Here’s the good news:
Opportunity
Growth
Better client
relationships
Annually
Time of
Transaction
Account
Opening
Transaction costs
& any deferred
costs
(if applicable)
Relationship Disclosure:
products & services
being offered & charges
the client should expect to
pay
Summary in dollar
terms of compensation
received by the dealer
& costs incurred by the
client
:
Contributions:
Capital:
Returns:
Opening value of
cash & securities.
Withdrawals from
account for
reporting period and
since inception
Net invested capital
for the reporting
period and since
inception expressed
in dollar terms.
Include distributions
from investments
Percentage returns
over one, three, five
& 10 years
Returns since their
account was
opened
Preparation
Runway
Requirements
•
•
Regular quarterly account statements or monthly if requested
Provide clients with 60 days notice of new or increased
operating charges
RDI must contain a complete description of operating and
transaction charges
Implementation
Date
July 15th, 2013
Now*
•
2013*
•
•
•
Pre-trade disclosure of all charges
Enhanced content of trade confirmations
Additional Benchmark Information
July 15th 2014
2014*
•
•
More thorough account statements
Position cost information
July 15th, 2015
• DSC information on trade confirmation
• Report summary on charges and other compensation
2015*
• Performance Reporting: money-weighted basis
*All requirements are ongoing
July 15th, 2016
DEVELOP BETTER CLIENT RELATIONSHIPS
Practice
Management
Technical
Expertise
Interpersonal
Excellence
Advisor
Success
Framework
Team & Self
Development
Adapted from: Deloitte. The future of financial advice
Client
Engagement
Business
Development
Practice
Management
Technical
Expertise
Interpersonal
Excellence
Advisor
Success
Framework
Team & Self
Development
Client
Engagement
Business
Development
Adapted from: Deloitte. The future of financial advice
Better Client
Relationships
Practice
Management
Technical
Expertise
Interpersonal
Excellence
Advisor
Success
Framework
Team & Self
Development
Client
Engagement
Business
Development
Adapted from: Deloitte. The future of financial advice
Deeper Discovery
Nurturing Relationships
Greater Trust
Stronger Leadership
Your Value Proposition
Centres of Influence
Practice
Management
Technical
Expertise
Interpersonal
Excellence
Advisor
Success
Framework
Team & Self
Development
Client
Engagement
Business
Development
Adapted from: Deloitte. The future of financial advice
Interpersonal
Excellence
The old conversations are not enough
Deep discovery ≠ fact finding
Goal of conversations:
Talk
Discover
Connect
Interpersonal
Excellence
History and Values
Goals
Relationships
Income & Assets
Process
Interests
Source: Adapted from CEG Worldwide
Interpersonal
Excellence
Client
Assets, Liabilities &
Insurance
Goals
Relationships
History & Values
Homes, cottages, etc.
Personal goals for right now
Most important relationship
Attitude towards money
Bank Accounts
Future spending habits
Relationships with
parents/extended family
Investments
Retirement & Inheritance
planning
Insurance
Family goals
Working relationships
Community relationships
Worries & concerns which
could impact goals
Advisors
Best accomplishments to date
Current financial advisor/plan
Time when most satisfied with
financial position.
Spending habits
Current lawyers,
accountants,etc.
