Building Value For Your Clients

November 19, 2013

403-478-1474april@thepersonalcoach

.ca

Value: Anything that builds confidence in the client’s mind that they are getting direction

and leadership from a professional, adds to

their peace of mind and has worth to them.

OutlineWhy Change ManagementWhat clients value9 Value AreasHow to Implement

National Instrument81-407

31-303

Who Moved My Cheese?!

Value

Perception

Price

What do clients value?

Communication: Importance by Gender

The 2012 Affluent Investor Study

Communication: Importance by Gender

The 2012 Affluent Investor Study

Financial Services: Importance by Gender

The 2012 Affluent Investor Study

Financial Services: Importance by Gender

The 2012 Affluent Investor Study

Alberta Investors

Investors who think fees have the most impact on performance – 3%Received a document outlining compensation - 15%21% - offered estate planning35% - had a specialist brought in61% - got a written financial plan

What clients will pay for

Cash flow and debt managementDivorce adviceActual documents (picture)Estate and tax planningCharitable givingInvestment planningEducation planning

9 Areas1. New Client Development Process2. Needs Analysis3. Leadership4. Credentials/Courses5. Client Relationship Management6. Meeting preparation7. Team8. Brand9. Feedback

1 – New Client Development Process

Define your process What makes it unique and valuable?Name itDemonstrate your process with a graphicCreate a rewarding and pleasing

experience for your clientsBrand it!

McSquared Process

• Compatibility meeting• Identifying your

concerns/issues/goals/priorities• Gathering data/statements• Gap analysis completed by Ken• Building of draft plan by Ken• Presenting the draft plan • Discussing the engagement letter• Building an action plan• Implementation• Timely follow-ups and reviews

6 Step Financial Planning Process

1. Establish the client-planner engagement

2. Gather client data & determine your goals

3. Identify problems & opportunities4. Develop and present the financial plan.5. Implement the financial plan6. Monitor and review

2 – Needs Analysis

• Tell me about your family/business?• What is your biggest financial concern?• If we were meeting here 2 years from now,

what has to have happened for you to feel we were successful?

• What are your expectations of me?• How do you deal with volatility in the

market?• What would happen to your family and your

financial plan if you had died yesterday?• Describe what your retirement would be

like.

High Gain Questions

Emotional Connections

Fact Finder

Calculators

• Vision• Recommendations• “Tell me what I should be doing

in my unique situation”• Experts• Holistic planning• Implementation

3 – Leadership

4 – Credentials/Courses

•Segmentation•Relationship Management•Process•Technology

5 – Client Relationship Management

“GAP” for Growth

G = Growth

A = Active

P = Passive

Contact

Key Value Driver: “A” Class Contacts

Revenue per Principal

Increase in Revenue

Fewer than 6 times per year

$368,168

Between 6 and 12 times per year

$447,443 22%

More than 12 times per year

$619,235 68%

Contact/Relationship Strategies• Face to face meetings

• A plan that gets updated regularly• Phone calls• Newsletters• Special cards• Recognition of life events• Client appreciation• Invites to social events• Gifts

Kayal Financial Solutions Service Matrix

FORM

• Case preparation• Meeting agendas• Post client meeting notes• Do a true ‘client’ review

6 - Meeting Preparation

Client Meeting Agenda1. Viewpoint/From my Perspective/Scorecard2. Client Concerns – Additions to Agenda3. Insurance Review

a. Review and Discuss Insurance Summaryb. Discuss current needs

4. Investment Reviewa. Review Current Portfoliosb. Investor Profilec. Discuss Reallocations (if necessary)d. Update KYC (if necessary)

5. Goals, dreams, aspirations6. Service & Value Discussion7. Arrange Next Meeting

• Help deliver the client experience– Process with accuracy– Service– CRM

• Hire the right people• Introduce key staff• Promote your team

7 - Team

Virtual Teams• Insurance Specialist• Investment Manager• Advanced case specialist• Bookkeeper• Professional Organizer• Corporate Concierge• Estate planner• Fee only financial planner – i.e Planiste• Social media

8 – Brand

Client AcquisitionClient Acquisitio

n

Joe’s Office

• Increase revenue by 30%!• Tailor services to better meet

needs and expectations• Shows your dedication to

consistently improving your service• Open a new dialogue• Educate clients on enhancements

to the service suite• Take action

9 – Feedback

Cupcake

Tips to Implement1. Value inventory2. What is your current pricing strategy?3. Get feedback from clients on what

they value4. Write out your client development

process5. Do post client meeting notes6. Complete the Value Ladder7. Timeline and action lists

• Call to action• Fill out the paper

“It is not the strongest or the most intelligent who will survive but those who can best manage change.” ― Charles Darwin