Money Concepts: Slides for What to Look for in Your Wealth Manangement Program Advisor (Recorded Webinar)
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This document outlines key considerations for credit unions looking to offer wealth management and financial planning services. It discusses the role and responsibilities of an advisor, important characteristics and qualifications to look for in candidates, how to integrate advisors with existing staff, the recruiting and hiring process, compensation structures, and lessons from positive and negative past experiences. The goal is to provide guidance to credit unions on establishing an effective wealth management program and selecting an advisor that will help achieve program mandates for success.
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Money Concepts: Slides for What to Look for in Your Wealth Manangement Program Advisor (Recorded Webinar)
- 1. 1 Presented by Michael Thompson and Barry Dayley, CFP®, RFC® MONEY CONCEPTS WEALTH MANAGEMENT LEARNING SERIES What To Look For In Your Program Advisor
- 2. 2 Agenda ① The Advisors Role ② Profile of Advisor Candidate ③ Connection to the Staff ④ Recruiting Process ⑤ Compensation & Benefits ⑥ Experiences ⑦ Summary & Wrap Up
- 3. 3 Polling Question Do you currently offer wealth management and financial planning services at your credit union? A. Yes B. No
- 4. 4 ① The Advisor’s Role • Mandates for Success • The Key Role of the Advisor • Define Advisor’s Duties
- 5. 5 ② Advisor Candidate Profile • Characteristics • Licensing & Designations • Experience
- 6. 6 ③ Connection To The Staff • Advisor Training • Staff Training • Culture • Integration
- 7. 7 ④ Recruiting Process • Define Position • Identify Prospects • Prospecting for Candidates • Interviewing Candidates • Making the Selection • Offering the Position • Training • Mentoring & Management
- 8. 8 ⑤ Compensation & Benefits • Options • Salary • Commissions • Bonuses • Benefits • Employee • Independent Contractor
- 9. 9 ⑥ Experiences • Positive • Negative
- 10. 10 Summary & Wrap Up ① The Advisors Role ② Profile of Advisor Candidate ③ Connection to the Staff ④ Recruiting Process ⑤ Compensation & Benefits ⑥ Experiences ⑦ Summary & Wrap Up
- 11. 11 ① Stop ② Start ③ Create Action Steps
- 12. 12 Register for the Money Concepts Wealth Management Learning Series at www.nafcu.org/MCwebinars Questions?
- 13. 13 THANK YOU Money Concepts International. Inc. 11440 N. Jog Road Palm Beach Gardens, FL 33418 www.nafcu.org/moneyconcepts Barry Dayley, CFP®, RFC® Executive Vice President Tel: (561) 847-2112 Barry@moneyconcepts.com All Securities through Money Concepts Capital Corp. Member FINRA/SIPC Money Concepts Advisory Service is a Registered Investment Advisor with the SEC All Non Securities and Non Advisory Products through Money Concepts International, Inc. Providers of Financial Services Since 1979
Editor's Notes
- Mandates for Success … Total CommitmentAlignment LeadershipIntegrated into the overall Credit Union StrategyAssigned ResponsibilitiesClear ObjectivesAccountabilityProfessional Integrated Financial PlannerThe Key Role of the Advisor … The advisor plays a Key role, but they are not the only role.Total CommitmentIntegrated into the credit union cultureReceive credit union trainingMission statement of the program must be the same objective of the AdvisorDefine Advisors Duties – Introspection by Credit Union ManagementExpectation of the credit unionFinancial planner or investment sales personFocused on meeting with membersFollow the Money Concepts systems, not re-create the wheelMarketing?Staff Training?Newsletter Articles?Day in the Life of an AdvisorWhat do you want them to do?Getting appointmentsHolding appointments
- CharacteristicsPersonalityMust be a team player … not an independent Dress for successService OrientedClose salesCommitted to financial planning method…Licensing & DesignationsFINRA Series 6 or 7FINRA Series 65, 63 or 66State Insurance LicenseMultiple State Fees … consider costs / benefitsCFP, CFA, RFC, CEP, LUTCF, CLU, ChFC …ExperienceMinimum 3-5 Years experience in the businessSuccessful production track recordTopical – Good product knowledge Dynamic – Keeps up to date on product solutionsCommitment to financial planning methodCommunity InvolvementPersonal Examples1.
- Advisor TrainingTrained on Credit Union products and services … up to dateTrained on credit union philosophyPerception is very important … are they really a part of the team?Staff TrainingAdvisor can train or just participate … Use internal trainersEducation on Regulatory Do’s and Don’tsHow can the staff support the programStraightforward and basic … Must be FUN!!!CultureCommunicate a clear culture to the Advisor and StaffDress, nomenclatureUnique expectationsIntegrationSingle purposeIs Advisor Integrated?Perception of staff … Duck supporter in the city of the Beavers …
- Define PositionWritten position descriptionUnderstand the expectations Identify ProspectsOverlay the profile over the available prospects in the area … 50 mile radiusPossibly move someone from another part of the countryProspecting for CandidatesCredit Union Referrals … Who Do You Know?Direct MailOnline and social mediaTelephone follow-upExisting Associations , i.e. FPA, CFP, etc.Interviewing CandidatesStandard process … proven to be effectiveCustomized to meet the needs of the credit unionMore than one interview … get the right Advisor, not just one that interviews wellInterview by Money Concepts and Credit UnionMaking the SelectionNarrow the candidates to the most qualified from the Interview ProcessCredit Union always has the final say on who this person will beThe selection should only be made when you have the right candidates in front of you. Offering the PositionCredit should make the offer in a Dual Employee programMoney Concepts should make the offer with the TrainingMinimum expectations for each AdvisorOngoing process – Wealth Management SymposiumProduct trainingCompliance and regulatoryMentoring & ManagementFeel Like They Are Along … Ongoing interaction and support …Coaching and development …Industry and Institution
- Review the various options … What style has the greatest level of success for the program, What are you trying to do? How can you motivate them to achieve what you want?Don’t put people in the position of selling an up front loaded product because they don’t think they will be there … Should I provide equity ownership in the book of business?Consultant report to Money Concepts …
- Do you trust the Advisor? Do you have your own money with the Advisor?What is the environment like? Is it the correct environment for your members … professional?Michael: Tell story aboutRogue Federal Credit Union … great turn around story … Coachable Advisor?Is there someone that can coach the Advisor?Can they adjust to the environment they are in?They need to take advantage of what is there, and not keep complaining about what is not there.Story of Advisor that wanted to do it His Way … getting maximum payout, but the program is not truly representing the Credit Union, when the rep leaves … and they always leave … you no longer have a program … Story of the rep that would not show up on time to appointments … Fired … wrong hire …