Attitude towards advice
Source: Adapted from CEG Worldwide
Employment history
First memory of money
Liabilities
Income
Parents: careers & influence
Defining moments
Most important thing about
money
Beliefs about money: how it’s
earned and saved/spent
Interpersonal
Excellence
Interpersonal
Excellence
Your clients:
Your service offering:
Attitudes
Customized
Lifestyles Opinions
Source: CSI – What Affluent clients want
Holistic Strategic
Interpersonal
Excellence
Client
Advisor
Portfolio
construction
L aterlife
Investment
management
Wealth Planning
I
nsurance
F amily
E state Planning
Transition/Career
Planning
Premature
Death
Children
Parents
Will/POA
Pension
Disability
Education
Living
Expenses
Tax
Strategies
CPP/OAS
Critical
Illness
Start in life
Caregiving
Beneficiaries
Living
Expenses
Asset
Protection
Charities
Business
Succession
Interpersonal
Excellence
Towill Family
Advisor
Portfolio
construction
L aterlife
Transition/Career
Planning
Investment
management
Wealth Planning
I
nsurance
F amily
E state Planning
Premature
Death
Children
Parents
Will/POA
Pension
Disability
Education
Living
Expenses
Tax
Strategies
CPP/OAS
Critical
Illness
Start in life
Caregiving
Beneficiaries
Living
Expenses
Asset
Protection
Charities
Business
Succession
www.ci.com/pd
Interpersonal
Excellence
Qualitative
Nurturing
Develops relationship over time
with multiple conversations
Provides strategic solutions
to maximize impact
Source: adapted from CEG Worldwide – Mastering Conversational Marketing
Interpersonal
Excellence
Topic Ideas:
Healthy aging: fitness over 50
Retirement success: non-financial
Life transitions
Divorce
Eldercare
Sudden wealth
Bereavement
Second marriage
Source: Taking on the Role of Lead Advisor – Knowledge @ Wharton
Interpersonal
Excellence
Source: Manse Capital UK
Practice
Management
Technical
Expertise
Interpersonal
Excellence
Advisor
Success
Framework
Team & Self
Development
Client
Engagement
Business
Development
Adapted from: Deloitte. The future of financial advice
Client
Engagement
Trust = Credibility + Reliability + Intimacy
Self-Orientation
Source: Trusted Advisor Associates 2007
Client
Engagement
Trust =
(worthiness)
Source: Trusted Advisor Associates 2007
C
R
S
I
Client
Engagement
Trust = C + R + I
S
Credibility
Incorporate client testimonials
Explain your process
Reliability
Intimacy
Deliver on what you say you will do
Go above and beyond
Ask high value questions
Make clients feel comfortable to share
Source: Trusted Advisor Associates 2007
Client
Engagement
Trust = C + R + I
S
Focus on the client’s wellbeing
SelfOrientation
Spend more time listening than talking
Realize that perceptions matter
Source: Trusted Advisor Associates 2007
Client
Engagement
Have a positive
vision for your
clients’ future
Motivate your
clients to have
a plan
Demonstrate
your expertise
& knowledge
Take concrete
steps to
implement their
plan
Client
Engagement
Motivation
+
+
+
=
Vision
Expertise
Implementation
www.ci.com/pd
Practice
Management
Technical
Expertise
Interpersonal
Excellence
Advisor
Success
Framework
Team & Self
Development
Client
Engagement
Business
Development
Adapted from: Deloitte. The future of financial advice
Business
Development
CLIENT’S
MONEY
Investments
CLIENT’S
LIFE
CLIENT’S
MONEY
CLIENT’S
LIFE
Financial Planning
CLIENT’S
MONEY
CLIENT’S
LIFE
Wealth Planning
Holistic
Financial
Advice
Business
Development
Customized
Wealth Planning
Comprehensive
advice
General
advice
Factual
information
Source: Deloitte. The future of financial advice
Retirement
planning
Estate
planning
Education
planning
Tax
mitigation
Asset
protection
Charitable
giving
Wills and
Power of
Attorney
Business
succession
planning
Business
Development
Things that matter
to the client
Things you do well
Value
Proposition
Value Proposition
=
Your Brand
www.ci.com/pd
Business
Development
Do your homework
Speak their language
Look for less obvious COIs
Show COIs how to refer you
Keep top-of-mind
Source: Advisor.ca – Closing the Gap
Business
Development
Access to specialized expertise
Consistent service delivery
Strong reputation & image
Integrity & personal fit
A long term relationship
focused on mutual growth
Business
Development
57%
Referrals from lawyers
29%
Referrals from accountants
10%
Referrals from clients
Source: CEG Worldwide – All the right moves
Practice
Management
Technical
Expertise
Interpersonal
Excellence
Advisor
Success
Framework
Team & Self
Development
Client
Engagement
Business
Development
Adapted from: Deloitte. The future of financial advice
Deeper Discovery
Nurturing Relationships
Greater Trust
Stronger Leadership
Your Value Proposition
Centres of Influence
Develop a plan
C o n d u c t t h e Va l u e Te s t o n t o p c l i e n t s
Prepare your 31-103 approach
Be confident & positive
Client Type
A
B
C&D
2013
2014
2015
• Highlight your Value
Proposition.
