7 steps to build book value with crm technology
TRANSCRIPT
The Promise of CRM • Increased revenue • Scale growth • Improved service• Increased practice value• Effective delegation• Increased efficiency
The CRM Promise: Build and Manage Relationships
Reality for Financial Advisors48% of advisors said they need help in at least six of the seven areas of CRM – ActiFy, Inc 2011
25% of financial advisors said they do not use a CRM. – Aite Group 2012
The CRM Reality for Advisors• Lack of time to manage and implement• Limited technical expertise • Potential a high upfront cost• No clear ROI• Fear of the unknown
A Changing Landscape• Information overload• Increasing expectation for levels of service• Complex and shifting regulations for
compliance• Expanding competition and options for
clientele
Where to begin?
What should you be asking of your CRM technology?
What can I adapt or change to meet my business goals?
Step 1 - Create a ‘One View’ World 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 Planning - The minimum data set here would be a place to record and easily retrieve information on financial profile, history and investments
Step 1 - 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
Step 2- 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
Goal: Agile Decision Making
Step 3 – Embrace Prospect Nurturing • Welcoming PROSPECTS to your CLIENT management
– Building a pipeline of NEW business
• Online engagement and lead capture– Seamless integration is crucial – How quickly do you engage a new potential customer?
• Targeted PROSPECT email campaigns and outreach– Automated but focused on adding value– Put potential prospects through a nurturing process– Manage high value referrals through a different campaign– Personalized with your own message – not corporate
Web to CRM Lead Capture
• Seamless entry into your CRM • Eliminate slow follow up and data leakage
Goal: Nurture Future Clients
Is there ROI in Social Media?Over 40 percent of Enthusiasts indicated they have successfully generated revenue based upon LinkedIn-related efforts. – Harvard Business (2013)
78.6% of sales people using social media to sell out performed those who weren’t using social media - Social Media and Sales Quota Survey (2013)
Step 4 – Go Social – Listen and Engage • Common barrier for investment advisors
– Limited awareness or expertise– Concern of data security– Legal and reputational risks
• Realistic strategy to start: LinkedIn – Focus on LinkedIn– Build personal professional profile – Expand and connect – Join industry related groups– Share relevant content to your audience
Goal: Link Efforts to Your CRM
Step 5 Make the ‘Process’ a Competitive Advantage
• How much of your day-to-day process is repeatable? – FastApp, Trade Recommendation, Prospect Meeting
• Identify repeatable process • Map a flow of tasks for recurring events• Create shared ‘Action Plans’ with all stakeholders
Action Plan: Client Meeting – FastApp (Day 2)
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
Step 5 Make the ‘Process’ a Competitive Advantage
• 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
Step 6: Make your Smart Phone Smarter• Managing the NEW level client expectation
– Availability and engagement
• Productivity and Time Management – Work, update and manage tasks – Capture client updates and invaluable notes – Maintain connection and collaboration with office
• Secure but Mobile – Easily accessible but security is maintained
Goal: Optimize Out of Office Efforts
Step 7: Measure + Monitor = Money • Measure– Personal performance targets– Performance to revenue goal– New customer acquisition – Volume of potential client pipeline
• Monitor – Dashboard of top customers– Group performance to revenue target – Performance versus YoY or historical expectations
Goal: Business performance forecasting
DundeeWealth Profile• DundeeWealth's brokerage business is made up of
DWM Securities Inc., Dundee Private Investors Inc., Dundee Insurance Agency Ltd., and Dundee Mortgages Services Inc.
• These operations include a full service investment dealer engaged in wealth management & financial advisory services, retail brokerage, financial planning, mutual fund dealership, a full service Managing General Agency (Insurance), and Mortgage services.
• DundeeWealth has approximately 1,000 Advisors dealing with the public.
Investment Advisor Team
Investment Advisor
Administration Assistant
Associate, Portfolio Solutions
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
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
The Solution• Developing a process for all stages
– Simplified and repeatable client process
• “Action Plans” for each stage– Trade recommendation process– Client FastApp process
• Daily Action Plan– Hotlist tasks, alerts and follow up activity– Manage and delegate across team– Segment by prospects and customers
Action Plan: Trade Recommendations – New Money
New money, recommendations
needed. Day1
Send Portfolio recommendations.
Day4
Follow up on recommendations.
Day5
Confirm and place trades. Day6
Action Plan: Client Meeting – FastApp (Day 2)
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 Max
Client profile
notes and meeting
follow up task
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
Planning a CRM Strategy?• Ensure CRM is as a core anchor to their
communications and records. • The CRM solution needs to be scalable and
adaptable in order to be truly effective. • Look for to use CRM for all checks and
balances, whether compliance or otherwise. • Critical that advisors embed their processes
into the CRM to gain the biggest ROI
Maximizer CRM for Wealth ManagementA complete solution to help investment advisors easily manage and build their ‘book of business’ with a simply to use, highly secure and easily customized solution.
Learn more at http://www.maximizer.com/wealth