asset accumulation series webinar 6 of 7: segment your client base september 24, 2014
TRANSCRIPT
Agenda
• Overview of ActiFi and the 2014 Redtail Webinar Series
• Recap of Previous Session
• Business Development Process: Segment Your Client Base
• ActiFi
• Why it is important
• How to define requirements for Redtail on paper
• Redtail
• Translating requirements from paper to technology
• How to make it work on Redtail
• Q&A
• Preview the next Webinar in the SeriesAll Rights Reserved to
ActiFi2
How much benefit does an advisor/planner get if they use their old processes on the new technology?
Answer: NONE
Overview/Define Your Process
Define Classifications and
SourcesDefine Stages Identify Default
Next StepsCreate Pipeline
ReportSegment Your
Client Base
Analyze Your Client Base/Identify Ideal
Opportunities
Define Your Business Development Process
Define Your Classifications
Classifications are the kinds of relationships you have with people
from the time you first hear about them until they become a client.
Examples include:
• Lead: Not acquainted, acquired contact info by referral or some other method
• Qualified Lead: Determined to be a good “fit”
• Prospect: Not yet a client, building a relationship
• Client: With an opportunity or life event on the horizon
• Center of Influence: Not necessarily a client, but a potential or existing referral source
• Affiliated Professional: Tax attorney, divorce attorney, insurance agent, etc.
Write down your exact words and how you define them
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Define Your Source Types and Names
Source Types and Names help you identify where a prospect came from.
Source Types are broader categories, while Source Names indicate which specific Source Type generated the prospect.
Write down your exact words and how you define them for your Source Types.
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Examples of Source Types
Examples of Source Names
Marketing Campaign Direct Mail, Newsletter
Center of Influence COI Name
Affiliated Professional Attorney name, CPA name
Personal Networking Rotary, Kids’ soccer
Event Social Security Education seminar
Define the Stages in Your Pipeline
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Get contact info
Introduction
Discovery
Proposal
Commitment
Onboard
Stages define where you are in the sales process with each prospect
Write down your exact words and how you define them
Define the Processes for the Stages in Your Pipeline
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Get contact info
Introduction
Discovery
Proposal
Commitment
Onboard
Each Stage has a process outlining the steps involved, what materials are used or introduced, what role is responsible, and the due date.
Depending on the advisor and the prospect, the time and number of steps involved to move to the next Stage may vary.
Business Development – The Golden Rule
Always, ALWAYS, ALWAYS, ALWAYS have a time specific NEXT STEP attached to every
opportunity!
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Determine Your Pipeline Report Format
You need a tool that you can review regularly, that shows the next steps due in the next two weeks for each name in your pipeline.
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16For illustrative purposes only
Determine Your Pipeline Report Format
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17For illustrative purposes only
Segmenting Your Clients – Qualitative Criteria
In no particular order:
• How big (AUM, Revenue, etc) is the client?
• What AUM/Revenue/Referral/COI potential does the client have?
• How profitable is the client?
• Has the client referred business?
• Is the client willing to refer business?
• Is the client a center of influence (COI)?
• Is the client a business owner?
• Is the client part of my ideal target market?
• Is the client reasonable?
• Do I like working with the client?
• On a scale of 1-10, how close is the client to my picture of a "perfect" client?
Of course, the above criteria can be individual weighted for the purpose of formulating a scoring system.
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Managing Your Sales Process on Redtail
Terminology and language really matter. Identify and define your terms and make sure everyone is in agreement.
Balance optimism and realism in your opportunity forecasting.
You can’t monitor what you don’t measure. Accurate data is important, but only to the extent that it serves management review and decision-making.
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Managing Data on Redtail -- Tips
Redtail is your data source. Excel is a tool used to manipulate the data, not to store it.
Talk to Redtail about tips and tricks they have to manage your client data.
This is not a one-time project. Things are always changing with your clients. You should review your data regularly to make sure your data remains accurate.
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Overview/Define Your Process
Define Classifications and
SourcesDefine Stages Identify Default
Next StepsCreate Pipeline
ReportSegment Your
Client Base
Analyze Your Client Base/Identify Ideal
Opportunities
Next TimeWednesday, October 8th
4:00 Eastern/1:00 Pacific
Today’s presentation and slides (along with all webinars in the Series) will be made available by Redtail via
email to the link below:
All Rights Reserved to ActiFi
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http://help.redtailtechnology.com/entries/52534094-Redtail-Presents-ActiFi-s-Asset-Accumulation-Series-
Questions?
Brian Kostick763-746-1267
Rick Williamson800-206-5030 x1067