client value greg hansen enterprise 121 november 22, 2006
TRANSCRIPT
Client Irritants
Enzyme client value discovery research – March 2004
2. Lack of simple, relevant & honest communication2. Lack of simple, relevant & honest communication
3. Poor accessibility, service & follow up 3. Poor accessibility, service & follow up
1. You don’t know me, value me & reward my loyalty1. You don’t know me, value me & reward my loyalty
4. Not acting in my best interests4. Not acting in my best interests
5. Investment returns not to expectation5. Investment returns not to expectation
6. Product range & services inflexible & limited6. Product range & services inflexible & limited
7. Poor breadth & depth of planner knowledge7. Poor breadth & depth of planner knowledge
Agenda
1. Irritations
2. The Big Picture
3. Client value
4. Negotiating your value – 4 elements
5. Questions
The Big Picture
“Materialism is the dominant characteristic or our era. Our descendants will look back on the last part of the 20th century and the early part of the 21st as the Age of Materialism.”
Ross Gittins
Credit and charge card statistics
Date Transactions Accruing Interest Total
Sept 86 799 3095
Sept 96 2468 7034
Sept 01 7330 16755
Sept 06 15371 26514 37176
Source: Reserve Bank of Australia
Issues
1. Increase in the competitive environment
2. Commoditisation and misunderstanding of elements of financial planning
3. Increasing trend (and industry pressure) to fee for service
4. Increased pressure on margins, profits, market growth and costs
Client Value
Enzyme client value discovery research – March 2004
2. Personal client relationship with my interest at heart2. Personal client relationship with my interest at heart
3. Honesty, trust and integrity 3. Honesty, trust and integrity
1. Consistently positive performance net of expenses1. Consistently positive performance net of expenses
4. Planner reliability and competence4. Planner reliability and competence
5. Full range of related advisory services5. Full range of related advisory services
6. Proactive personalised communication6. Proactive personalised communication
7. Flexible products with no penalties7. Flexible products with no penalties
The Advice Value Hierarchy
Life enhancement
Smart with money
Results and rewards
Guidance on the journey
Clear plan of action in place
Affairs organised and co-ordinated
Client Irritants
Enzyme client value discovery research – March 2004
2. Lack of simple, relevant & honest communication2. Lack of simple, relevant & honest communication
3. Poor accessibility, service & follow up 3. Poor accessibility, service & follow up
1. You don’t know me, value me & reward my loyalty1. You don’t know me, value me & reward my loyalty
4. Not acting in my best interests4. Not acting in my best interests
5. Investment returns not to expectation5. Investment returns not to expectation
6. Product range & services inflexible & limited6. Product range & services inflexible & limited
7. Poor breadth & depth of planner knowledge7. Poor breadth & depth of planner knowledge
Client Value
Enzyme client value discovery research – March 2004
2. Personal client relationship with my interest at heart2. Personal client relationship with my interest at heart
3. Honesty, trust and integrity 3. Honesty, trust and integrity
1. Consistently positive performance net of expenses1. Consistently positive performance net of expenses
4. Planner reliability and competence4. Planner reliability and competence
5. Full range of related advisory services5. Full range of related advisory services
6. Proactive personalised communication6. Proactive personalised communication
7. Flexible products with no penalties7. Flexible products with no penalties
Client Irritants
Enzyme client value discovery research – March 2004
2. Lack of simple, relevant & honest communication2. Lack of simple, relevant & honest communication
3. Poor accessibility, service & follow up 3. Poor accessibility, service & follow up
1. You don’t know me, value me & reward my loyalty1. You don’t know me, value me & reward my loyalty
4. Not acting in my best interests4. Not acting in my best interests
5. Investment returns not to expectation5. Investment returns not to expectation
6. Product range & services inflexible & limited6. Product range & services inflexible & limited
7. Poor breadth & depth of planner knowledge7. Poor breadth & depth of planner knowledge
Client Value
Enzyme client value discovery research – March 2004
2. Personal client relationship with my interest at heart2. Personal client relationship with my interest at heart
3. Honesty, trust and integrity 3. Honesty, trust and integrity
1. Consistently positive performance net of expenses1. Consistently positive performance net of expenses
4. Planner reliability and competence4. Planner reliability and competence
5. Full range of related advisory services5. Full range of related advisory services
6. Proactive personalised communication6. Proactive personalised communication
7. Flexible products with no penalties7. Flexible products with no penalties
Client Value
Outcomes• Economic value
• Psychological value
• Transformative value
Relationship• Empathy
• Likeability
• Trust
Advice quality• Relevance
• Comprehensiveness
• Efficiency
Service quality• Accessibility
• Responsiveness
• Ease of doing business