----- Meeting Notes (12-05-29 12:45) -----Once you understand the concept of engagment, there's TWO startegies to help grow your business.FIRST…Engage more clients, move that content and complacent group to Engagement.Second, and theses aren't mutually exclusive startegies..leverage you engaged relationships.Generate refealls, but not in the way most of us think we should, but a much easier way that generates high quality referrals
----- Meeting Notes (12-05-29 12:16) -----*The great mystery is that if they value you so much, why diesn't THAT translate into new business, and in particular REFERALLs.*Satisfaction/Loyalty/Comfort dont translate to new business*MEN VS WOMEN
----- Meeting Notes (12-05-29 12:16) -----*As a side note, lets look at the negative side of Satifaction and see what it means for your business*Changing advisors, you can probably guess, but could there be surprises?
----- Meeting Notes (12-05-29 12:45) -----*So looking purely at SATISFACTION, you can see it really has very little to do with growth*Satisfaction does not equal GROWTH
----- Meeting Notes (12-05-29 12:45) -----So as a result of JUlie's research, she's defined these new clusters of clients, based mostly on ENGAGEMNET.And these are the numbers, roughly for Canadian investors.so what do truly engaged clients look like, that 20% on average?
----- Meeting Notes (12-05-29 12:45) -----Share of walletHow do we use this knowleged to the clients' best interst as well as our own?How can we use this info to GROW our businesses?
----- Meeting Notes (12-05-29 12:45) -----Lets talk about he components that create more engaged clients.
----- Meeting Notes (12-05-29 12:45) -----All your clients expect contact and they want to know when its comingHow do you find out what they expect, and not just a gut feeling.Ask them, formal or informalOutcomes*meet expectations* elimintae Overservicing
----- Meeting Notes (12-05-29 12:45) -----LawyerAccountanteven the Family doctorOffer to do the little things that make you the center of their financial lives
----- Meeting Notes (12-05-29 12:45) -----Engaged clients are likely to relationships with all generations."Count clients by family" How many families do you have?WIVESCHILDRENOlder males may represent your most dangerous and precarious relationships WIVES 80%Their children may be your greatest enemy----- Meeting Notes (12-06-04 19:34) -----80% of recently widowed women move their account with 18 months
----- Meeting Notes (12-05-29 12:45) -----A formal financial plan is the best anchor for your business.Greater share of walletandmore committmnet to you
----- Meeting Notes (12-05-29 12:45) -----Another aspect of dricing ENGAGEMENT is leadership.All clients want to be leadLooking for their dad
----- Meeting Notes (12-05-29 12:45) -----the previuos slide was want they WANTHere's what they get
----- Meeting Notes (12-05-29 12:45) -----The problem is that in all groups even the Engaged,they dont get asked.
----- Meeting Notes (12-05-29 12:45) -----So that's how you engage more clients, but waht about those who are already engaged?They can be a valuable tool for GROWTH, if properly appoached and TRAINED.
----- Meeting Notes (12-05-29 12:45) -----Look at the red bar in each cluster COMFORT in giving a referalGray bar HAS gievn a referralQuality variesWho are the 3% that are disgruntled and still giving referrals!
----- Meeting Notes (12-05-29 12:45) -----What motivates people to give a referral?HELP someone.You or a friendThey just dont want to be asked
----- Meeting Notes (12-05-29 12:45) -----The clients have to see, RECOGNIZE A NEED and be able to convey a message about what you've done for them.MEN vs WOMEN
----- Meeting Notes (12-05-29 12:53) -----You need to know if they're comfortable andyou need to know why they would refer you
----- Meeting Notes (12-05-29 12:53) -----If they say theyve referred, you need to ask NOT FOR THE NAME, but why you referered.Ask the to create a script in there mind that relates to them that describes what you do. Not your mission statement or the tag line on your logo
----- Meeting Notes (12-05-29 12:53) -----On average your enegaed clientys will make 2 referrals per yearbut were meeting with a very small percentage of the overall referrals, that because they don't knoe HOW to refer.Thers that huge gap that can be narrowed if you approach your clients correctly.