• Conduct Value Test.
• Meet face to face
with clients for fee
conversation.
• Highlight your
Value Proposition.
• Discuss new
statements and
fee disclosure at
review meeting.
• Highlight your
Value Proposition.
• Update clients on
progress with
changes & ensure
they understand
new statements.
• Phone to discuss new
changes. Discuss in
depth at next review.
• Highlight your
Value Proposition.
• Offer clients a
check up using
results of The
Value Test.
• Highlight your
Value Proposition
• Discuss new
statements &
disclosure at
review meeting.
• Prepare a letter
outlining the new
changes and how
they will impact your
clients.
• Phone clients to
discuss new
statements and
fee disclosure.
• Offer clients a
check up using
results of Value
Test.
As a wealth advisor, I…
1.
Spend sufficient time managing my client’s account and contact them
regularly with relevant information.
2.
Explain my process and why I am recommending a particular course of
action.
3.
Always make my client feel comfortable speaking about any issue that
could potentially impact their planning needs.
4.
Have a written service agreement in place spelling out what I am providing.
5.
Conduct ongoing deep discovery and provide regular detailed reviews on
plans and progress.
6.
Provide a comprehensive financial plan customized to my client’s situation
that will ensure they meet their financial goals.
7.
Give full disclosure of my fees and how I am compensated.
8.
Discuss tax mitigation, estate planning, education savings, charitable giving
and business succession planning.
9.
Deliver personal service and have a deep understanding of my client’s
opinions, lifestyle and attitudes.
10.
Discuss ongoing strategies to ensure my client will have enough money for
their desired retirement lifestyle.
Yes
No
What it
means for
your clients
How you are
embracing it
Why it’s
better for
both of you
Best phrases…
“I wanted to speak to you about some
interesting changes to enhance the level
of service we provide.”
“I’m excited to tell you about some
adjustments we’ve made to improve your
investment experience.”
What not to say…
“I’m being legislated to tell you how much
you pay me.”
“The regulators say I have to provide
more information to you than I used to.”
T
R
U
S
T
Without the
conversation
Advisor value not
demonstrated
Existing client relationship
31-103
+
T
R
U
S
T
Increased openness
Improved client
confidence
Deepened relationships
Advisor value
demonstrated
Existing client relationship
The conversation
31-103
New client relationship
This is an opportunity for you to conduct deeper discovery
with clients & nurture them to build loyalty
The impact will be a far greater level of openness & trust
with clients leading to stronger, more valued relationships
Advisors who thrive in this new environment will
continue to grow by honing their value proposition
& developing productive COI relationships
www.ci.com/pd
www.ci.com/pd
Interpersonal
Excellence
Deeper Discovery
Nurturing Relationships
Client
Engagement
Business
Development
Greater Trust
Stronger Leadership
Your Value Proposition
Centres of Influence
Adapted from: Deloitte. The future of financial advice
• Life comes at us fast.
• Wealth Planning for LIFE
• Tips for Trust Equation
• Leadership workbook
• BRAND workbook
Advisor Need
Retaining
clients
and
Solution
ensuring
loyalty
C l i e n t
R e t e n t i o n
Managing client fears and emotions in a difficult market
Conquering
Understanding clients more deeply to deliver more value
C l i e n t
Uncovering more client needs to provide relevant solutions
Client Centric Selling Skills
Positioning you r unique brand in a competitive market
B
Helping investors reduce mistakes that lead to bad decisions
M i n d f u l
Preparing clients for retirement and reducing their anxiety
New
Providing
T u r n i n g
unique
value
to
HNW
clients
r
a
Client
Fatigue
D i s c o v e r y
n
d
i
n
g
I n v e s t i n g
Retirement
u p
Realities
t h e
H e a t
Disclaimer
Thank you
For Advisor Use Only
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please
read the prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the
indicated rates of return are the historical annual compounded total returns including changes in security value. All performance
data assume reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional
charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their
values change frequently and past performance may not be repeated.
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