very poor.
Their current Facebook page is cluttered with unwanted
posts, and is not updated consistently at all. We plan on
hiring a consultant to get the Facebook page updated and
make it aesthetically pleasing, as well as inviting and
persuasive. To continue, we would like to introduce a
Advertise and Improve Mobile Marketing

21
Twitter page. More and more people are currently joining Twitter as a
way to get into contact with businesses; we believe this can attract more clients to Fendrick
& Morgan, LLC. Lastly, we would like to implement LinkedIn into Fendrick & Morgan,
LLC’s social media platform, as the professionals that are part of the target market utilize
LinkedIn regularly. One of LinkedIn’s main slogans is “Connect. Find. Be found.” This
slogan shows LinkedIn can help us achieve many goals that we have set for Fendrick &
Morgan, LLC.
As found in our research, many of the younger families we discussed estate planning with
did know that starting estate planning was important to start from a
young age. According to online research, millennials know that it is
necessary for retirement planning early, but few take the initiative to
do so. However many members of this age group do begin to utilize
a financial advisor to invest their money. Therefore, by partnering
with groups at Morgan Stanley that specialize in retirement we can obtain referral’s, which
will in turn increase our local brand. Increasing business-to-business relationships to an all-
time high for Fendrick & Morgan, LLC will be extremely beneficial. A bi-yearly newsletter
that goes home to clients of both companies will help maintain the positive relationship and
give both clients awareness of the partnership between the two groups.
Activity 2: Partner with groups at Morgan Stanley to bring in more clientele

22
Timeline of Our Activities: This will give dates as to when our strategic plan will be implemented
We would like to implement advertisements on popular apps that remind people of
their daily activities such as iCal (the Apple IOS calendar application). We believe by doing
this we can educate users about the importance of estate planning and that Fendrick &
Morgan, LLC is the best business to do so with. By using Geo-fencing for these
advertisements, it will not only cut down costs overall, but it would also increase local
awareness, making this part of the strategic plan very informative and helpful. Seen in the
image to the left is a popular reminder app called Due, which we plan on using for our
advertisements.
Activity 3: Put advertisements on popular apps that lead to the company website
March 1st, start
discussing possible referral
programs with Morgan
Stanley groups
April 1st, start obtaining
referrals and publicizing
our partnership
July 1st, evaluate the
effectivness of our
partnership and make any
necessary changes
March 1st, hire a
consultant to help create
the ads and decide which
apps are most effective
April 1st, start collecting
data through Google
Analytics
effectivness of our ads and
make any necessary
changes
March 1st, start
organizing the social
media accounts and hire a
consultant
April 1st, upload the
social media accounts and
start collecting data
effectivness of our social
media pages and make
any necessary changes

23
C. Proposed metrics or key performance indicators to measure
plan effectiveness
Our ultimate indicators surrounding the success of our plan is the desired 40% increase in
cliental, 50% increase in revenue, and 11% increase in market share.
Through the use of Google Analytics, we will measure the effectiveness of the use of social
media. Google Analytics allows us to measure the clicks linked to our website through our
social media page. An increasing number of clicks shows that we have more “traffic” on our
pages. Our Facebook page will let people “like” Fendrick & Morgan, LLC therefore
notifying their Facebook friends which in turn increases awareness. If Fendrick & Morgan,
LLC get an increase in Website views and Facebook likes, this method can be deemed
effective. But what we will use to measure whether we have been effective or not is the
survey we will provide new customers, asking them about how they discovered Fendrick &
Morgan, LLC. Since we are also implementing LinkedIn and Twitter, the same process used
for Facebook will be used for Twitter. LinkedIn connects businesses and clients, so if we
create an effective relationship with business, we should see numbers on Google analytics
increase as well as our customer base. Ultimately, when we evaluate the plan, in July, 4
months after its inception, we will hope to see a minimum of a 10% increase in cliental
overall after this first quarter.
Partnering with groups at Morgan Stanley that specifically do retirement planning is
essential. We will be able to track if this part of the strategic plan is effective by asking if the
client came in through a referral from Morgan Stanley. In order to deem this effective, we

24
would like to see an overall increase in clients. If Fendrick &
Morgan, LLC has 3 clients each month coming from Morgan and
Stanley, we will then deem this part of the strategic plan effective. Even if the plan does not
hit the 3 clients per month quota, we can deem this effective if there is an increase in local
awareness of the company, as measured by the survey given to incoming clients at their
consultation.
Advertisements on popular apps will increase awareness of Fendrick & Morgan, LLC in
itself. If we implement Geo-fencing, we will be able to lead those interested in the
advertisements to the company website. We can measure this effectiveness through number
of clicks, that is users engaging with the ad, thus bringing them to the website, that we get on
the apps and website, using Google Analytics. We believe if each month Fendrick &
Morgan, LLC can increase website visits through using the advertisements, and thus new
clients the advertising can be considered a success. Through online research and the scope of
the business, we would ultimately be satisfied by averaging over 25,000 website visits per
month, resulting in over 250 new inquiries each month. If Fendrick & Morgan, LLC has an
increase in clientele coming through online and mobile media, then we can deem this part of
the strategic plan effective.

