Downloaded 19 times
Uploaded byProcess for Growth Consulting
Building a Wealth Management Profile
The document outlines the process for a wealth management team to develop a profile that introduces themselves to clients and prospects. It includes creating bios for each team member, defining roles and responsibilities, identifying any gaps in services, and establishing centers of expertise either within or outside of the team. It also describes developing a consultative process through repetitive discovery meetings, investment plan presentations, and mutual commitment meetings to engage clients over time. The goal is to clearly define what the team does and how they do it to effectively serve clients.
More Related Content
Similar to Building a Wealth Management Profile
Building a Wealth Management Profile
- 1. Process for GrowthConsulting Building a Wealth Management Profile 1 How does a FA/team develop and present a wealth management profile to a client and/or prospect? The goal is to tell the client who you are, what you do and how you do it. So lets start with each individual Fa and team member. Next slide
- 2. Team Bios FinancialAdvisor Financial Advisor Senior Partners Wealth Advisor Team Staff and Responsibilities Financial Advisor Phone: 555.555.1111 M.S. City University of NY B.A. Barnard College Joined firm in 2008 The XXX Group: Founder & President, ’05-’06 XXX Wealth Management: CEO, ’00-’05 XXX Asset Management: CEO, ’87-’05 Financial Advisor Portfolio Manager Phone: 555.555.1111 B.S. Auburn University Joined firm in 2002 Pacesetters Club 2006 Financial Advisor Analyst Associate Financial Advisor Phone: 555.555.1111 B.A. University of Miami Professional Campaign Strategist: 2004-2007 Joined Morgan Stanley in 2007 Registered Client Service Associate Phone: 555.555.1111 City University of New York Bank of New York AXA Advisors, LLC Joined firm in 2007 Analyst Phone: 555.555.1111 B.A. Princeton University Joined firm in 2008 Executive Director Wealth Advisor Phone 555.555.1111 B.A. Harvard University Joined firm in 1989 Fixed Income Analyst, 1989-1991 Private Wealth Specialist, 1991-present 2 First we start with our individual bios for each team member. The bios consist of basic information of each team member with dates. Firms, jobs, education and designations and licenses. Next slide
- 3. Team Role, Responsibilitiesand Time Management Senior Financial Advisor Junior Financial Advisor Prospecting and direct involvement 50% Senior relationship management 25% Team Strategy and Firm wide relationship management 15% Portfolio Management 10% Annual new client introduction goal 18 Senior Financial Advisor Prospecting direction and direct involvement 80% Senior relationship management 10% Team Strategy and Firm wide relationship management 10% Annual new client introduction goal 24 Analyst Analytical Support – account analysis, presentation building, research delivery etc. 75% On-boarding and general client service support 25% Annual new client introduction goal 4 Senior Registered Client Associate Existing Client Service 50% On-boarding of new relationships 20% Clean Up of existing accounts (data, contact, cost basis, linking etc.) 20% Calendar and Team technology management 10% Annual new client introduction goal 4 Prospecting direction and direct involvement 90% Senior relationship management 5% Team Strategy and Firm wide relationship management 5% Annual new client introduction goal 6 (to team) Portfolio Management 30% Senior relationship management 30% Prospecting direction and involvement 20% Team Strategy and Firm wide relationship management 20% Annual new client introduction goal 24 Junior Financial Advisor 3 Now the team focuses on fleshing out what each team members responsibilities are. Specific actions and time spent is written down. This is where the bios come into context. A team role and responsibility needs to be backed up by the actual skill set of the person. Should the Portfolio manager have the CFA? Another example, bad example but you will never assign portfolio management to the CSA nor an operational role to the Senior FA. Skill set (bio), function and role/responsibility all need to align. If the expertise is not on the team it needs to acquire new talent or retrain existing members to fulfill the Role. This is where advanced training or designations are assigned to team members to achieve so the team can function at a high level. Now the team understands what are their skill sets, license and designations. They now know what advice, services and products they can deliver as a team. The next step is a gap analysis of services that the team wants or as promised in their elevator speech to deliver but does not have the expertise on the team. Advice on insurance,trusts, corporate lending, asset management, alternatives, charity and gifting, Esops or what ever. This definitely can be aspirational in nature. Once the gaps have been identified the team then identifies either internal or external centers of expertise to form their virtual team. Remember the Elevator Speech makes specific promises of service and the Centers of Expertise help you deliver on that promise. Next slide
