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Similar to Preparing Practice for Growth and Service July 2016-2.pdf
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Preparing Practice for Growth and Service July 2016-2.pdf
- 2. ©ComplianceNow.Biz| Pat@ComplianceNow.Biz | 617-947-2205 Four dis:nct advisor segments can benefit from Quincy Capital Partners For Growth Strategies § Emerging Advisors: $5 million to $50 million § Sustained Growth Advisors: $50 million to $100 million For Team Development Consul:ng § Advisor Teams $100 Million to $ 150 Million § Wealth Managers: $150 Million plus ENLIGHTENED PRACTICE MANAGEMENT REQUIRES APPROACH TO MANGE TIME AND TREASURE For today’s advisors, an advisor’s prac>ce require a systema>c process to meet the needs of clients, past present and future. Building scale and customiza>on into your prac>ce will allow you to grow yet manage the stakeholder experience. A thoughIul discovery process should lead toward a team’s consensus on how to implement a level of excellence as other top teams are embracing in the new paradigm. ADVISORS MAY FIND A VALUABLE RESOURCE IN AN OFTEN OVERLOOKED “GREYING OF AMERICA” RESOURCE You have met with wholesalers in the past, good, bad, or Indifferent have been the experiences for most. Enlightened advisors speak differently, they recognize the wholesalers who can go beyond the product. Many of our advisors have leaned on us during cri>cal >mes to review their prac>ce and posi>on them for growth. If you are mee>ng with a wholesaler, ask “What are advisors doing differently to grow their prac>ce?” The answer may shock you. If it is selling more of a product(theirs), stop the mee>ng and save valuable >me. 1. Client Acquisi>on 2. Review 3. Rebalance 4. Referral FOUR KEY COMPONENTS OF AN ADVISOR’S PATH TO ASSETS UNDER MANAGEMENT This is a simple business, made complicated by external forces. You meet a prospect who becomes a client. You set up an appointment, close account, ini>ate client service through the review process. You rebalance the account to reflect current situa>on, both client and market driven. If the client is sa>sfied, referrals lead to more clients and the process is repeated again. How has the advisor landscape changed? § Client rela>onships are increasing in complexity § Selling process is more consulta>ve, less transac>on-based § Fiduciary concerns are paramount § Holis>c planning, Listening, Intergenera>onal Wealth Transfer are key skills RIAs & Advisors
- 3. ©ComplianceNow.Biz| Pat@ComplianceNow.Biz | 617-947-2205 SAYING GOODBYE TO THE OLD PARADIGM Client Management: Then and Now Tools of the Past-Ex. Cold Calling, Chicken Dinner Seminars, Mailers Tools for Today that Drive Growth-Ex. LinkedIn, Social Media, Branding How do you grow when you are pressed for >me? Time to have a conversa>on with a prac>ce management coach? What do they tell you? Segment your book? Minimize >me with lower level clients? Farm the lower half of your book to a call center? What is the impact of these decisions? Is there a beger way? We think so, but first consider the scenario below: Discovery-Accounts vs. Time New paradigm Assets X Revenue= Gross Produc>on Clients X #Accounts=#of Posi>ons. How many accounts? Vs. Time to Service? If you have: Accounts 500 X 4 Mee>ngs=2000 Mee>ngs Divided by 200 Business days=10 client review/day 10 Client Review X 1 hour= 10 Hours/day How many can you do? Firms want larger more meaningful rela>onships-True Client want more service and contact=True How can you handle the clients needs for the 4-2-1 model- 4 Quarterly reviews, 2 in person mee>ngs, and 1 social event? The numbers to the lem indicate you have choices: a) Reduce your service b) Hire more staff c) Streamline your prac>ce Review, Evaluate, Segment, Implement. Accounts Revenue The New Paradigm resembles a four-legged stool. In this new model, advisors have a more flexible way to look at their prac>ce and how to allocate resources accordingly. Here are just two examples. Maintain equivalent emphasis on four major services. …Or retain the flexibility to barbell an approach by focusing on core competencies and outsourcing other func:ons. Assets Under Management # of Households # of Accounts Time on Opera>ons and Compliance The New Paradigm has kicked over the three-legged stool. Customized Investment Process Opera>ons & Compliance Insource CIO Client Acquisi>on Client Service Investment Process Opera>ons & Compliance Client Service Client Acquisi>on
- 4. ©ComplianceNow.Biz| Pat@ComplianceNow.Biz | 617-947-2205 Quincy Partners’ Approach: 44 No mager where you are in your business paradigm, we can customize a growth process for you. At the heart of our methodology is an approach we call: “4 by 4 by 4 by 4” or 44 . We can help you create four solu>ons with four models in four steps over four months to allow you to implement a plan to garner net new assets under management. Service Model Strategy Our approach focuses on the new paradigm, which puts Investment Process, Opera>ons & Compliance, Client Service, and new Client Acquisi>on into a strategic balance. We help you design a speed-to-market process that builds sustainable outcomes. Experienced, independent wholesaling professionals can accelerate your growth with segmented expansion. Balancing the need for growth with the maintenance of present clients is challenge of >me. The cost of acquisi>on of new rela>onships is one of the greatest impediments of advisors. Choosing the right path at the outset of the journey is cri>cal. Knowing the answers requires an experienced sounding board. The key to a cohesive implementa>on process depends on access to professionals who have helped others with the transi>on. Cost, scalability, and return on investment drive many of the most cri>cal decisions on the road to growth. Building a sustainable model for communica>on and consistency is the goal of the growth advisor. Decisions about fixed or variable costs, adding or dele>ng team members are decisions that require the exper>se of those who know prac>ce management firsthand. 4 BY 4 BY 4 BY 4: YOUR CHECKLIST FOR GREATER SUCCESS How many cri6cal components are you missing? ! Prac:ce Review ! Assets under Management ! Accounts ! Client Servicing ! Legal and Compliance ! Investment Management ! Research ! Por^olio Construc:on ! Trading ! Matrix Analysis ! Communica:on Strategy ! Consistency ! Automa:on ! Fiduciary Communica:on ! Wallet Reach ! Team Development ! COI Coverage ! Intra Team Advisor Rela:onship ! Systema:c ! Sales Process and Efficiency ABOUT THE AUTHOR Paul McConville, President and Founder, Quincy Capital Partners, LLC. An innova>ve financial sales professional, Paul has over two decades of experience in distribu>on of mutual funds, separate accounts, college savings plans, ETF models, and 401k’s. He has coached advisors from the cube to the corner office . He enjoys empowering others to raise their level of performance. ABOUT QUINCY CAPITAL PARTNERS, LLC Quincy Partners is an independent wholesaling firm connec>ng asset managers to the financial services marketplace. We deliver a spectrum of investment products in an effec>ve and enlightened way. Quincy Capital Partners, LLC offers securi>es and investment advice through Investment Planners, Inc. (Member FINRA/SIPC) and IPI Wealth Management, Inc., an SEC registered investment adviser with principal offices located at 226 W. Eldorado St., Decatur, IL 62522. 217-425-6340. The opinions expressed in this paper are solely those of the authors and do not represent those of any regulatory authority, Investment Planners, Inc. or IPI Wealth Management, Inc. These opinions should not be construed as any legal or investment advice. Visit us at www.quincycapital.com or call 847-323-2357.