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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•...
Accretive Advisor™ is committedto helping Investors and theirFinancial Advisors create moresuccessful financial relationsh...
George Hartman & Tom ReimerManaging PartnersAccretive Advisor Inc.Through our combined 70 years workingin the financial se...
Is this you? I have spent the past (fill in your own number) of yearsbuilding what I thought was a successful practice. N...
Is this you? I spend more time on administration and client servicethan giving advice and developing business I feel lik...
Growing your business in 2013Redefining Financial RelationshipsThe old ways just don’t work anymore!
Cold CallingRedefining Financial Relationships
Direct MailRedefining Financial Relationships
Email MarketingRedefining Financial Relationships
NewslettersRedefining Financial Relationships
SeminarsRedefining Financial Relationships
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 client...
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...
Engaged18%Satisfaction/LoyaltyReferralsDisgruntled12%Complacent14%Content56%20“Engagement” is the new metric for growthSou...
Engaged clients:• are among the most satisfied and loyal clients• place a high value on advice relative to the fees they p...
EngageConnectLeadPartnerYou‟re in control: Driving engagement inyour existing clientele22
Connect…
Connect:Engaged clients are more likely to expectand receive more plan reviews24
Connect:Engaged clients want an advisor who quarterbackstheir other professional relationships25
Connect:Engaged clients are more likely to work with theiradvisor on a multi-generational basis26
Connect:Engaged clients are more likely to have a formalfinancial plan27
…and don‟t forget the wives!
Lead…
43%49%43% 44%37% 22%41% 40%0%20%40%60%80%100%Disgruntled Complacent Content EngagedPercentageresponding„yes‟Somewhat Impor...
14%53%70%87%0%20%40%60%80%100%Disgruntled Complacent Content EngagedPercentageresponding„yes‟Q. Do you consider your advis...
Partner…
55%38% 39%52%12%4%6%12%0%20%40%60%80%Disgruntled Complacent Content EngagedPercentageofrespondentsSomwhat Important Critic...
29%47%45%76%Disgruntled Complacent Content EngagedPercentageresponding„yes‟3434Partner:…but most have never been asked for...
1. Engagemore clients2. Leveragealreadyengaged clients35
20%58%75%91%21%14%17%34%3%7%0%100%Disgruntled Complacent Content EngagedPercentageofrespondentsSomewhat/Very Comfortable R...
37Clients want to help their friends and advisorQ: Which of the following best describes the motivation behind providing a...
38Clients must see a real need for your adviceQ: What were the circumstances of providing the last referral?383844%42%7%0%...
Tapping into the opportunity:Just ask…but don‟t ASK!“I noticed on our client feedback survey that youre willing to referyo...
Develop a formal Client Feedback programwww.accretiveadvisor.com
46Client Audit: Getting started
47Client Audit: Select questions
48Client Audit: Survey invitation
49Client Audit: Dashboard
50Client Audit: Program summaryand Client profile
51Client Audit: Reports & tools
A comprehensive Client Snapshotprovides a high-level view of yourbusiness, showing aggregatedinformation across all questi...
You can see a completed survey for anyclient who responded to the survey simplyby selecting the client name from adropdown...
Use this report to view a list of all clientsat risk, based on their overallsatisfaction ratings. Assess current andfuture...
Run target lists of all clients who areinterested in individual service or cross-selling opportunities. Using this reporty...
Run a personalized meeting plan thatwill allow you to conduct a moreeffective review meeting, picking up onkey responses f...
57Client Audit: Leveraging your reports
Using Social Mediato grow your business
Social Media
Social media allows more opportunities forconnection. That is a financial advisors breadand butter
Financial advisors report high adoption levels ofsocial media for business
LinkedIn is the preferred social platform amongfinancial advisors
Social Network Use by Business Purpose
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....
10 Things I‟ve Learned fromTop Performing Advisors6.Build a marketing plan to attract the clients youwant7.Use a disciplin...
Grow your business!National Bank FinancialTorontoFeb. 13,2013Redefining Financial Relationships
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  1. 1. Grow your business!National Bank FinancialTorontoFeb. 13,2013Redefining Financial Relationships
  2. 2. • 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:
  3. 3. 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’
  4. 4. 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
  5. 5. 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 AgingConverting assets into retirement incomeTransferring their money to children with whom I haveno relationshipDyingRefusing to come back into the market / Looking forlower risk investmentsLeaving me for another advisor
  6. 6. 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
  7. 7. Growing your business in 2013Redefining Financial RelationshipsThe old ways just don’t work anymore!
  8. 8. Cold CallingRedefining Financial Relationships
  9. 9. Direct MailRedefining Financial Relationships
  10. 10. Email MarketingRedefining Financial Relationships
  11. 11. NewslettersRedefining Financial Relationships
  12. 12. SeminarsRedefining Financial Relationships
  13. 13. ReferralsRedefining Financial RelationshipsIf You Dont Exist On The Web, You Dont Exist!
  14. 14. Grow your business…from within…or from without!www.accretiveadvisor.com
  15. 15. 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
  16. 16. 1. Engagemore clients2. Leveragealreadyengaged clients16Two strategies to grow your business
  17. 17. “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)
  18. 18. Engaged18%Satisfaction/LoyaltyReferralsDisgruntled12%Complacent14%Content56%20“Engagement” is the new metric for growthSource: The Economics of Loyalty Canada, Advisor Impact, 2011.
  19. 19. 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
  20. 20. EngageConnectLeadPartnerYou‟re in control: Driving engagement inyour existing clientele22
  21. 21. Connect…
  22. 22. Connect:Engaged clients are more likely to expectand receive more plan reviews24
  23. 23. Connect:Engaged clients want an advisor who quarterbackstheir other professional relationships25
  24. 24. Connect:Engaged clients are more likely to work with theiradvisor on a multi-generational basis26
  25. 25. Connect:Engaged clients are more likely to have a formalfinancial plan27
  26. 26. …and don‟t forget the wives!
  27. 27. Lead…
  28. 28. 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.
  29. 29. 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.
  30. 30. Partner…
  31. 31. 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.
  32. 32. 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.
  33. 33. 1. Engagemore clients2. Leveragealreadyengaged clients35
  34. 34. 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.
  35. 35. 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
  36. 36. 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
  37. 37. 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
  38. 38. Develop a formal Client Feedback programwww.accretiveadvisor.com
  39. 39. 46Client Audit: Getting started
  40. 40. 47Client Audit: Select questions
  41. 41. 48Client Audit: Survey invitation
  42. 42. 49Client Audit: Dashboard
  43. 43. 50Client Audit: Program summaryand Client profile
  44. 44. 51Client Audit: Reports & tools
  45. 45. 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
  46. 46. 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
  47. 47. 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
  48. 48. 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
  49. 49. 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
  50. 50. 57Client Audit: Leveraging your reports
  51. 51. Using Social Mediato grow your business
  52. 52. Social Media
  53. 53. Social media allows more opportunities forconnection. That is a financial advisors breadand butter
  54. 54. Financial advisors report high adoption levels ofsocial media for business
  55. 55. LinkedIn is the preferred social platform amongfinancial advisors
  56. 56. Social Network Use by Business Purpose
  57. 57. New Clients Gained Through LinkedInHas your use of LinkedInfor prospecting helpedyou gain new clients?
  58. 58. 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
  59. 59. 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
  60. 60. Grow your business!National Bank FinancialTorontoFeb. 13,2013Redefining Financial Relationships

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