Nbf ankers feb 13
Grow your business!National Bank FinancialTorontoFeb. 13,2013Redefining Financial Relationships
• Introduction…who cares?• The state of business development in 2013• Engage your existing clients and grow your business• Attract more referrals• Find your CFO/CEO hat• Get and use client feedback• What does “social media” mean for your future?Agenda:
Accretive Advisor™ is committedto helping Investors and theirFinancial Advisors create moresuccessful financial relationships.• Our goal is to redefine therelationship between investorsand their financial advisors.• We provide the resources andfacilities that enable Investorswho are serious about theirmoney and Advisors whoare serious about theirbusiness, to findeach other.Redefining Financial RelationshipsAbout Accretive AdvisorACCRETIVE: ‘WORKING TOGETHER TO ACHIEVE MORE’
George Hartman & Tom ReimerManaging PartnersAccretive Advisor Inc.Through our combined 70 years workingin the financial services industry, we haveseen the great things that can happenwhen an Investor and an Advisor sharehigh levels of trust and confidence.Advisor Universe• Our mission is to help great financialadvisors become extraordinary advisors in asupportive, collegial community.• An Accretive Advisor is part of acommunity of financial advisorswho take their business seriously.About Accretive AdvisorRedefining Financial Relationships
Is this you? I have spent the past (fill in your own number) of yearsbuilding what I thought was a successful practice. Nowmy client base is:Not valuing my advice AgingConverting assets into retirement incomeTransferring their money to children with whom I haveno relationshipDyingRefusing to come back into the market / Looking forlower risk investmentsLeaving me for another advisor
Is this you? I spend more time on administration and client servicethan giving advice and developing business I feel like the business is running me – rather than theother way around My work/life balance is way out of whack – it isn’t muchfun anymore I have no idea how I will realize the value of this businessthat I have spent years building
Growing your business in 2013Redefining Financial RelationshipsThe old ways just don’t work anymore!
ReferralsRedefining Financial RelationshipsIf You Dont Exist On The Web, You Dont Exist!
Grow your business…from within…or from without!www.accretiveadvisor.com
40%48%9%2% 1%0%20%40%60%80%100%Critical SomewhatimportantNeutral Not veryimportantNot at allimportantGood News…your clients need you!Source: The Economics of Loyalty Canada, Advisor Impact, 2011.Your advice is perceived as Critical and Important in achieving their goals
1. Engagemore clients2. Leveragealreadyengaged clients16Two strategies to grow your business
“Satisfaction” has very little to do with “Growth”0%20%40%60%80%100%1-5 6-7 8-9 10PercentageprovidingareferralSatisfaction rating (out of 10)
Engaged18%Satisfaction/LoyaltyReferralsDisgruntled12%Complacent14%Content56%20“Engagement” is the new metric for growthSource: The Economics of Loyalty Canada, Advisor Impact, 2011.
Engaged clients:• are among the most satisfied and loyal clients• place a high value on advice relative to the fees they pay• put the advisor in the role of „trusted advisor‟; co-ordinatingacross other professionals• use their advisors on a multi-generational basis• are more likely to have a financial plan• trust you with a major share of their assets• provide almost all referrals made across the industry21
EngageConnectLeadPartnerYou‟re in control: Driving engagement inyour existing clientele22
43%49%43% 44%37% 22%41% 40%0%20%40%60%80%100%Disgruntled Complacent Content EngagedPercentageresponding„yes‟Somewhat Important CriticalQ. How important is it to you that your advisor demonstrate strong leadership?30Lead:All clients are looking for guidance from a strongleaderSource: The Economics of Loyalty Canada, Advisor Impact, 2011.
