here’s the good news : opportunity growth better client relationships
TRANSCRIPT
Here’s the good news:
Account Opening
Time of Transaction
Annually
PreparationRunway
Requirements Implementation Date
Now*
• 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
July 15th, 2013
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
2015*• DSC information on trade confirmation• Report summary on charges and other compensation• Performance Reporting: money-weighted basis
July 15th, 2016*All requirements are ongoing
DEVELOP BETTER CLIENT RELATIONSHIPS
Interpersonal Excellence
Business Development
Client Engagement
Practice Management
Technical Expertise
Team & Self Development
Advisor Success
Framework
Adapted from: Deloitte. The future of financial advice
Interpersonal Excellence
Business Development
Client Engagement
Practice Management
Technical Expertise
Team & Self Development
Advisor Success
Framework
Better Client Relationships
Adapted from: Deloitte. The future of financial advice
Greater TrustStronger Leadership
Your Value PropositionCentres of Influence
Deeper DiscoveryNurturing Relationships
Interpersonal Excellence
Business Development
Client Engagement
Practice Management
Technical Expertise
Team & Self Development
Advisor Success
Framework
Adapted from: Deloitte. The future of financial advice
Interpersonal Excellence
Business Development
Client Engagement
Practice Management
Technical Expertise
Team & Self Development
Advisor Success
Framework
Adapted from: Deloitte. The future of financial advice
The old conversations are not enough
Deep discovery ≠ fact finding
Goal of conversations:
TalkDiscoverConnect
Interpersonal Excellence
History and Values
Goals
Relationships
Income & Assets
Process
Interests
Source: Adapted from CEG Worldwide
Interpersonal Excellence
Parents: careers & influence
Employment history
First memory of money
Spending habits
Defining moments
Most important thing about money
Time when most satisfied with financial position.
Beliefs about money: how it’s earned and saved/spent
Attitude towards money Most important relationship
Relationships with parents/extended family
Working relationships
Community relationships
Current financial advisor/plan
Current lawyers, accountants,etc.
Attitude towards advice
Homes, cottages, etc.
Bank Accounts
Investments
Insurance
Liabilities
Income
Personal goals for right now
Family goals
Worries & concerns which could impact goals
Best accomplishments to date
Future spending habits
Retirement & Inheritance planning
History & ValuesRelationships
Advisors
Assets, Liabilities & Insurance
Goals
Interpersonal Excellence
Client
Source: Adapted from CEG Worldwide
Interpersonal Excellence
Attitudes Lifestyles Opinions
Your clients:
Holistic Strategic
Your service offering:
Customized
Interpersonal Excellence
Source: CSI – What Affluent clients want
state PlanningFIL Eaterlife nsurance amily
Wealth Planning
Transition/Career Planning
Pension
CPP/OAS
Premature Death
Disability
Critical Illness
Asset Protection
Children Parents
Living Expenses
Caregiving
Will/POA
Beneficiaries
Business Succession
Charities
Education
Start in life
Tax Strategies
Living Expenses
Client
Portfolio construction
Investment management
Advisor
Interpersonal Excellence
state PlanningFIL Eaterlife nsurance amily
Wealth Planning
Transition/Career Planning
Pension
CPP/OAS
Premature Death
Disability
Critical Illness
Asset Protection
Children Parents
Living Expenses
Caregiving
Will/POA
Beneficiaries
Business Succession
Charities
Education
Start in life
Tax Strategies
Living Expenses
Towill Family
Portfolio construction
Investment management
Advisor
Interpersonal Excellence
www.ci.com/pd
Source: adapted from CEG Worldwide – Mastering Conversational Marketing
Nurturing
Develops relationship over time with multiple conversations
Provides strategic solutions to maximize impact
Qualitative
Interpersonal Excellence
Healthy aging: fitness over 50
Retirement success: non-financial
Life transitions
DivorceEldercare
Sudden wealthBereavement
Second marriage
Topic Ideas:
Source: Taking on the Role of Lead Advisor – Knowledge @ Wharton
Interpersonal Excellence
Source: Manse Capital UK
Interpersonal Excellence
Interpersonal Excellence
Business Development
Client Engagement
Practice Management
Technical Expertise
Team & Self Development
Advisor Success
