DEATH OF THE RAINMAKER

Transcription

1 CLIENT SERVICE DEATH OF THE RAINMAKER Presented by Angie HerberS 2016 Angie Herbers LLC. Used with permission by FourPointe Education & Training.

2 WHY FIRM OWNERS FOCUS ON HIRING RAINMAKERS

3 COMMON ISSUES AT ADVISORY FIRM GROWTH BARRIERS *Dollar figures represent company revenues, not assets under management. $ K Scaling Starts Marketing $750K Technology Professional Talent $1.2M Service Model Human Capital $3.3M Management C-Suite Compensation Breakaway $8.5M Org Structure Sales Process Rainmaking M&A $15M Innovation Division Control Growth Goals Training Programs 2016 Angie Herbers LLC.

4 GROWTH BARRIERS: $15M EXPENSES RISE FASTER THAN REVENUES AT SPECIFIC REVENUE POINTS $8.5M *Dollar figures represent company revenues, not assets under management. **Blue line denotes total firm expenses as compared to revenues. $3.3M $ K $750K $1.2M Profit Margins in advisory firms rise and fall in predictable patterns. Margin Pressure happens at each growth barrier, reducing net income. In these times, you are working harder for less money. Don t sell or merge in these periods. Work beyond the barrier or get smaller with high margins before acquisition Angie Herbers LLC.

5 FEAR OF. LEADERSHIP Client referral rates are falling COI referral rates are falling The close ratio is falling SALES CORPORATE FINANCE CLIENT SERVICE New client growth is falling Lead flow rates are falling MARKETING OPERATIONS Profit remaining unchanged MANAGEMENT Client turnover remains unchanged HUMAN CAPITAL 2016 Angie Herbers LLC. Used with permission by FourPointe Education & Training.

6 FOUR POINTE BUSINESS MANAGEMENT 4SALES MARKETING LEADERSHIP 1 CORPORATE FINANCE 2CLIENT SERVICE OPERATIONS There are eight business management areas in four quadrants within financial advisory firms. MANAGEMENT 3 HUMAN CAPITAL 2016 Angie Herbers LLC. Used with permission by FourPointe Education & Training.

7 HANDOUT OVERVIEW

8 WHEN YOU START THINKING ABOUT HIRING A RAINMAKER

9 FOCUS ON CLIENT SERVICE

10 WE DON T KNOW WHO WE ARE.

11 HOW TO KILL THE RAINMAKING 1. Make your mission clear 2. Define your client philosophies 3. Serve a broader age target (within or without a niche) 4. Focus on key areas of service 5. Create your process 6. Use one pricing method 7. Create weekly meetings to train your people 8. Sell your people/your team instead of independence and fiduciary 2016 Angie Herbers LLC. Used with permission by FourPointe Education & Training.

12 THE PITCH FADE IN

13 3525 Del Mar Heights Road, 826 San Diego, CA (619) LifeStyle Financial Planning & Education LLC is not a real company and is used for illustration purposes only. The brand is owned by Angie Herbers LLC 2016

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15 LifeStyle Financial Planning & Education LLC is not a real company and is used for illustration purposes only. The brand is owned by Angie Herbers LLC 2016

16 Our Mission LIFESTYLE BY DESIGN 1 GOALS 2 GROWTH 3 GUIDE

17 Our Core Client Philosophies LIFESTYLE BY DESIGN GROWTH 3 4

18 LifeStyle Financial Planning & Education LLC is not a real company and is used for illustration purposes only. The brand is owned by Angie Herbers LLC 2016

19 Who We Serve LIFESTYLE BY DESIGN GROWTH

20 LifeStyle Financial Planning & Education LLC is not a real company and is used for illustration purposes only. The brand is owned by Angie Herbers LLC 2016

21 Our Areas of Focus LIFESTYLE BY DESIGN GOALS INVESTMENTS GIVING INCOME RETIREMENT

22 Our Process LIFESTYLE BY DESIGN

23 Three Point Team LIFESTYLE BY DESIGN

24 LifeStyle Financial Planning & Education LLC is not a real company and is used for illustration purposes only. The brand is owned by Angie Herbers LLC 2016

25 Our Process LIFESTYLE BY DESIGN 1 2

26 THE PITCH FADE OUT

27 ONE YEAR GOALS Commit your firm to following through with these six goals for the next year. Goal 1: Use slide guide and fill in the blanks Goal 2: Create PowerPoint presentation Goal 3: Establish weekly training: Every person in the firm gives the pitch to the firm. Goal 4: Give pitch to every client at the end of a meeting. Goal 5: Every advisor gives pitch to two strategic partners per month. Goal 6: Eliminate the prescreen and pitch every prospect.

28 TIPS TO TALKING WITH CLIENTS CLIENT SERVICE Script: Before you go, I have one last agenda item. Over the years our firm has grown and developed. Additionally, we have a bigger team, more refined core client philosophies and a process we follow. I d like to go over with you our commitment to you. The only reason I am doing this is that as your advisor, I really believe you need to know this information to further deepen our relationship. Let me start with our mission

29 SOMETIMES WE FORGET THE FUNDAMENTALS

30 THE BEST MARKETING IS WORD OF MOUTH

31 THE BEST SALES IS CLARITY IN WHAT YOU ARE SELLING

32 PEOPLE DELIVER THE CLIENT SERVICE

33 FOCUS ON YOUR PEOPLE

34 LIKE NO OTHER TIME IN HISTORY THE FINANCIAL ADVISORY INDUSTRY IS DEFINING ITSELF

35 COMMUNICATING YOUR CLIENT SERVICE IS THE SOLUTION