31-103 framework for the future e.ppt · 1. spend sufficient time managing my client’s account...
TRANSCRIPT
Here’s the good news:
Opportunity
Growth
Better client relationships
Relationship Disclosure: products & services
being offered & charges the client should expect to
pay
Transaction costs & any deferred
costs(if applicable)
Summary in dollar terms of compensation received by the dealer & costs incurred by the
client
Account
Opening
Time of
Transaction
Annually
:
Contributions:
Opening value of cash & securities.
Withdrawals from account for
reporting period and since inception
Capital:
Net invested capital for the reporting period and since
inception expressed in dollar terms.
Include distributions from investments
Returns:Percentage returns over one, three, five
& 10 years
Returns since their account was
opened
Preparation
Runway
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 InformationJuly 15th 2014
2014*• More thorough account statements
• Position cost informationJuly 15th, 2015
2015*• DSC information on trade confirmation
• Report summary on charges and other compensation
• Performance Reporting: money-weighted basisJuly 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 Trust
Stronger Leadership
Your Value Proposition
Centres of Influence
Deeper Discovery
Nurturing RelationshipsInterpersonal
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:
Talk
Discover
Connect
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 I
STrust =(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
Motivation
+Implementation
Expertise
Vision+
+
=
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’SMONEY
CLIENT’SLIFE
Investments
CLIENT’SMONEY
CLIENT’SLIFE
Financial Planning
CLIENT’SMONEY
CLIENT’SLIFE
Wealth Planning
HolisticFinancialAdvice
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
S p e a k t h e i r l a n g u a g e
D o y o u r h o m e w o r k
L o o k f o r l e s s o b v i o u s C O I s
S h o w C O I s h o w t o r e f e r y o u
K e e p t o p - o f - m i n d
Source: Advisor.ca – Closing the Gap
Business
Development
C o n s i s t e n t s e r v i c e d e l i v e r y
A c c e s s t o s p e c i a l i z e d e x p e r t i s e
S t r o n g r e p u t a t i o n & i m a g e
I n t e g r i t y & p e r s o n a l f i t
A l o n g t e r m r e l a t i o n s h i p
f o c u s e d o n m u t u a l g r o w t h
Business
Development
Referrals from lawyers
Referrals from accountants
29%
10%
Referrals from clients
Source: CEG Worldwide – All the right moves
Business
Development
57%
Greater Trust
Stronger Leadership
Your Value Proposition
Centres of Influence
Deeper Discovery
Nurturing RelationshipsInterpersonal
Excellence
Business
Development
Client
Engagement
Practice
Management
Technical
Expertise
Team & Self
Development
Advisor
Success
Framework
Adapted from: Deloitte. The future of financial advice
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
D e v e l o p a p l a n
P r e p a r e y o u r 3 1 - 1 0 3 a p p r o a c h
B e c o n f i d e n t & p o s i t i v e
Client Type 2013 2014 2015
A
• 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.
B
• 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.
C & D
• 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… 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
W h a t n o t t o s a y …
“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.”
B e s t p h r a s e s …
“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
T
R
U
S
T
T
R
U
S
TWithout the
conversationAdvisor value not
demonstrated
The conversation
Existing client relationship 31-103
+
T
R
U
S
T
T
R
U
S
T
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 Trust
Stronger Leadership
Your Value Proposition
Centres of Influence
Deeper Discovery
Nurturing RelationshipsInterpersonal
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 Solution
C l i e n t R e t e n t i o nR e t a i n i n g c l i e n t s a n d e n s u r i n g l o y a l t y
C o n q u e r i n g C l i e n t F a t i g u eManaging client fears and emotions in a diff icult market
C l i e n t D i s c o v e r y
Uncovering more client needs to provide relevant solutions C l i e n t C e n t r i c S e l l i n g S k i l l s
Understanding clients more deeply to deliver more value
B r a n d i n gPosit ioning your unique brand in a compet i t ive market
M i n d f u l I n v e s t i n gHelping investors reduce mistakes that lead to bad decisions
N e w R e t i r e m e n t R e a l i t i e sPreparing clients for retirement and reducing their anxiety
T u r n i n g u p t h e H e a tP r o v i d i n g u n i q u e v a l u e t o H N W c l i e n t s
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