Framework
Adapted from: Deloitte. The future of financial advice
Trust = Credibility + Reliability + Intimacy Self-Orientation
Source: Trusted Advisor Associates 2007
Client Engagement
C R IS
Trust =(worthiness)
Source: Trusted Advisor Associates 2007
Client Engagement
Credibility
Reliability
Intimacy
Incorporate client testimonials
Explain your process
Deliver on what you say you will do
Go above and beyond
Ask high value questions
Make clients feel comfortable to share
Trust = C + R + I
S
Client Engagement
Source: Trusted Advisor Associates 2007
Trust = C + R + I
S
Focus on the client’s wellbeing
Spend more time listening than talking
Realize that perceptions matter
Self-Orientation
Client Engagement
Source: Trusted Advisor Associates 2007
Motivate your clients to have
a plan
Demonstrate your expertise & knowledge
Take concrete steps to
implement their plan
Have a positive vision for your clients’ future
Client Engagement
+
+
+
=
Client Engagement
www.ci.com/pd
Interpersonal Excellence
Business Development
Client Engagement
Practice Management
Technical Expertise
Team & Self Development
Advisor Success
Framework
Adapted from: Deloitte. The future of financial advice
CLIENT’S
MONEY
CLIENT’S
LIFE
Investments
CLIENT’S
MONEY
CLIENT’S
LIFE
Financial Planning
CLIENT’S
MONEY
CLIENT’SLIFE
Wealth Planning
HolisticFinancial Advice
Business Development
Factual information
General advice
Comprehensive advice
Customized Wealth Planning
Source: Deloitte. The future of financial advice
Estate planning
Tax mitigation
Charitable giving
Business succession
planning
Retirement planning
Education planning
Asset protection
Wills and Power of Attorney
Business Development
Things that matter to the client
Value Proposition = Your Brand
Things you do well
Value Proposition
Business Development
www.ci.com/pd
Speak their language
Do your homework
Look for less obvious COIs
Show COIs how to refer you
Keep top-of-mind
Source: Advisor.ca – Closing the Gap
Business Development
Consistent service delivery
Access to specialized expertise
Strong reputation & image
Integrity & personal fit
A long term relationship focused on mutual growth
Business Development
Referrals from lawyers
Referrals from accountants
29%
10%
Referrals from clients
Source: CEG Worldwide – All the right moves
Business Development
57%
Greater TrustStronger Leadership
Your Value PropositionCentres of Influence
Deeper DiscoveryNurturing Relationships
Interpersonal Excellence
Business Development
Client Engagement
Practice Management
Technical Expertise
Team & Self Development
Advisor Success
Framework
Adapted from: Deloitte. The future of financial advice
Conduct the Value Test on top clients
Develop a plan
Prepare your 31-103 approach
Be confident & positive
As a wealth advisor, I… Yes No
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.
What it means for
your clients
How you are embracing it
Why it’s better for
both of you
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.”
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.”
Existing client relationship 31-103
Without the conversation
Advisor value not demonstrated
The conversation
Existing client relationship 31-103
+
New client relationship
Increased openness
Improved client confidence
Deepened relationships
Advisor value demonstrated
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
Greater TrustStronger Leadership
Your Value PropositionCentres of Influence
Deeper DiscoveryNurturing Relationships
Interpersonal Excellence
Business Development
Client Engagement
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
www.ci.com/pd
Advisor Need SolutionClient RetentionRetaining clients and ensuring loyalty
Conquering Client FatigueManaging client fears and emotions in a difficult market
Client Discovery
Uncovering more client needs to provide relevant solutions Client Centric Selling Skills
Understanding clients more deeply to deliver more value
BrandingPositioning your unique brand in a competitive market
Mindful InvestingHelping investors reduce mistakes that lead to bad decisions
New Retirement RealitiesPreparing clients for retirement and reducing their anxiety
Turning up the HeatProviding unique value to HNW clients
Disclaimer
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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