- 4. The Virtual Team:Centers of Expertise…Skilled Integration Centers of Expertise Intergenerational Wealth Transfer and Business Succession Executive Director; JD Use of trusts in wealth transfer planning, including Charitable Lead Trusts, Charitable Remainder Trusts, Grantor Retained Annuity Trusts, Credit Shelter Trusts and Dynasty Trusts Business buy-sell agreements Family gifting strategies Philanthropic endeavors via private foundations and donor advised funds Comprehensive insurance reviews Review, maintenance and organization of key documents, such as wills, trusts, healthcare proxies and durable powers of attorney Alternative Investments Managing Director Direct access to tailored private equity and private real estate transactions Opportunities to invest in world class hedge funds and fund-of-hedge funds at significantly reduced minimums Specialized exchange funds available to diversify concentrated stock positions without incurring an immediate tax liability Segregated account management for custom tailored, diversified portfolios Corporate Solutions Executive Director: Masters of Business Admin Non-qualified (NQSO) and incentive stock option (ISO) exercise planning and execution Monetization and diversification strategies for concentrated stock positions Section 1042 exchanges (sale of stock to an ESOP) Section 10b5-1 trading plans Exit strategies for business owners Manage corporate cash to maximize yield without inhibiting liquidity Retirement plan benefit consulting Family Office Services Senior Wealth Planning Consultant Formalize family governance via scheduled meetings, mission statements, advisory boards and by-laws Coordinate family wealth education with tailored curriculum Evaluate family office needs and desires, audit its effectiveness and provide supplementary services Monitor and report on existing trusts to maximize flexibility and adaptability Interface frequently with clients’ CPAs, attorneys and/or family office Concierge services Global Asset Allocation and Management Managing Director Create, monitor and adjust strategic and tactical asset allocation frameworks based on clients’ total liquid and illiquid net worth and risk tolerance Conduct historical quantitative analysis in an attempt to forecast future returns and volatility Provide tactical recommendations on asset classes, styles, sectors and industries to over/underweight Incorporate passive management of core asset classes via exchange-traded index funds in conjunction with active managers. High Net Worth Banking and Lending Executive Director Full suite of banking services, including check-writing, wires, bill pay, etc. Provide access to asset-based loans to provide immediate funds and ongoing cash flows at an extremely competitive rate Underwrite home mortgages exclusive private bank Aircraft, high end automobile and yacht financing. Unlock value and liquidity on fine art collections via tailored finance Finance the purchase of commercial real estate, Equipment and machinery leasing for The gap analysis of services offered by the FA/Team now allows the FA/Team to identify what internal or external Centers of Expertise need to be added to the virtual team. Once the Centers of Expertise are identified the FA/Team meets with each Center of Expertise to attain a bio and services/products that the expert delivers. This is an equal exchange of information as the team also shows the experts who they are, what they do and how they do it. The experts now know how they fit into the team’s business model and what is expected of them. This is also a time for the team to understand basic qualifying questions that the expert would like to know before engagement with a client. The 4 team should ask for examples and the 3, 5 or 6 questions they would ask a client/prospect if an opportunity presented. Now how do we do it. Next slide
- 5. Wealth Management ConsultativeProcess Repetitive Discovery: In-depth Interview Understand Life Events Trust Documents, Insurance, Gift Giving, Generational Transfers Investment Policy Statement Client Centric Service Process Ongoing Process Service Process designed to capture key data points Marketing designed for the Client to recognize offered life events solutions Review Process designed to capture key life events Consistent effort through projects to engage clients that redefine the Team and discover the needs of your clients Like any production line a wealth management process needs to be defined step by step. Write down each interaction with the client with the FA/Team along a timeline. What is your first meeting? What is it you want to accomplish? What does your presentation contain? What is the next step? And so on. Defining your process allows to continually review and test the FA/Team’s process. Is there a better way? Is something not working? Can we do it better? By defining your process you give yourself the ability to make it better. Presentations should be standardized as should be the process of engagement. Next slide
- 6. Wealth Management ConsultativeProcess DISCOVERY MEETING Complete Discovery Process INVESTMENT PLAN MEETING Presentation of investment plan MUTUAL COMMITMENT MEETING Confirmation of commitment 60-DAY FOLLOW-UP MEETING Organization of account paperwork REGULAR PROGRESS MEETINGS Review of progress and implementation of wealth management plan Two Weeks One Week 60 Days 90 Days Define your wealth management process so you can present the process to prospects and clients. The process should be present
