This document provides guidance on developing a compelling client proposition. It outlines exercises and tools to help advisers understand what clients need, want and value. The exercises guide advisers to map their client journey, identify what clients currently get and don't get, and define their ongoing client relationship and review process. The document stresses the importance of focusing the client proposition on clear benefits for clients. It also recommends testing the proposition with clients and refining it based on their feedback.

1. Developing a compelling client
proposition

2. Some pre-requisites
 You have segmented your clients effectively and have a good feel for who
your most valuable clients are
 You have real clarity about the type of client you want to attract in future
 You understand your clients’ biggest challenges, worries and concerns and
can therefore identify what they need, want and value.

3. Agenda
• Exercise 1 - What are clients looking for?
• How to establish what clients need, want and value
• The fundamental problem
• Exercise 2 - Client Satisfaction Tool
• Research findings
• Break
• Exercise 3 – Mapping the client journey
• An example client proposition
• Tools to help
• Actions for Implementation

4. Exercise 1
What are clients looking for?

5. Establishing what clients want / value
1. Ask them!
• Research
• Customer survey (phone/email/web/paper/end of meetings)
• Focus group
• client Interviews
2. Make a SWAG
• Assumptions
• What we’ve always done
• What WE think they want

6. The fundamental problem
Client doesn’t value Client values
Client gets
Waste of resources (time,
energy, effort, money)
Bulls Eye
Client doesn’t get Happy days!
Goodbye and good
riddance!
Adapted from: Karl Albrecht, client Satisfaction Window, “The Only Thing That Matters”

7. Exercise 2
Client Satisfaction Tool

8. Exercise 2
Consider each of the “value/don’t value” items
you identified in Exercise 1 and insert them into
the table based on whether the typical adviser on
your panel is delivering them consistently. Score
the typical adviser on a scale of 1 (outstanding)
to 5 (appalling) in terms of their capability to
deliver each item.
Continue overleaf if required.

9. Research findings into what clients want
FSA TCF Workshops –
Consumer survey results
• Clarity of offer
• Deliver what you
promise
• Fix it when things
go wrong
• Don’t take advantage

10. Further Insights
Cap Gemini/Merrill Lynch World Wealth Report
• More involved in investment choices
• More specialist advice
• Demanding full product disclosure and transparency
• Concerned about the downside risk
• Validating advice through other sources
• Products they can understand
• Improved client reporting and more frequent updates

11. Further Insights
• More rigorous in their dealings with wealth managers
• More curious about robustness of institutions
• More acute focus on value
• Greater scepticism about pricing and product
• Willingness to use low cost asset classes
• Willingness to run portfolios on XO platforms
• Redefining what they want
• Less willing to be loyal to a single wealth manager
• More price sensitivity towards TERs
• Desire to understand what they are paying for
Source: KPMG
A Tipping Point?

12. Reflecting on the exercises and research…
1. What are advisers doing/delivering for clients that they want? (want and get)
2. What are advisers doing/delivering for clients that they don’t want? (don’t want but
get)
3. What do clients want that advisers aren’t doing/delivering currently?

13. Resulting Actions
1. What are advisers currently doing for clients that should be eliminated?
2. What are advisers doing for clients that could be reduced?
3. What are advisers doing for clients that needs to be improved?
4. What should advisers start doing for clients that they don’t do at the moment?

14. Exercise 3
Mapping the client journey

15. Exercise 3 - Mapping the client
journey
The task
• Breakdown your advice process into its different
stages
• Define what will happen at each stage and the
benefit to me of each part of the process
• Identify what the specific deliverables will be for me
as a client (what will I get?) if I elect to appoint your
team as my advisers
• “Pitch” your services to me to help me decide which
firm to work with!
• I will decide which team to appoint as my adviser
based on the questions you ask and the quality of
your pitch.

