PRUDENTIAL TEAMING PROGRAM. Form a strategic relationship with a Prudential Financial Professional

Transcription

1 PRUDENTIAL TEAMING PROGRAM Form a strategic relationship with a Prudential Financial Professional

2 I am very enthusiastic about our Teaming Program, because I believe it represents an important step forward in the way our Financial Professionals conduct business. Joint work and collaboration have always been an important part of Prudential s culture, and embracing Teaming is a natural evolution of the partnering programs that already exist at Prudential Advisors. As the complexity and demands of our business continue to grow, Teaming offers us a way to offer holistic service and advice to our clients, improve productivity and retention in our firms, and present an attractive value proposition to new hires. Practice Building Hotline Caroline Feeney CLU, ChFC President, Prudential Advisors "Prudential Advisors" is a brand name of The Prudential Insurance Company of America and its subsidiaries.

3 ADVANTAGES OF FINANCIAL PROFESSIONAL TEAMS At Prudential Advisors, a Team consists of two or more producers working together under a formal agreement between Team Members and an approved Team operating plan. Team Members will work collaboratively to serve their clients, sharing compensation on a consistent basis and collectively driving practice growth. Why Teaming? Productivity Growth - Teaming has been shown to drive Financial Professional growth as high as 30% year over year. This growth is not just among top producers, but is consistent through all producer segments, including new producers in their first 4 years. Improved Retention - Industry research and peer results show that producers on Teams are significantly more likely to be retained than solo producers most dramatically among new producers. Attract New Talent - Teams appeal to new hires, particularly millennials and women. For experienced producers, joining a successful Team positions them for a smoother transition and a faster ramp-up to productivity. Client Experience - Teaming promotes collaboration among producers, with the additional experience and knowledge benefitting the client. There will be more opportunities to offer holistic advice and service to clients. Continuity of the relationship is also a benefit as the Team continues on when producers retire or leave. What Makes Teams Successful? Expertise & Collaboration - Team Members often bring complementary product expertise, allowing them to collaborate to provide holistic solutions across our product lines. The result is increased household penetration and deeper long-tem client relationships. Delegation - Team Members share the compensation, but also the work. For example, top producers on Teams can maximize their time in front of A clients by delegating their B & C clients to their Team Members. Goals and Accountability - With a clear practice vision, defined Team roles and a collective goal to strive for, Team Members will naturally become accountable to one another to perform at their best. Client Segmentation and Service - By segmenting the client base and defining a strategic service model based on tiers, Teams can maximize touch points and ensure clients are being serviced properly. Reaching Broader Markets - Diverse Teams can gain access to demographic groups, industries and communities that a solo producer alone cannot reach. Operational Efficiency - Solo producers often struggle with business processes, systems and paperwork that keep them away from revenue-producing activity. Teams establish a formalized operating plan where those aspects of the practice are handled by those with more capacity.

4 TEAM STRUCTURES There is no universal, one-size-fits-all approach to Teaming. Team structures run the gamut of Financial Professionals with a modest pooling of resources and expenses to fully integrated Teams with complementary, specialized skills and everything in between. The following are guidelines to consider when structuring a Team. Complementary Skills Since sole proprietors can t be an expert on everything, specialization plays a large role in Teaming. Take a look at your own strengths and weaknesses and find others who have complementary skills. Partner with someone who has strengths that you do not. For example, one Financial Professional may focus on Investments and another on Mutual Funds. Personal Relationships While it is strongly recommended finding teammates who have complementary skills, it is equally important that they are a good fit personally. When considering a Team Member, ask yourself: do you feel you can communicate well with this person and work out disagreements in a constructive way? Will this person compromise if needed? Common Goals and Objectives All Team Members must share the same vision and goal, be willing to sacrifice and work for the common good, and be fully vested in the future of the business. Building long term relationships requires alignment of interests, shared values and open lines of communication. Succession Plan Only 29% of Financial Professionals have a succession plan according to a recent study from Accenture. 1 Although Teams are forming with little focus on succession planning, Teaming can serve as a business continuity strategy to protect against an unforeseen event which can provide peace of mind for the Team and its clients. Structure Models Examples of some commonly used structures are outlined below. Product-Based Teams In these Teams, members focus on a specific product line (i.e. Life, Mutual Funds, Managed Money, etc.) Market-Based Teams Team Members focus on a market segment Client segmentation Target clients based on income, gender, age, ethnicity, industry or profession Geographic segmentation Focus on a certain geographical region Skills-Based Teams Consider the skill sets of the Team Members and leverage the complementary strengths that contribute to the sales process. Team Members can focus on aspects in which they excel and avoid those they dislike. The Team as a whole benefits. Mentoring Teams More experienced Team Members take newer FPAs under their wing to train them and allow them to handle non-demanding clients while grooming them to take on more complex and sophisticated clients. To learn more about mentoring, review the Gemini Mentoring Program on Navigator > Home tab > Practice Building > Gemini Mentoring. Blended Teams Blend components of the above structures to suit the Team Members business plans. 1 Aging Advisors Lack Succession Plans, Financial Professional, May 22, 2013

5 TEAM MEMBERS ROLES AND RESPONSIBILITIES Once the Team structure is identified, roles and responsibilities are assigned to Team Members. All Team Members should be in agreement and all roles are documented appropriately, so as to avoid confusion in the future. Clarifying roles and responsibilities also allows the Team to perform more efficiently. These roles may evolve over time, so you must communicate continuously to provide clarity and focus to all members. Clarify Needed Roles Based on the structure of your Team, identify what roles and responsibilities are needed on the Team. Fill Roles Wisely Identify each Team Member s strengths and weaknesses and work with your Team to match people to roles based on their strengths, weaknesses, goals and personal ambitions. Ensure you have identified all roles needed for the Team to be successful. RESPONSIBILITIES Field Management (Managing Director (MD) / Manager, Financial Services (MFS) / Managers, Training & Development MTD) Field management works with the Team Leader to provide guidance and direction and ensures that the Team Leader has everything needed to be successful. Manage processes, interpersonal conflict and training. Ensure that the Team s mission and goals are aligned with those of the firm. Team Leaders Each Team will have a Financial Professional as a Team leader. It is recommended that to qualify to be a Team leader, they meet the following qualifications: $150k GDR in the prior year 25% Split Business in the prior year Recognition Eligible Approved by the Managing Director Work with the Team to complete the Team's operating plan. Hold weekly or bi-weekly Team meetings to discuss and review the Team s objectives, responsibilities and challenges so all Team Members are communicating on a regular basis. Team Members Each member s objectives and goals are part of the Team s operating plan and should align with the Team s objectives and goals. Attend and participate in all Team meetings and commit to providing honest, open dialogue within the Team. Penetrate target market and support the Team s initiatives. Support all Team Members and ask for support when facing challenges.

6 Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, genetics, disability, age, veteran status, or any other characteristic protected by law. EEO IS THE LAW. The Prudential Insurance Company of America, Newark, NJ and its affiliates. Prudential is an Employer that participates in E-Verify