- 7. The ABC Group Two Weeks One Week 45 Days 90 Days Client Discovery Meeting Complete discovery process Mutual Commitment Meeting Confirmation of commitment Regular Progress Meetings Ongoing review of progress and implementation of the various stages of your Wealth Management Plan 45-Day Follow-Up Meeting Organization of account paperwork The Wealth Management Plan Meeting Presentation of our comprehensive evaluation concerning all of your financial needs and our recommendations for moving forward Wealth Management Network Meeting Our team of financial advisors applies its experience to evaluate all aspects of your personal wealth and devise appropriate solutions utilizing the vast resource of our firm Investment Plan Implementation Change of custodian to Morgan Stanley and execution of asset allocation changes Alternative Investments Managing Director Direct access to tailored private equity and private real estate transactions Opportunities to invest in world class hedge funds and fund-of-hedge funds at significantly reduced minimums Specialized exchange funds available to diversify concentrated stock positions without incurring an immediate tax liability Segregated account management for custom-tailored, diversified portfolios High Net Worth Banking And Lending Vice President Full suite of banking services, including check-writing, wires, bill pay, etc. Provide access to asset-based loans to provide immediate funds and ongoing cash flows at an extremely competitive rate Underwrite home mortgages via Morgan Stanley’s exclusive private bank Aircraft, high-end automobile and yacht financing Finance the purchase of commercial real estate, either owner-occupied or investor properties Equipment and machinery leasing for businesses Global Asset Allocation And Management Managing Director Chair-Asset Allocation Committee Create, monitor and adjust strategic and tactical asset-allocation frameworks based on clients’ total liquid and illiquid net worth and risk tolerance Conduct historical quantitative analysis in an attempt to forecast future returns and volatility Provide tactical recommendations on asset classes, styles, sectors and industries to over/underweight Incorporate passive management of core asset classes via exchange-traded index funds in conjunction with active managers Fluent commentary on social, economic & political events and their effects on the capital markets Family Office Services Vice President Senior Wealth Planning Consultant Formalize family governance via scheduled meetings, mission statements, advisory boards and by-laws Coordinate family wealth education with tailored curriculum Evaluate family office needs and desires, audit its effectiveness and provide supplementary services Monitor and report on existing trusts to maximize flexibility and adaptability Interface frequently with clients’ CPAs, attorneys and/or family office Concierge services Corporate Solutions Executive Director Nonqualified (“NQSO”) and incentive stock option (“ISO”) exercise planning and execution Monetization and diversification strategies for concentrated stock positions Section 1042 exchanges (sale of stock to an ESOP) Section 10b5-1 trading plans Exit strategies for business owners Manage corporate cash to maximize yield without inhibiting liquidity Retirement plan benefit consulting Intergenerational Wealth Transfer And Business Succession Executive Director Use of trusts in wealth transfer planning, including Charitable Lead Trusts, Charitable Remainder Trusts, Grantor Retained Annuity Trusts, Credit Shelter Trusts and Dynasty Trusts Business buy-sell agreements Family gifting strategies Philanthropic endeavors via private foundations and donor-advised funds Comprehensive insurance reviews Review, maintenance and organization of key documents, such as wills, trusts, healthcare proxies and durable powers of attorney Senior Vice President, Financial Advisor Focus: Creates risk management strategies for wealthy families; develops appropriate investment allocations based on clients’ stated objectives and philosophy. Financial Advisor Focus: Provides high-level corporate and personal solutions to leading families, indi-viduals and foundations; utilizes an 18-year history of business advisory with senior executives of Fortune 500 corporations; presents comprehensive solutions that enable successful entrepreneurs and executives to integrate their business plan into their personal wealth management. Portfolio Associate Focus: Manages relationships for individuals, families and corporate clients; acts as point of contact for servicing clients’ accounts and communicating directly with their other advisors. Senior Registered Client Service Associate Focus: Handles all operational functions for clients and the group. Senior Registered Client Service Associate Focus: Prepares performance measurement and evaluation of clients’ accounts; aggregates client data for consolidated reporting. Finally everyone knows who you are, the bios, what you do, the Centers of Expertise, and how you do it, your Wealth Management Process. The client is at the center because you are client centric. Congratulations!