16. Mapping the client journey
Initial Meeting
• We take some time to find out about you and your objectives and aspirations at a high level to
establish whether we can help
• We will explain our services and process and outline our charges so that you are clear about our
fees
• The purpose of this meeting is to help you make an informed decision about whether we are the
right adviser for you
• If you decide to engage our services, we will then complete our client agreement and start
gathering all the data we need.
Factfind/Discovery
• During the factfinding stage we explore your situation and goals in more detail and collect all the
information we need to carry out an in depth analysis of your current financial situation
• This information will be used to identify any shortfalls and immediate priorities for action. It will
also help us to create your personal "financial forecast" and formulate our recommendations
• We will also establish your attitude to risk and ask you to complete letters of authority so that we
can get accurate information about any current investments and other financial products you
have in place

17. Mapping the client journey
Research and
recommendations
• During this stage, we create your personal "financial forecast", so that you have a clear picture
of your current and likely long term financial position and provide specific recommendations to
help you achieve the goals and objectives you've defined
• We also research the whole financial services market to identify suitable solutions
• We will also create a recommended investment portfolio tailored to your goals and tolerance for
risk taking any existing arrangements or assets into account
• As you can appreciate, with the work involved, this stage can take a number of weeks
Present
Recommendations
• Once our research and recommendations have been finalised we will meet with you to talk you
through your financial forecast and explain our recommendations about how to grow, manage
and protect your wealth.
• This is also an opportunity for you to ask any questions so that you understand exactly what we
are recommending, and why.
• If you are happy with our recommendations, we will proceed to the next stage, which is to
implement them

18. Mapping the client journey
Implementation
• More form filling I'm afraid but wherever possible, we will complete as much of the
paperwork as we can on your behalf. Often, all you will need to do is sign the forms, but
unfortunately, where your medical history is involved, we have to leave those questions
to you
• We will submit any applications and paperwork to the relvant providers and track the
progress of each application regularly and keep you informed throughout.
• We will also check that your instructions have been implemented accurately and that all
the documentation received is correct
Ongoing review
service
• Making sure that everything stays on track is every bit as important as the
recommendations and their implementation
• We will schedule regular financial planning reviews with you so that we can review the
progress towards your stated goals and if necessary, make adjustments to reflect any
changes in your circumstances, goals, legislation or markets
• The frequency of these reviews will be dependent upon your personal needs and the
level of complexity of your situation

19. Client Reviews - a few thoughts
1. The key to predictable and sustainable recurring revenue
2. The single most important critical success factor
3. The cornerstone to building long term client relationships
4. The most effective way of helping clients to recognise your value
5. The most effective route to increased referrals and new business opportunities

20. So they better
be good!

21. Customer reviews – 3 key
questions

22. Defining your ongoing client relationship
Frequency of face to face meetings
Level of access to adviser/team between meetings
Reporting format (Goals based v. Performance based)
Range of services provided
Your client proposition is your promise…
don’t break it!

23. Top down approach
• Define the service you intend to provide for your very best clients
• Refine dilute and remove elements to create your service offering for
lower level clients
• Then ask yourself 4 questions
• Is it compelling?
• Are we in complete control of delivery?
• Is there sufficient differentiation between each client segment?
• Do our current infrastructure and processes allow us deliver it consistently
and profitably?
• Test it with key clients whose opinion you value

24. Tools to Help

31. Actions for Implementation:
1. Use the “Customer Satisfaction Matrix” tool to analyse what you currently
provide for clients and whether, on balance, they are likely to value it.
2. Use the “client Proposition Development “tool to start to piece together the key
elements of your client proposition.
3. Use the Example “A Class” client Value Proposition to help you describe each
element of your service proposition in language that focuses on the one
consistent question… what is the value/benefit to the client?
4. Refine dilute and remove elements to create your service offering for lower
level clients. Give each service level a “label”
5. Then ask yourself these 4 questions
• Is it compelling?
• Are we in complete control of their delivery?
• Is there sufficient differentiation between each client segment?
• Do our current infrastructure and processes allow us deliver it consistently and profitably?
6. Test it with key clients whose opinion you value and refine based on
feedback if appropriate