14%53%70%87%0%20%40%60%80%100%Disgruntled Complacent Content EngagedPercentageresponding„yes‟Q. Do you consider your advisor a strong leader?31Lead:…but not all are getting it!Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
55%38% 39%52%12%4%6%12%0%20%40%60%80%Disgruntled Complacent Content EngagedPercentageofrespondentsSomwhat Important CriticalQ. How important is it to you that your advisor asks you for feedback/input on the service that he or she provides?33Partner:All clients want a saySource: The Economics of Loyalty Canada, Advisor Impact, 2011.
29%47%45%76%Disgruntled Complacent Content EngagedPercentageresponding„yes‟3434Partner:…but most have never been asked for feedback!Q. Has your financial advisor ever asked you for feedback on the service that he or she provides?Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
20%58%75%91%21%14%17%34%3%7%0%100%Disgruntled Complacent Content EngagedPercentageofrespondentsSomewhat/Very Comfortable Referring Ask for a Referral Has Referred36Focus on activating referrals from those mostcomfortable giving themSource: The Economics of Loyalty Canada, Advisor Impact, 2011.
37Clients want to help their friends and advisorQ: Which of the following best describes the motivation behind providing a referral to your advisor.40%55%5%0%10%20%30%40%50%60%My advisor has done a goodjob for me and I want toreturn the favor by helpinghim/her build the businessMy friend had a financialneed and I wanted to providehim/her with a possiblesolution.NeitherPercentageofrespondentswhoprovidedareferral37Source: Advisor Impact, Economics of Loyalty Canada: 2011
38Clients must see a real need for your adviceQ: What were the circumstances of providing the last referral?383844%42%7%0%5%10%15%20%25%30%35%40%45%50%Friend asked for arecommendationFriend described a financialchallengeAdvisor asked for a namePercentageofrespondentswhoprovidedareferralSource: Advisor Impact, Economics of Loyalty Canada: 2011
Tapping into the opportunity:Just ask…but don‟t ASK!“I noticed on our client feedback survey that youre willing to referyour friends and family to us…”39
Develop a formal Client Feedback programwww.accretiveadvisor.com
A comprehensive Client Snapshotprovides a high-level view of yourbusiness, showing aggregatedinformation across all questions andthen broken down by core objective:driving engagement, structuring andstreamlining service and increasingrevenue and referrals. A separate reportcaptures all verbatim comments in asingle location to help you quicklyidentify trends.52Client Audit: Client Snapshot
You can see a completed survey for anyclient who responded to the survey simplyby selecting the client name from adropdown list. Use this report for an in-depth understanding of your mostengaged clients or to identify potentialproblems with clients at risk.53Client Audit: View completed survey
Use this report to view a list of all clientsat risk, based on their overallsatisfaction ratings. Assess current andfuture flight risk and identify those clientswho should receive a direct follow-upcall to discuss potential concerns.54Client Audit: Identify clients at risk
Run target lists of all clients who areinterested in individual service or cross-selling opportunities. Using this reportyou can identify those clients who havespecifically expressed an interest inlearning more about the services thatyou provide.55Client Audit: Uncover cross-selling opportunities
Run a personalized meeting plan thatwill allow you to conduct a moreeffective review meeting, picking up onkey responses from clients –satisfaction, expectations and revenueand referral opportunities. Use thisreport to focus your follow-upconversation in a way that will drivedeeper and more productiveconversations withyour clients.56Client Audit: Personalized meeting plan
New Clients Gained Through LinkedInHas your use of LinkedInfor prospecting helpedyou gain new clients?
10 characteristics ofTop-Performing Advisors1.Have a clear vision for your practice2.Work on as well as in your business3.Create a strategy to realize your vision4.Understand what your target market wants5.Define your value proposition -services, products & processes
10 Things I‟ve Learned fromTop Performing Advisors6.Build a marketing plan to attract the clients youwant7.Use a disciplined methodology8.Make every client relationship profitable9.Recognize clients‟ lifetime value10.Create clients for life
Grow your business!National Bank FinancialTorontoFeb. 13,2013Redefining Financial Relationships