25
VI. PROPOSED BUDGET
ACTIVITIES
Create and update social media accounts
Year one: $6,500
Partnering with Morgan Stanley Groups
Year one: $700
Advertisements on Popular Apps
Year one: $12,750
TOTAL: $19,950
Through the interview with Doug Fendrick, the founder of Fendrick & Morgan, LLC
told us that Fendrick & Morgan, LLC can allocate up to 10% of their revenue for

26
improvements for social, local and mobile marketing. Currently,
Fendrick & Morgan, LLC use 7% of the 10% available. Through
this 7% only 3%-4% come through their current marketing strategies. This does not give a
good return on investment for Fendrick & Morgan, LLC.
Creating and updating social media accounts will cost $6,500 the first year Fendrick &
Morgan, LLC uses this plan. As seen in the expense chart above, the cost from month to
month for social media accounts vary. In the beginning of the implementation, we would hire
a web designer/social media keeper that would come in 4 times for the first month to create
and clean our social media pages, as well as to educate a current employee for the future at
$250 a visit. Then, as months’ pass, we can lessen the number of times to 1 visit a month for
the web designer. This not only helps their social media outreach, but it also helps “brand”
awareness.
Partnering with Morgan Stanley groups will be a mutual no payment agreement. Since
the two companies will both benefit, the only cost will be a bi-yearly newsletter, released in
April and October, but created the month before that goes out to clients of Morgan Stanley
and Fendrick & Morgan, LLC. This low-cost plan, as it would only cost $00.01 per
newsletter to send to the over 33,000 clients the two firms have, will have the potential return
on investment that will help Fendrick & Morgan, LLC and Morgan and Stanley increase their
profits.
Advertisements on popular apps will have the highest cost of our proposed activities.
Despite the price, the advertisements will be extremely beneficial. Seen on the expense chart,
our first month has the highest cost because there is a one-time cost for us to pay the app
developers for a spot on their app. After this initial cost, the only costs are upkeep and

27
monthly payments to make sure we continue to appear on the apps.
We plan to invest on 2 different apps, iCal and Due, Due being
available on all IOS and Android devices. These apps through online research will both cost
$500 a month to advertise on, in addition to a $375 initial investment for each to create the
ad.
The total cost of our proposed strategic plan is $19,950. This is roughly 5% to 6% of the
current revenue, which is under the suggested 10%. Thus, there will be a surplus of money,
in order to account for unexpected circumstances. This price is well within Fendrick &
Morgan, LLC’s budget. We predict a 40% increase in clients within the first year of
implementation. This will increase revenue by 50% from prior years, which covers cost and
generates Fendrick & Morgan, LLC more profit. The expense chart shows a decreasing trend
for the total cost of our plan, thus creates higher profit margins, the longer the plan gets used.
VII. BIBLIOGRAPHY
Fendrick, Doug. "Fendrick & Morgan, LLC." Personal interview. 08 Oct. 2016.
"Free ZIP Code Demographics." ZipWho.com - Free ZIP Code Demographics. N.p., n.d. Web.
10 Jan. 2017.
"High School Graduate or Higher, Percent of Persons Age 25 Years+, 2009-2013." Voorhees
Township Camden County New Jersey QuickFacts from the US Census Bureau. N.p., n.d. Web.
10 Jan. 2017.
"Solomo." Solomo. N.p., n.d. Web. 23 Jan. 2017. <http://www.marketinggetssolomo.com/>.
"Some Thoughts on an Estate Planning Attorney Generating Business in Today's Economy."
Ginsberg Shulman, PL. N.p., 15 Nov. 2016. Web. 23 Jan. 2017.

