nbf ankers feb 13
Post on 19-Oct-2014
108 views
DESCRIPTION
TRANSCRIPT
![Page 1: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/1.jpg)
Grow your business!National Bank Financial
TorontoFeb. 13,2013
Redefining Financial Relationships
![Page 2: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/2.jpg)
• Introduction…who cares?
• The state of business development in 2013
• Engage your existing clients and grow your business
• Attract more referrals
• Find your CFO/CEO hat
• Get and use client feedback
• What does “social media” mean for your future?
Agenda:
![Page 3: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/3.jpg)
Accretive Advisor™ is committed to helping Investors and their Financial Advisors create more successful financial relationships.
• Our goal is to redefine the relationship between investors and their financial advisors.
• We provide the resources and facilities that enable Investors who are serious about their money and Advisors who are serious about their business, to find each other.
Redefining Financial Relationships
About Accretive Advisor
ACCRETIVE: ‘WORKING TOGETHER TO ACHIEVE MORE’
![Page 4: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/4.jpg)
George Hartman & Tom Reimer
Managing PartnersAccretive Advisor Inc.
Through our combined 70 years working in the financial services industry, we have seen the great things that can happen when an Investor and an Advisor share high levels of trust and confidence.
Advisor Universe
• Our mission is to help great financial advisors become extraordinary advisors in a supportive, collegial community.
• An Accretive Advisor is part of a community of financial advisors who take their business seriously.
About Accretive Advisor
Redefining Financial Relationships
![Page 5: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/5.jpg)
Is this you?
I have spent the past (fill in your own number) of years building what I thought was a successful practice. Now my client base is:
Not valuing my advice AgingConverting assets into retirement incomeTransferring their money to children with
whom I have no relationshipDyingRefusing to come back into the market /
Looking for lower risk investmentsLeaving me for another advisor
![Page 6: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/6.jpg)
Is this you?
I spend more time on administration and client service than giving advice and developing business
I feel like the business is running me – rather than the other way around
My work/life balance is way out of whack – it isn’t much fun anymore
I have no idea how I will realize the value of this business that I have spent years building
![Page 7: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/7.jpg)
Growing your business in 2013
Redefining Financial Relationships
The old ways just don’t work anymore!
![Page 8: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/8.jpg)
Cold Calling
Redefining Financial Relationships
![Page 9: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/9.jpg)
Direct Mail
Redefining Financial Relationships
![Page 10: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/10.jpg)
Email Marketing
Redefining Financial Relationships
![Page 11: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/11.jpg)
Newsletters
Redefining Financial Relationships
![Page 12: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/12.jpg)
Seminars
Redefining Financial Relationships
![Page 13: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/13.jpg)
Referrals
Redefining Financial Relationships
If You Don't Exist On The Web, You Don't Exist!
![Page 14: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/14.jpg)
Grow your business…from within…or from without!
www.accretiveadvisor.com
![Page 15: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/15.jpg)
Critical Somewhat important
Neutral Not very important
Not at all important
0%
20%
40%
60%
80%
100%
40%48%
9%2% 1%
Good News…your clients need you!
Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
Your advice is perceived as Critical and Important in achieving their goals
![Page 16: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/16.jpg)
1. Engage more clients
2. Leverage already
engaged clients
16
Two strategies to grow your business
![Page 17: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/17.jpg)
“Satisfaction” has very little to do with “Growth”
1-5 6-7 8-9 100%
20%
40%
60%
80%
100%
Satisfaction rating (out of 10)
Per
cen
tag
e p
rovi
din
g a
re-
ferr
al
![Page 18: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/18.jpg)
Engaged18%
Satisfaction/ Loyalty
Referrals
Disgruntled
12%
Complacent14%
Content56%
20
“Engagement” is the new metric for growth
Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
![Page 19: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/19.jpg)
Engaged clients:
• are among the most satisfied and loyal clients
• place a high value on advice relative to the fees they pay
• put the advisor in the role of ‘trusted advisor’; co-ordinating across other professionals
• use their advisors on a multi-generational basis
• are more likely to have a financial plan
• trust you with a major share of their assets
• provide almost all referrals made across the industry
21
![Page 20: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/20.jpg)
Engage
Connect
Lead
Partner
You’re in control: Driving engagement in your existing clientele
22
![Page 21: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/21.jpg)
Connect…
![Page 22: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/22.jpg)
Connect:Engaged clients are more likely to expect and receive more plan reviews
24
![Page 23: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/23.jpg)
Connect:Engaged clients want an advisor who quarterbacks their other professional relationships
25
![Page 24: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/24.jpg)
Connect:Engaged clients are more likely to work with their advisor on a multi-generational basis
26
![Page 25: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/25.jpg)
Connect:Engaged clients are more likely to have a formal financial plan
27
![Page 26: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/26.jpg)
…and don’t forget the wives!
![Page 27: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/27.jpg)
Lead…
![Page 28: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/28.jpg)
Disgruntled Complacent Content Engaged0%
20%
40%
60%
80%
100%
43%49%
43% 44%
37% 22%41% 40%
Somewhat Important Critical
Pe
rce
nt a
ge
re
spo
nd
ing
‘ye
s’
Q. How important is it to you that your advisor demonstrate strong leadership?
30
Lead: All clients are looking for guidance from a strong leader
Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
![Page 29: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/29.jpg)
Disgruntled Complacent Content Engaged0%
20%
40%
60%
80%
100%
14%
53%
70%
87%
Per
cent
age
res
pond
ing
‘yes
’
Q. Do you consider your advisor a strong leader?
31
Lead:…but not all are getting it!
Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
![Page 30: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/30.jpg)
Partner…
![Page 31: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/31.jpg)
Disgruntled Complacent Content Engaged0%
20%
40%
60%
80%
55%
38% 39%
52%
12%
4%6%
12%
Somwhat Important Critical
Per
cent
age
of r
espo
nden
ts
Q. How important is it to you that your advisor asks you for feedback/input on the service that he or she provides?
33
Partner: All clients want a say
Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
![Page 32: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/32.jpg)
Disgruntled Complacent Content Engaged
29%
47%45%
76%
Per
cent
age
res
pond
ing
‘yes
’
34
34
Partner: …but most have never been asked for feedback!
Q. Has your financial advisor ever asked you for feedback on the service that he or she provides?
Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
![Page 33: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/33.jpg)
1. Engage more clients
2. Leverage already
engaged clients
35
![Page 34: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/34.jpg)
Disgruntled Complacent Content Engaged
20%
58%
75%
91%
21%
14%17%
34%
3%7%
0%
100%
Somewhat/Very Comfortable Referring Ask for a Referral
Has Referred
Per
cent
age
of r
espo
nden
ts
36
Focus on activating referrals from those most comfortable giving them
Source: The Economics of Loyalty Canada, Advisor Impact, 2011.
![Page 35: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/35.jpg)
37
Clients want to help their friends and advisor
Q: Which of the following best describes the motivation behind providing a referral to your advisor.
0%10%20%30%40%50%60%
40%
55%
5%
Pe
rc
en
tag
e o
f re
sp
on
de
nts
wh
o
pro
vid
ed
a r
efe
rra
l
37
Source: Advisor Impact, Economics of Loyalty Canada: 2011
![Page 36: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/36.jpg)
38
Clients must see a real need for your advice
Q: What were the circumstances of providing the last referral?
38
38
Friend
ask
ed fo
r a re
com
men
datio
n
Friend
des
crib
ed a
finan
cial c
halle
nge
Adviso
r ask
ed fo
r a n
ame
0%5%
10%15%20%25%30%35%40%45%50% 44% 42%
7%
Pe
rce
nta
ge
of
res
po
nd
en
ts w
ho
p
rov
ide
d a
re
ferr
al
Source: Advisor Impact, Economics of Loyalty Canada: 2011
![Page 37: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/37.jpg)
Tapping into the opportunity:Just ask…but don’t ASK!
