Building Value For Your
Clients
November 19, 2013
403-478-1474
april@thepersonalcoach.ca
Value: Anything that builds
confidence in the client’s mind
that they are getting direction
and leadership from a
professional, adds to their peace
of mind and has worth to them.
Outline
Why
Change Management
What clients value
9 Value Areas
How to Implement
National
Instrument
81-407
31-303
Who Moved My Cheese?!
Value
Perception
Price
What do clients value?
Communication: Importance by Gender
The 2012 Affluent Investor Study
Communication: Importance by Gender
The 2012 Affluent Investor Study
Financial Services: Importance by Gender
The 2012 Affluent Investor Study
Financial Services: Importance by Gender
The 2012 Affluent Investor Study
Alberta Investors
Investors who think fees have the most
impact on performance – 3%
Received a document outlining
compensation - 15%
21% - offered estate planning
35% - had a specialist brought in
61% - got a written financial plan
What clients will pay for
Cash flow and debt management
Divorce advice
Actual documents (picture)
Estate and tax planning
Charitable giving
Investment planning
Education planning
9 Areas
1.
2.
3.
4.
5.
6.
7.
8.
9.
New Client Development Process
Needs Analysis
Leadership
Credentials/Courses
Client Relationship Management
Meeting preparation
Team
Brand
Feedback
1 – New Client Development Process
Define your process
What makes it unique and valuable?
Name it
Demonstrate your process with a graphic
Create a rewarding and pleasing experience
for your clients
Brand it!
McSquared Process
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Compatibility meeting
Identifying your concerns/issues/goals/priorities
Gathering data/statements
Gap analysis completed by Ken
Building of draft plan by Ken
Presenting the draft plan
Discussing the engagement letter
Building an action plan
Implementation
Timely follow-ups and reviews
6 Step Financial Planning Process
1.
2.
3.
4.
5.
6.
Establish the client-planner engagement
Gather client data & determine your goals
Identify problems & opportunities
Develop and present the financial plan.
Implement the financial plan
Monitor and review
2 – Needs Analysis
High Gain Questions
• Tell me about your family/business?
• What is your biggest financial concern?
• If we were meeting here 2 years from now, what has
to have happened for you to feel we were
successful?
• What are your expectations of me?
• How do you deal with volatility in the market?
• What would happen to your family and your
financial plan if you had died yesterday?
• Describe what your retirement would be like.
Emotional Connections
Fact Finder
Calculators
3 – Leadership
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Vision
Recommendations
“Tell me what I should be doing in my
unique situation”
Experts
Holistic planning
Implementation
4 – Credentials/Courses
5 – Client Relationship Management
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Segmentation
Relationship Management
Process
Technology
“GAP” for Growth
G = Growth
A = Active
P = Passive
Contact
Key Value
Driver: “A”
Class Contacts
Fewer than 6
times per year
Revenue per
Principal
Increase in
Revenue
$368,168
Between 6 and
$447,443
12 times per year
22%
More than 12
times per year
68%
$619,235
Contact/Relationship Strategies
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Face to face meetings
A plan that gets updated regularly
Phone calls
Newsletters
Special cards
Recognition of life events
Client appreciation
Invites to social events
Gifts
Kayal Financial Solutions
Service Matrix
FORM
6 - Meeting Preparation
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Case preparation
Meeting agendas
Post client meeting notes
Do a true ‘client’ review
Client Meeting Agenda
1.
2.
3.
4.
5.
6.
7.
Viewpoint/From my Perspective/Scorecard
Client Concerns – Additions to Agenda
Insurance Review
a. Review and Discuss Insurance Summary
b. Discuss current needs
Investment Review
a. Review Current Portfolios
b. Investor Profile
c. Discuss Reallocations (if necessary)
d. Update KYC (if necessary)
Goals, dreams, aspirations
Service & Value Discussion
Arrange Next Meeting
7 - Team
• Help deliver the client experience
– Process with accuracy
– Service
– CRM
• Hire the right people
• Introduce key staff
• Promote your team
Virtual Teams
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Insurance Specialist
Investment Manager
Advanced case specialist
Bookkeeper
Professional Organizer
Corporate Concierge
Estate planner
Fee only financial planner – i.e Planiste
Social media
8 – Brand
Client
Client Acquisition
Acquisition
Joe’s Office
9 – Feedback
• Increase revenue by 30%!
• Tailor services to better meet needs and
expectations
• Shows your dedication to consistently
improving your service
• Open a new dialogue
• Educate clients on enhancements to the
service suite
• Take action
Cupcake
Tips to Implement
1. Value inventory
2. What is your current pricing strategy?
3. Get feedback from clients on what they
value
4. Write out your client development process
5. Do post client meeting notes
6. Complete the Value Ladder
7. Timeline and action lists
• Call to action
• Fill out the paper
“It
is not the strongest or the most
intelligent who will survive but
those who can best manage
change.”
― Charles Darwin