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5 Dangers of Not Using Wealth Management CRM Advisors Websites
- 1. 11:00AM PT / 2:00PM ET
PC Audio Broadcast is Available
Conference Call: 1-877-668-4493
Meeting Number: 667 137 807
- 2. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Today’s Speaker
John Easton
Strategic Accounts – Wealth Management
John has been focused on CRM
technology for 15+ years, specializing
in product management and
developing strategic relationships at
Maximizer Software.
- 3. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
The Promise of CRM
• Increased revenue
• Scale growth
• Improved service
• Increased practice value
• Effective delegation
• Increased efficiency
The CRM Promise: Build and Manage
Relationships
- 4. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
The CRM Reality for Advisors
• Lack of time to manage and implement
• Limited technical expertise
• Potential a high upfront costs
• No clear ROI
• Fear of the unknown
- 5. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
A Changing Landscape
• Information overload
• Increasing expectation for levels of service
• Complex and shifting regulations for compliance
• Expanding competition and options for clientele
- 6. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
A Changing Landscape
• Information overload
• Increasing expectation for levels of service
• Complex and shifting regulations for compliance
• Expanding competition and options for clientele
- 10. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Where to begin?
What should you be asking of your CRM
technology?
What can I adapt or change to meet my
business goals?
How can a wealth management specific tool
help?
- 17. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Dangers of Limited Profile
• Lower level of client satisfaction
• Treated like number 028030-3
• Incomplete history of all client interactions
• Inability to segment clients to manage
service levels and find revenue opp.
- 18. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Client Profiles
4 Core Areas of a Client Profile:
• Demographics— Age, gender, employment status,
relationship status, family position, corporate position
• Compliance – Risk tolerance, investor acumen, objectives
• Goodwill - Record what’s really important to the client or
prospect. Data that you will want to record is family members,
charities supported, religious preference.
• Financial Objectives- The minimum data set here would be a
place to record and easily retrieve information on financial
profile, history and investments
- 19. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Focus on the ‘C’ in KYC
• Intuitive data capture to eliminate administration
• Easy to change and adapt
• What data is required today versus next year?
• Foundation of ‘real’ client engagement
• Make KYC data work for you
• Segment data to prioritize client management
- 20. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Create a ‘One View’ World
• One view of client history
• Notes, calls, emails and client profile
• Shared view of core client information
• Key details NOT all information
• Delegation of tasks and activities
• Shared calendar of team schedule
Goal: Visibility + Collaboration
- 23. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Why is technology crucial?
• Preserve the practices' business value to enable
retirement
• Ability to recruit and train new talent are
important to continuity planning
• Vital that advisers have the right technology in
place to support the future of their businesses
- 24. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Evaluating Book Value
• How would you articulate the value of your
business?
• How would a potential buyer/partner clearly see
this value?
• Well managed CRM versus Ad-Hoc process
- 27. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Expectations for ‘Unique’ Service
• Do you have the ability to segment clients by
service level?
• All information available? At any time?
• Customized service plans based on
demographics?
• Millennial versus Boomers Versus New Clients
• Ability to customize communication
• Best mix of phone, email, text?
- 29. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Monitoring Metrics
• Measure
• Personal performance targets versus firm targets
• Performance to revenue goal
• New customer acquisition
• Volume of potential client pipeline
• Monitor
• Dashboard of top client
• Group performance to revenue target
• Performance versus YoY or historical expectations
• Client service levels
Goal: Business performance forecasting
- 32. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Process Overload
• How much of your day-to-day process is
repeatable?
• Trade Recommendation, Prospect Meeting
• Identify repeatable process
• Map a flow of tasks for recurring events
• Create shared ‘Action Plans’ with all
stakeholders
- 33. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Process Overload
• Develop a repeatable workflow within CRM
• Shared responsibility for process
• Identify ‘special/difficult’ clients for special
treatment
• Look for opportunities to delight clients
Goal: Save Time + Delight Clients
- 34. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Action Plan:
Client Meeting
IA to
complete
and return
NCAF/KYC
for fastapp
forms.
Assistant
completes
and prints
fastapp.
Client/IA
sign wet
fastapp
Void
Cheque
Received
DL Copy
Received
FastApp
Docs
dated and
signed
Docs
upload
onto
fastapp.
Email
Mandator
y Client
Package
Update
CRM
Client
profile
notes and
meeting
follow up
task
- 36. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Investment Advisor Team
Investment
Advisor
Administration
Assistant
Associate,
Portfolio Solutions
Investment
Advisor
Administration
Assistant
Associate,
Portfolio Solutions
Regional
Office
- 37. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Business Goals
• Existing Clients
• Provide the highest level of service to existing clients
• Expand the depth of service offerings provided
• New Clients
• Efficiently process new account openings
• Repeatable, highly efficient new client process
• Potential Clients
• Identify and manage pipeline of new potential clients
• Effectively communicate and develop a client profile
- 38. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
The Business Challenge
• Time Management
• Internal Information Management
• External Information Management
• Developing a Financial Snapshot
• Integrated technologies built around a CRM so that
an advisor can see a 360 degree view of their client
• Managing Compliance
• Using CRM to maintain critical compliance trail
- 39. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
The Solution
• Developing a process for all stages
• Simplified and repeatable client process
• “Action Plans” for each stage
• KYC Review
• Client onboarding process
• Daily Action Plan
• Hotlist tasks, alerts and follow up activity
• Manage and delegate across team
• Segment by prospects and customers
- 40. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Case Study Results
• Efficiency in Process
• Creation of repeatable business process in the CRM
• Value of complete information
• Increased discipline within meeting notes
• Bigger picture of unique client needs
• Automation to save time
• Transactions you need to avoid
• Lower costs of staff per client
• Easiest process to follow Ex: Quarterly Reviews
• Ensuring a consistent client experience
- 41. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Results of Industry Specific CRM
• Value of complete information
• Increased discipline within meeting notes, email correspondences
• Bigger picture of unique client needs
• Efficiency in Process
• Creation of repeatable business process in the CRM
• Automation to save time
• Streamline common Tasks and Activities
• Lower costs of staff per client
• Easiest process to follow Ex: Quarterly Reviews
• Ensuring a consistent client experience
• Happier clients means more Business!
• You are always onside with the regulators
• You’ll be sleeping better
- 42. © 2014 Maximizer Software Inc.WWW.MAXIMIZER.COM
Visit: maximizer.com/wealth
Email: jeaston@maximzier.com
Call: 1-800-804-6299