Trends in Successful Financial Advisor Business Practices
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Slides used for our Trends in Successful Financial Advisor webinar.
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Trends in Successful Financial Advisor Business Practices
- 1. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Title Slide: Trends in Successful Financial Advisor Business Practices
- 3. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Host Candyce Edelen CEO − PropelGrowth Candyce Edelen led the research team that conducted the 2014 Maximizer Wealth Management Industry Study. She is founder and CEO of PropelGrowth, where her work is focused on issues in wealth management, electronic trading, and risk management. She helps financial technology companies develop and execute effective go-to-market strategies targeting the financial industry. Prior to PropelGrowth, Candyce co-founded two financial technology companies that provided order routing gateways, electronic trading surveillance, direct market access and FIX connectivity for electronic trading.
- 4. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Speaker John Easton Director, Strategic Accounts − Maximizer John Easton has been focused on CRM technology for 15+ years, specializing in product management and developing strategic relationships at Maximizer Software. He spends a great deal of his time speaking with investment advisors and wealth management firms to define how CRM solutions should match specific business requirements. With a background in technology and Economics, John possesses a unique perspective on tech and the market drivers that turn products into innovative and lasting solutions. and CRM.
- 5. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Speaker Jodie Papike Executive Vice President − Cross-Search Jodie Papike is the Executive Vice President of Cross- Search, the first third-party, independent broker-dealer advisor and executive placement firm. Since joining Cross-Search in 1997, Jodie has been consulting with financial advisors transitioning to new independent broker-dealers, guiding them through the entire process of identifying their most appropriate options, negotiating a deal and transitioning clients.
- 6. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Speaker Tom Daley CEO, Founder − The Advisor Center Tom Daley is the CEO and Founder of The Advisor Center—a dynamic online recruiting community empowering advisors to research their career options and engage anonymously on one centralized platform. Tom has worked in the financial services industry for over 25 years. His diverse experience began with American Express in finance and corporate strategy. In 1997, he joined LPL Financial and was promoted to Senior Vice President of East Branch Development.
- 7. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Speaker Afif (AJ) Jawad Senior Investment Advisor − Holliswealth For over 15 years, AJ has been a senior financial advisor with HollisWealth helping individuals, families, and businesses achieve their financial planning goals. In addition to being with HollisWealth, he has more than 10 years of experience working with taxation. AJ brings forth an invaluable combination of knowledge experience, expertise, and strategy that is instrumental in achieving long-term growth and success for his clients.
- 8. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Demographics of Survey
- 9. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Affiliation and Practice Type from Respondents
- 10. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Assets Under Management
- 11. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
- 12. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
- 13. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Retirement Timing: Respondents Over 61 Years of Age
- 14. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM How do you plan to retire?
- 15. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Criteria for Top Performers: • Lowest overall client attrition • Highest confidence in ability to increase income in 2014 • Highest growth in AUA/AUM compared to market
- 16. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Top Performers: Client Acquisition and Retention
- 17. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Top Performers: Technology Investment and CRM Usage
- 18. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Technology platforms are central to regulatory compliance, operation efficiency, and overall success of wealth management firms
- 19. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM What aspects of your workflow are automated?
- 20. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM There is major importance placed on fully leveraging CRM to attract and retain clients; as well as using mobile access can dramatically improve efficiency.
- 21. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Top 2 Tools for Managing Customer Relationships
- 22. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM CRM Products In Use
- 23. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Access Client Information on Mobile Device
- 24. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM With constant changes, advisors face issues with regulatory change and operational complexity.
- 25. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM Obstacles to Growth
Editor's Notes
- Candyce Edelen led the research team that conducted the 2014 Maximizer Wealth Management Industry Study. She is founder and CEO of PropelGrowth, where her work is focused on issues in wealth management, electronic trading, and risk management. She helps financial technology companies develop and execute effective go-to-market strategies targeting the financial industry. Prior to PropelGrowth, Candyce co-founded two financial technology companies that provided order routing gateways, electronic trading surveillance, direct market access and FIX connectivity for electronic trading.
- John has been focused on CRM technology for 15+ years, specializing in product management and developing strategic relationships at Maximizer Software. He spends a great deal of his time speaking with investment advisors and wealth management firms to define how CRM solutions should match specific business requirements. With a background in technology and Economics, John possesses a unique perspective on tech and the market drivers that turn products into innovative and lasting solutions.
- Jodie Papike is the Executive Vice President of Cross-Search, the first third-party, independent broker-dealer advisor and executive placement firm. Since joining Cross-Search in 1997, Jodie has been consulting with financial advisors transitioning to new independent broker-dealers, guiding them through the entire process of identifying their most appropriate options, negotiating a deal and transitioning clients.
- Tom Daley is the CEO and Founder of The Advisor Center—a dynamic online recruiting community empowering advisors to research their career options and engage anonymously on one centralized platform. Tom has worked in the financial services industry for over 25 years. His diverse experience began with American Express in finance and corporate strategy. In 1997, he joined LPL Financial and was promoted to Senior Vice President of East Branch Development.
- For over 15 years, AJ has been a senior financial advisor with HollisWealth helping individuals, families, and businesses achieve their financial planning goals. In addition to being with HollisWealth, he has more than 10 years of experience working with taxation. AJ brings forth an invaluable combination of knowledge experience, expertise, and strategy that is instrumental in achieving long-term growth and success for his clients.
- Pie chart please. Of 903 total respondents 35% were based in the US and 65% in Canada Asked respondents to categorize their practices so we could get a sense of what types of advisors were represented
- The regulatory and licensing requirements for advisors are different in the US and Canada, that is reflected in the different tables shown Majority of respondents in the US are either independent (23%) or are affiliated with an independent broker/dealer (43%) Majority of Canadian respondents (80%) are affiliated with independent dealers, while 20% are affiliated with a bank
- Observed a dramatic difference between US and Canada In US, 46% manage between $100M - $500M Assets Under Management; but only 19% in Canada
- The study shows that 50% of advisors range between the age of 51-60, and 30% range between 41-50 A total of 80% range between 41-60 Discussion: Issues of an aging industry
- Respondents were asked if they have access to client information on mobile devices A significant difference between Canadian and US advisors appeared, with 60% of US advisors saying yes, compared to only 30% of Canadian advisors Discussion: Importance of fully leveraging CRM to attract and retain clients How mobile access can dramatically improve efficiency
- The survey asked respondents to rank the obstacles they thought would hinder their growth in the coming year Regulatory changes and operational complexities topped the list for Canada 31% of US advisors and 26% of Canadian advisors surveyed rated “keeping up with regulatory change” as a strong obstacle for 2014 Exceptional approaches to regulatory compliance can become a source of competitive advantage, especially when technology systems such as CRM software are customized in a manner that eases the burden of complying with new laws and regulations Discussion: Challenges advisors face in this issue Time it takes them to comply How CRM specifically designed to manage compliant workflows can make this difficult process easier and less time consuming