32. Actions for Implementation:
1. Use the “client Satisfaction Matrix” tool to analyse what you currently provide
for clients and whether, on balance, they are likely to value it.
2. Use the “Client Proposition Development “tool to start to piece together the key
elements of your client proposition.
3. Use the Example “A Class” client Value Proposition to help you describe each
element of your service proposition in language that focuses on the one
consistent question… what is the value/benefit to the client?
4. Refine dilute and remove elements to create your service offering for lower
level clients. Give each service level a “label”
5. Then ask yourself these 4 questions
• Is it compelling?
• Are we in complete control of their delivery?
• Is there sufficient differentiation between each client segment?
• Do our current infrastructure and processes allow us deliver it consistently and profitably?
6. Test it with key clients whose opinion you value and refine based on
feedback if appropriate

33. Actions for Implementation:
1. Use the “client Satisfaction Matrix” tool to analyse what you currently provide
for clients and whether, on balance, they are likely to value it.
2. Use the “client Proposition Development “tool to start to piece together the key
elements of your client proposition.
3. Use the Example “A Class” Client Value Proposition to help you describe each
element of your service proposition in language that focuses on the one
consistent question… what is the value/benefit to the client?
4. Refine dilute and remove elements to create your service offering for lower
level clients. Give each service level a “label”
5. Then ask yourself these 4 questions
• Is it compelling?
• Are we in complete control of their delivery?
• Is there sufficient differentiation between each client segment?
• Do our current infrastructure and processes allow us deliver it consistently and profitably?
6. Test it with key clients whose opinion you value and refine based on
feedback if appropriate

34. Actions for Implementation:
1. Use the “client Satisfaction Matrix” tool to analyse what you currently provide
for clients and whether, on balance, they are likely to value it.
2. Use the “client Proposition Development “tool to start to piece together the key
elements of your client proposition.
3. Use the Example “A Class” client Value Proposition to help you describe each
element of your service proposition in language that focuses on the one
consistent question… what is the value/benefit to the client?
4. Refine dilute and remove elements to create your service offering for lower
level clients. Give each service level a “label”
5. Then ask yourself these 4 questions
• Is it compelling?
• Are we in complete control of their delivery?
• Is there sufficient differentiation between each client segment?
• Do our current infrastructure and processes allow us deliver it consistently and profitably?
6. Test it with key clients whose opinion you value and refine based on
feedback if appropriate

35. Actions for Implementation:
1. Use the “client Satisfaction Matrix” tool to analyse what you currently provide
for clients and whether, on balance, they are likely to value it.
2. Use the “client Proposition Development “tool to start to piece together the key
elements of your client proposition.
3. Use the Example “A Class” client Value Proposition to help you describe each
element of your service proposition in language that focuses on the one
consistent question… what is the value/benefit to the client?
4. Refine dilute and remove elements to create your service offering for lower
level clients. Give each service level a “label”
5. Then ask yourself these 4 questions
• Is it compelling?
• Are we in complete control of their delivery?
• Is there sufficient differentiation between each client segment?
• Do our current infrastructure and processes allow us deliver it consistently and profitably?
6. Test it with key clients whose opinion you value and refine based on
feedback if appropriate

36. Actions for Implementation:
1. Use the “client Satisfaction Matrix” tool to analyse what you currently provide
for clients and whether, on balance, they are likely to value it.
2. Use the “client Proposition Development “tool to start to piece together the key
elements of your client proposition.
3. Use the Example “A Class” client Value Proposition to help you describe each
element of your service proposition in language that focuses on the one
consistent question… what is the value/benefit to the client?
4. Refine dilute and remove elements to create your service offering for lower
level clients. Give each service level a “label”
5. Then ask yourself these 4 questions
• Is it compelling?
• Are we in complete control of their delivery?
• Is there sufficient differentiation between each client segment?
• Do our current infrastructure and processes allow us deliver it consistently and profitably?
6. Test it with key clients whose opinion you value and refine based on
feedback if appropriate

37. Questions?
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