Editor's Notes
- #2 How does a FA/team develop and present a wealth management profile to a client and/or prospect? The goal is to tell the client who you are, what you do and how you do it. So lets start with each individual Fa and team member. Next slide
- #3 First we start with our individual bios for each team member. The bios consist of basic information of each team member with dates. Firms, jobs, education and designations and licenses. Next slide
- #4 Now the team focuses on fleshing out what each team members responsibilities are. Specific actions and time spent is written down. This is where the bios come into context. A team role and responsibility needs to be backed up by the actual skill set of the person. Should the Portfolio manager have the CFA? Another example, bad example but you will never assign portfolio management to the CSA nor an operational role to the Senior FA. Skill set (bio), function and role/responsibility all need to align. If the expertise is not on the team it needs to acquire new talent or retrain existing members to fulfill the Role. This is where advanced training or designations are assigned to team members to achieve so the team can function at a high level. Now the team understands what are their skill sets, license and designations. They now know what advice, services and products they can deliver as a team. The next step is a gap analysis of services that the team wants or as promised in their elevator speech to deliver but does not have the expertise on the team. Advice on insurance,trusts, corporate lending, asset management, alternatives, charity and gifting, Esops or what ever. This definitely can be aspirational in nature. Once the gaps have been identified the team then identifies either internal or external centers of expertise to form their virtual team. Remember the Elevator Speech makes specific promises of service and the Centers of Expertise help you deliver on that promise. Next slide
- #5 The gap analysis of services offered by the FA/Team now allows the FA/Team to identify what internal or external Centers of Expertise need to be added to the virtual team. Once the Centers of Expertise are identified the FA/Team meets with each Center of Expertise to attain a bio and services/products that the expert delivers. This is an equal exchange of information as the team also shows the experts who they are, what they do and how they do it. The experts now know how they fit into the team’s business model and what is expected of them. This is also a time for the team to understand basic qualifying questions that the expert would like to know before engagement with a client. The team should ask for examples and the 3, 5 or 6 questions they would ask a client/prospect if an opportunity presented. Now how do we do it. Next slide
- #6 Like any production line a wealth management process needs to be defined step by step. Write down each interaction with the client with the FA/Team along a timeline. What is your first meeting? What is it you want to accomplish? What does your presentation contain? What is the next step? And so on. Defining your process allows to continually review and test the FA/Team’s process. Is there a better way? Is something not working? Can we do it better? By defining your process you give yourself the ability to make it better. Presentations should be standardized as should be the process of engagement. Next slide
- #7 Define your wealth management process so you can present the process to prospects and clients. The process should be presented in a visualization like the this slide shows. People understand visualizations. It also allows you over time to hone your process.
- #8 Finally everyone knows who you are, the bios, what you do, the Centers of Expertise, and how you do it, your Wealth Management Process. The client is at the center because you are client centric. Congratulations!