For institutional use and registered representative use ...€¦ · letter/email. Client Reviews....
Transcript of For institutional use and registered representative use ...€¦ · letter/email. Client Reviews....
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For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.
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WHAT TOP ADVISORS & TEAMS ARE DOING TODAY
John CianciulliPresident, Team Edge Consulting
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What the Top Advisors/Teams are doing Today
Strategies, tactics & best practices to drive growth, enhance client loyalty and advocacy, and run a proactive practice
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Top Advisors Best Practices• Client Engagement• Manage Capacity & Scalability• Operational Excellence• New Business Focus• Goal Setting & Accountability• Teams & Partnering• Embracing change
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Client Engagement
• Differentiation• Proactive outreach; systematized• Personalization• HNW Client Experience• Current strategy
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Service Model Execution
Segmentation Service Standards Automate Execute
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Client Service MatrixPlatinum: • Contact: monthly, or as per client preference• Reviews: comprehensive annual; in person• Return Call Guideline: within 2 hours• Portfolio Solutions: personalized, within team guidelines• Acknowledgements/Gifts: personalized, annually and/or milestones• Client Appreciation Events: annually or semi-annually• Accountant Outreach: in person, if possible; tax preparation
call/email• Online Access Assistance: in person, if possible• Drip Strategy: client preference; personalize • Other:• Other:
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Current Strategy
Market Volatility email
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Managing Capacity & Scalability • Fee compression conundrum• Rule of 1440• 93% Rule• Scalability best practices
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Scalability Best Practices
• Proactive client engagement• Conscious vs. unconscious capacity management• Book management process (upstream)• Teaming• Business focus/Strategic partnering• Operational excellence• Systems & processes/playbook• Business decisions
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Systems/Processes
• What is a system• Why they’re important• A comprehensive approach• How to build systems
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What is a System?
“A set of principles or procedures according to which something is done; an organized scheme or method.”
New HH On-Boarding
Enter data into CRM
Welcome packet
First draft – 3 weeks prior
Reminder letter/email
Client Reviews
Pipeline Management
Ranking criteria
Contact matrix
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Benefits of Systems
• Efficiency• Consistency• Scalability• Creativity
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T Systems/Processes
New Business
Development
Client Experience
Practice Management & Operations
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New Business Development • Prospecting• Pipeline Management• Discovery• Marketing & Branding• Professional Networks• Social Media• Goal Setting & Accountability
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Client Experience
• Client Segmentation• Service Standards• Service Differentiation• Client Service Matrix• Client Discovery• Client Reviews• Client Office Visits & Phone Interaction
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Practice Management & Ops • Role Delineation• Team Meetings• DISC & Communication• Investment/Wealth
Management Process• Asset Management Review
• Work Flow Management• Profitability & Price
Realization• Team Ground Rules• Capacity & Book Optimization
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How to Build Systems
• Assess• Prioritize• Collaborate/Story-board• Custodian
New HH On-Boarding
Enter data into CRM
Welcome packet
First draft – 3 weeks prior
Reminder letter/email
Client Reviews
Pipeline Management
Ranking criteria
Contact matrix
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For financial professional use only. Not for public viewing or distribution.
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New Business Focus• Top of mind/priority• Compelling Value Proposition• Ideal Client• Goals & Measurement• Processes/Pipeline Management• Accountability• Time blocking• Wallet share; comprehensive wealth management
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Comprehensive Wealth Management
• Investment Management• Liability Management• Liquidity• Generational• Estate• Philanthropic
• Income Planning• Longevity Risk• Risk Management• Education • Retirement• Tax Planning
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Comprehensive Wealth Management
Wealth Accumulation Wealth Protection Wealth Distribution/Transfer
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Positioning Wealth Management
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Build & Protect Wealth
Maintain Lifestyle
Develop a Lasting & Impactful
Legacy
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Goal Setting & Accountability• 1, 3 year plan• Ideal Practice vision• Business decisions and execution to move toward Ideal Practice• Measurement• Business Planning as a process• Accountability processes vs. person
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The Team Edge • Synergy; outperformance• Role Delineation/Play to Strengths• Wealth Management Approach• Collaboration• Client Perception/Preference• Scalability• Succession Planning/FAP• Qualitative benefits
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Teams create deeper, more lasting relationships with clients.
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PriceMetrix: A Winning Formula – Teams in Retail Wealth Management, October 2015For financial professional use only. Not for public viewing or distribution.
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Partnering & COI’s • Broaden capabilities• Leverage strengths• Broaden wealth management platform• Differentiation• Enhance service model• Client acquisition
26COI Opportunities
Client Acquisition
Wealth Management
Platform
Enhanced Service Model
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Evolving to Grow
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Accept & embrace change“If you don’t like change, you’ll like irrelevance even less.”Eric Shinseki, Army General
“We cannot solve our problems with the same thinking we used when we created them.”Albert Einstein
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Top Advisors Best Practices• Client Engagement• Manage Capacity & Scalability• Operational Excellence• New Business Focus• Goal Setting & Accountability• Teams/Partnerships/COI’s• Embrace change
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The guest speaker is neither an employee nor affiliated with Morgan Stanley Wealth Management or DWS. The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley or DWS. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and DWS, and Morgan Stanley and DWS make no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley or DWS. Morgan Stanley and DWS are not responsible for the information, data contained in this document. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results.
30DWS and Team Edge Consulting are not affiliated.The companies shown in this presentation are not a recommendation by
DWS of those companies R-067156-1 (4/19)
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For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.