28
<https://www.ginsbergshulman.com/blog/some-thoughts-on-an-estate-
planning-attorney-generating-business-in-todays-economy/>.
Stovall, Doug. "SoLoMo Strategies for Savvy Marketers." Target Marketing. N.p., 08 May 2012.
StrategicMarketingSolutions. "What Is So(Social) Lo(Local) Mo(Mobile) and Why Is It
Important to Marketers?" Maximize Social Business. N.p., 24 Aug. 2015. Web. 10 Jan. 2017.
"What Is SoLoMo? - Definition from Techopedia." Techopedia.com. N.p., n.d. Web. 10 Jan.
2017.
VIII. APPENDIX
Interview with Doug Fendrick of Fendrick & Morgan, LLC
1. Just to begin, do you mind explain to us what exactly estate planning is?
Many people don’t know what estate planning really is. Many times, they feel that it is
solely for very wealthy clients. However, at my practice there are two components of planning.
One is just making sure people have the necessary legal documents in place. The legal document
is mainly the will. Under the law of New Jersey, and the United States, a person must have a will
decrying where there assets will go. Some people chose to leave it to their spouse, some to their
children, and some to their grandchildren, some to a sibling, some to a niece or nephew, and
some to a friend. The will ultimately states that in the event of my death, this is where I want my
things to go. It does not have to be an all or nothing proposition, you can give specific things to
specific people, or you could divide it equally amongst people. Other than the assets, you will
also name an executor of the will, who is in charge of handling someone’s affairs when they are
no longer around. You name a beneficiary and an executor. Additionally, you can leave your
money directly to a person or put it in trust, for younger people. Trusts make sure the
beneficiaries get the money, just not right away. One option in trust, is that the money is give out
as the beneficiary needs it, or it could be tied in to age, or the will could say the beneficiary could
get the money for specific reasons such as, health, education, purchasing of a house, or other life
events. The beneficiary would have to get the executors permission to withdraw the money from
trust. So, estate planning, is making sure whatever assets a person has can be designated to go
where that person wishes. Through a will you can leave it to a person outright, or with terms and
conditions.
The other part of estate planning, in addition to the creation of a will is tax laws.
Depending on the size of the estate, if you pass away and your assets are over a various limit,
then the government has the right to impose a tax on your assets. The legal ways you can
minimize or eliminate the taxes that apply this is the planning part. So that is the other
component of what we do, part is where the assets will go and the other part is making sure it
goes to the right person with minimal taxes. There are other documents besides the will in cases
of health or financial then we also prepare legal documents for when you are living. If the person

29
cannot handle it themselves, the can say “I am going to take care of
my finances and healthcare but if I am unable to communicate I will
name a beneficiary on my behalf.”
2. So when you are trying to get clients to take part in estate planning what would you say
is your target market? Age? Demographics?
The one nice thing about being a small firm is I can work with anyone. Let’s say if it was
a husband and a wife who just had a child so now they want a will, they will come to me and say
“If in case we die” in the will they can name who is going to become the legal guardian of the
child. My clients are all ages. I wouldn’t say the younger person is my ideal client because they
really haven’t accumulated a lot of assets yet so I would say the ideal person would be in their
60’s and 70’s usually they have been working for most of their life so they were able to
accumulate money and therefore they are more concerned because 1. They may be closer to
death so they are thinking about it more and 2. They have more assets so they may need more
planning to be done. Because, when you have more assets you may need to think about it more.
Generally speaking, the ideal client would 60-70 years old with assets ready to plan with.
3. You said 60-70 is your ideal client, but at what age do people normally start going to
your practice for assistance?
Usually, like I said earlier, people come at whatever age they think it is important to start
4. How do people learn about your business? What are the current methods of advertising
you use?
It’s funny, but I am very fortunate, I will tell you what we use in a minute but probably
the best way I get clients comes from three ways, one, it comes from my existing clients so if
they are older and talking to their friends and I did a good job, then they will say my name and it
helps with my company’s awareness. So, a lot of people come to me through word of mouth
even though I don’t say to my clients, let me get three names of your friends and I will call them
to see if they want to become clients. The second way is through referral sources such as
financial planners or accountants or trusted advisors. If a client has a financial advisor they might
realize that they are accumulating assets, so they say “maybe you need to talk to someone about
planning” because usually the more you have, the more you have to plan. The third way we get
business is regular advertising. It is probably the lowest level on the totem pole but what I do is I
go and do talks about estate planning and advertise the talks in the local newspaper so it give
people an opportunity to listen to information for free about estate planning. This in the end
gives them a comfort level. So seminars are very helpful.
5. If those are your main forms of advertising, do you have a breakdown of where you
obtain most of your clients?
Sure, so what they normally say in my industry is that you never want to spend more than
10% on advertising. I definitely don’t spend 10%, I probably spend around 7% on advertising.
We have a website, so we have someone we hired to have search engine optimization so if we go
online and search something like “estate planning near me” then the name of the firm comes up
higher. We also have someone hired to keep up with our online presence.

30
6. If you had to guess, what percentage of clients come from the
forms of advertising?
Most of the people come in through word of mouth and only 3-
4% come in from online. I believe in the rule of three. If someone hears your name three times,
then they are likely to get in touch.
7. Do you guys have a number of clients?
We serve at the office; I probably prepare about 700 wills a year. Meaning we have about
15,000 clients.

Fendrick and morgan,_llc

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Similar to Fendrick and morgan,_llc

Similar to Fendrick and morgan,_llc (20)

Recently uploaded

Recently uploaded (20)

Fendrick and morgan,_llc