advisor onboarding

Download Advisor Onboarding

Post on 21-Jan-2017




0 download

Embed Size (px)


Advisor Onboarding:

Leadership Excellence Project Team

August 20, 2015 Advisor Onboarding:Annuities, Life and Retirement

Enter slide master view to editProject Overview Internal Research: Current StateExternal Research Pain Points RecommendationsQuestions


Enter slide master view to editProject Overview

Enter slide master view to edit4Minimize lost productivity of wholesalersCapture more repeat business from advisorsFirst 90 days criticalBusiness Need

Enter slide master view to edit5Current onboarding state: Annuities, Life and RetirementQuantifyCross-sell opportunitiesNew vs. repeat advisorsOnboarding recommendations

Project Deliverables

Enter slide master view to edit6External and internal teamsProduct line teamsRecommendation teams

Project Approach

Enter slide master view to edit7Cross-Selling Advisors

Enter slide master view to editOne thing we looked at was the cross-selling opportunities from active advisors in Salesforce since 2012. This chart breaks down the advisors into five categories:Those that only sold one productSold Annuities and LifeSold Annuities and RetirementSold Life and RetirementSold all three

Most commonly, our advisors only sell one product. Those that do cross-sell usually sell annuities and life. This is consistent with commonly held expectations, since retirement advisors are often very specialized, dealing almost exclusively with retirement plans.7

8Active Advisors New vs. Repeat

Enter slide master view to editWe also wanted to quantify, based on the data available in Salesforce, the new versus repeat advisors. This chart breaks down the Active advisors in a given year by those who were new that year and those who had activity in prior years. This does not consider activity the advisors might have had prior to 2012, since life and retirement data wasnt in Salesforce until 2012. Active means they brought in new premium, either on a new account or new premium on an existing account. This is consistent with how wholesalers measure new sales, and with similar reports currently being generated from Salesforce. Could limit this to look at only advisors who brought in new accounts (exclude advisors with activity on existing accounts), however it would probably be easier to pull this kind of information directly from the administration systems.

This data shows us two things:1) our repeat advisor base is growing, averaging about 70% of the prior years total active advisor pool. For example, 2014 had 2977 repeat advisors, which means we retained at least a portion of the 1381 new advisors added in 2013. We appear to be on track to grow the repeat advisor pool again in 2015. 2) Our total active advisor pool is staying relatively level, which means there is room for improvement.

Two main ways to grow the number of active advisors and, ultimately, sales:1) one way is to increase the number of new advisors added each year.2) another way, and the focus of our project, is to increase our advisor retention by enhancing the new advisor experience such that they will want to sell with us again, and sell more of our products.

So now I will hand it over to Libby to start talking about what we found in our research. 8


Enter slide master view to edit10Internal product line teamsInterviewed SMEs and additional internal contacts provided at project kick-off meetingInternal product line teams created current state process mapsLEP team compiled pain points venn diagramInternal Research

Enter slide master view to edit


11RetirementEfficient retirement plan conversion processLifeBeneficial quarterly marketing materialsAnnuitiesExcellent new business to wholesaler communication All Product LinesValuable Securian Advisor toolsBenefits of Geopointe in Salesforce Efficiency of e-appWhats Working?

Enter slide master view to editDeliverable OverviewMarket Research FindingsAdditional SME Interviews External Research

Enter slide master view to edit13

Securians Annuity Appointment Email

New Advisors

Enter slide master view to edit14

Athenes Annuity Appointment Email

New Advisors

Enter slide master view to edit15

Enter slide master view to edit



LPM Client Experience Consultant

Enter slide master view to edit17

Advisor InterviewsCompetitionExpectationsTouch points

Peer Company Key Findings People, process, and tools used varies across peer companies

Conclusion Enhance communicationImprove first point of contact materialsContinue promoting competitive advantageExternal Research Cont.

Enter slide master view to editAdvisor InterviewsIn order to gain insight of Securians advisor onboarding process, the LEP team conducted interviews with new and experienced advisors who are currently appointed with Securian.

Key findings included: 1. When compared to Securians competitors, there is a perception that Securian is behind on showing appreciation and acknowledgement for sales made.2. Advisors have an expectation that wholesalers will support advisors in regards to providing useful marketing materials for the products the advisor sells.3. As it relates to touch points, advisors would like to see wholesalers reach out on more social areas not just providing help when needed.

Peer Company Interview Key Findings In order to compare Securians advisor onboarding process with others in the industry, the LEP team conducted interviews with employees from key competitors supplied by the project sponsors.

Key findings included: 1. Multiple competitors assign a specific wholesaler and/or underwriter to an advisor to direct specific questions 2. Multiple companies have a service team or a sales desk available for questions about any part of the onboarding process 3. The onboarding process varies by the advisors experience and/or relationship with the company4. Training sources vary. Sources include: wholesalers, underwriters, vendors. In most cases, the wholesaler conducts training5. Other companies are finding new ways to improve their onboarding process and experience as well

Conclusion"The message was simple and consistent in that the general feeling is much of the competition in the industry does not have a formalized on boarding, to this, the space is wide open to proceed to the head of the class. "


18Pain Points

Enter slide master view to edit19LicensingCompensation timingDST Vision feedsPain Points Currently Being Addressed

Enter slide master view to edit


20Pain Points for Future Consideration Life UnderwritingMarketing/wholesaler communication

Enter slide master view to edit


21Email communication with advisorsLack of recognitionCentral point of contactLack of onboarding processLack of training

Pain Points Addressed by Recommendation

Enter slide master view to edit



Enter slide master view to edit23Consistent experience for the advisorStreamline branding and messaging across business unitsUnified messaging: phone calls, emails, mailing, advertisingTraining and educationAutomate targeted advisor communicationDevelop communication/action based messaging through data/metricsAutomation ensures timely deployment of communicationOpportunity for wholesalers to reach out to advisor

Enhanced Communication Tactics & Strategic Development

Enter slide master view to editPain Points Inconsistent brand and message across communication channelsLow utilization of targeted communication (ex. personalized messaging)Limited use of professional resources for new insights and strategic development

Consistent experience for the advisorStreamlined branding and messaging across business units provide one voice to the advisor, resulting in a more enjoyable advisor experience, more cross-sale opportunities, and higher likelihood of repeat sales. An assortment of interactions such as phone calls, emails, mailings and advertising need to communicate this unified message and experience. It is essential for each business unit to ensure a consistent and seamless experience for the advisor.

Automate targeted advisor communicationAdvisors are flooded with product information, specific processes, and regulations. It is imperative advisors feel like Securian is easy to do business with. Partnerships with advisors are strengthened through personalized targeted communication. Develop targeted communication and action messaging through data and metrics tracked in SalesForce. Automation of the data and processing is necessary to ensure the timely deployment of targeted communications, such as email or a postcard. Samples of automated targeted communication topics:Report Card UpdatesCheck-ins with high/low producing AdvisorsOpportunities for RecognitionEducation/Training OpportunitiesWebinar and Business-Building activitiesThese opportunities provide additional platforms for wholesalers to reinforce their relationships with advisors, further reinforcing the Securian brand and solidifying relationships.


Strategic Development for WholesalersCorporate Executive Board Sales Leadership CouncilInsights, based on research into the best practices of top sales organizationsMembership features: Peer BenchmarksDiagnosticsLive/Online Learning EventsKey topics:Inside SalesChannel PartnersKey account management

24Enhanced Communication Tactics & Strategic Development

Enter slide master view to editUtilize professional resources, such as the Corporate Executive Board (CEB) to improve strategic development of sales teams. The Corporate Executive Board Sales Leadership Co