“I noticed on our client feedback survey that you're willing to refer your friends and family to us…”
39
![Page 38: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/38.jpg)
Develop a formal Client Feedback program
www.accretiveadvisor.com
![Page 39: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/39.jpg)
46
Client Audit: Getting started
![Page 40: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/40.jpg)
47
Client Audit: Select questions
![Page 41: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/41.jpg)
48
Client Audit: Survey invitation
![Page 42: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/42.jpg)
49
Client Audit: Dashboard
![Page 43: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/43.jpg)
50
Client Audit: Program summary and Client profile
![Page 44: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/44.jpg)
51
Client Audit: Reports & tools
![Page 45: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/45.jpg)
A comprehensive Client Snapshot provides a high-level view of your business, showing aggregated information across all questions and then broken down by core objective: driving engagement, structuring and streamlining service and increasing revenue and referrals. A separate report captures all verbatim comments in a single location to help you quickly identify trends.
52
Client Audit: Client Snapshot
![Page 46: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/46.jpg)
You can see a completed survey for any client who responded to the survey simply by selecting the client name from a dropdown list. Use this report for an in-depth understanding of your most engaged clients or to identify potential problems with clients at risk.
53
Client Audit: View completed survey
![Page 47: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/47.jpg)
Use this report to view a list of all clients at risk, based on their overall satisfaction ratings. Assess current and future flight risk and identify those clients who should receive a direct follow-up call to discuss potential concerns.
54
Client Audit: Identify clients at risk
![Page 48: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/48.jpg)
Run target lists of all clients who are interested in individual service or cross-selling opportunities. Using this report you can identify those clients who have specifically expressed an interest in learning more about the services that you provide.
55
Client Audit: Uncover cross-selling opportunities
![Page 49: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/49.jpg)
Run a personalized meeting plan that will allow you to conduct a more effective review meeting, picking up on key responses from clients – satisfaction, expectations and revenue and referral opportunities. Use this report to focus your follow-up conversation in a way that will drive deeper and more productive conversations with your clients.
56
Client Audit: Personalized meeting plan
![Page 50: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/50.jpg)
57
Client Audit: Leveraging your reports
![Page 51: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/51.jpg)
Using Social Media to grow your business
![Page 52: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/52.jpg)
Social Media
![Page 53: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/53.jpg)
Social media allows more opportunities for connection. That is a financial advisor's bread and butter
![Page 54: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/54.jpg)
Financial advisors report high adoption levels of
social media for business
![Page 55: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/55.jpg)
LinkedIn is the preferred social platform among
financial advisors
![Page 56: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/56.jpg)
Social Network Use by Business Purpose
![Page 57: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/57.jpg)
New Clients Gained Through LinkedIn
Has your use of LinkedIn
for prospecting helped
you gain new clients?
![Page 58: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/58.jpg)
10 characteristics ofTop-Performing Advisors
1.Have a clear vision for your practice
2.Work on as well as in your business
3.Create a strategy to realize your vision
4.Understand what your target market wants
5.Define your value proposition - services, products & processes
![Page 59: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/59.jpg)
10 Things I’ve Learned fromTop Performing Advisors
6.Build a marketing plan to attract the clients you want
7.Use a disciplined methodology
8.Make every client relationship profitable
9.Recognize clients’ lifetime value
10.Create clients for life
![Page 60: Nbf ankers feb 13](https://reader035.vdocuments.mx/reader035/viewer/2022081412/5443cbcdafaf9fa0098b4626/html5/thumbnails/60.jpg)
Grow your business!National Bank Financial
TorontoFeb. 13,2013
Redefining Financial Relationships