Guide Twards Yur Success Basic fr Advisr A slid fundatin is imprtant fr the success f any business. Because f the cmplexity and cmpliance requirements f running a financial planning practice, a strng fundatin is even mre imprtant. In rder t assure success, we feel the fllwing areas need addressing: Clean, rganize and set up systems fr advisr: Clean up and Clear ut Advisr s Office, Incrprating Ergnmics as well Establish Effective Reference Files (3 secnd rule) Create System fr Calls, Trades and Other T Ds Establish System fr Fllw Up/Prmises Made Establish Mdel Week (ne that wrks fr yu) Discuss Preparing fr and Cnducting an Effective Client Meeting (staff training t handle the majrity f meeting prep) Create r Update Existing Menu f Services Discuss Current Fee Schedule fr Financial Planning (and hw t feel cmfrtable charging what yu are wrth) Discuss Incrprating the Seasnal Mdel (if applicable) Discuss Templates/Deliverables (ease and cmpliance; and hw t be prepared t hand the fllw up letter t the client at the end f their meeting) Create a Marketing Plan (what,when and hw) Review Delegating 101 (what and hw) Create a Master T D List (week, mnth, quarter, year end, annual) Clean ut and Organize yur Briefcase (lighten the lad and find what yu need) Basic fr Staff Fr a client service specialist r fairly new paraplanner. We wrk with yu t tailr a plan t help yu and yur staff wrk smarter nt harder, building upn the business systems that yu have already implemented. Clean, rganize, set up systems fr staff: Set up Wrk Area fr Maximum Efficiency Establish Mdel Week (crdinated with advisr s) Calls t Clients and Prspects (what t say, hw t say it, hw t vercme bjectins) Determine what ges int the Engagement Meeting pre-meeting packet Determine what ges int the Engagement Meeting appintment packet Client Meeting Preparatin (refer t meeting prep list) Client Prfile, Accunt Suitability Ownership Beneficiary/TOD Arrangements Required Minimum Distributin Cash Levels in wrap accunts Mney Available t Mve r Invest Funding f IRA, Rth IRA r SEP IRA Direct at Fund Infrmatin/Statement
Clean, rganize, set up systems fr staff, cntinued: Manage Calls and ther T Ds (make sure things dn t slip thrugh the cracks) Effective Use f the Pending Flder (keeping n tp f new business submissin) Calendar Maintenance (keep the advisr busy, but nt t busy) Meeting Fllw Up (including paperwrk prcessing and flw, cding, ntes, fllw up letter, new mney tracker, prspect tracker) Cntact Management System: Schedule/Reschedule Appintments and Tasks Add Cntacts, Establish a New Client System (cding, pre-schedule, welcme letter, 3 mnth review f paperwrk) Ntes Changes Run Reprts Birthdays Write Letters and Create Templates Use f Clr cding fr rganizatin Establish Client Service Mdel Intermediate fr Staff This applies mre t a licensed psitin r veteran staff persn. Client Meeting Preparatin: Current Planning Fee, Payment Methd, Frequency Is There a Planning Fee Due, Hw Much Is There a Deliverable Due Reprjectin fr VUL Future Purchase Optin n Disability Lk fr Pssible T Ds frm Last Appintment that Have Nt Been Cmpleted Lk fr business pprtunities Tracking Systems: SPO/arrangement Audit RMD Tracking Plan Tracking Cash Audit SEP/SIMPLE Cntributin Tracking Brkerage: Trades Time Saving Techniques Business Opprtunities Prblem Slving/Activity Screen Tax Queries/Cst Basis
Cntact Management System: Create Letter Template Cmbine Duplicate Grup Infrmatin Hide cntacts Create Reprts and Sets Balance Appintments Thrughut Calendar Year Set Up Clumns fr Viewing and Printing Trades Cpy Talk Client Cding fr efficiency Appintment Times/Lcatin Type f Appintment Referred By Plan Prcess Tracking Cmpliance: What Yu Need t Keep What Yu Dn t Need t Keep What t Turn in t Cmpliance Client File Maintenance (paper and electrnic) Office Prcedures Cmputer Maintenance Check & Mail Lg Investment Analysis: Nn-qualified vs. Qualified Mutual Funds, Stcks, Annuities, REITs, etc Brkerage Asset Classificatins Creating a Pick List Client Gals Risk Tlerance Time Hrizns Risk vs. Reward Investment Plicy Statement Steps t Creating a Prtfli Tailred t Yur Client Deliverables Financial Planning: Paperwrk Prcessing Tracking Prcess and Fees Engagement Meeting t Plan Delivery Prcess Planning Start t Finish, including Analyzing the Data and Creating Illustratins
Specific Categries The fllwing categries can be tailred t the specific needs f yur practice. Even if yu are cnfident abut yur skills in each f these areas, yu may be able t take away a few new strategies t implement t the betterment f yur practice. Business Planning and Tracking: Establish Cmplete Business Plan Visin f yur practice; Visin Statement Missin Wrk/Life Balance The Numbers Marketing Activities and Events t Supprt the Numbers Whlesaler Relatinships Quarterly Review f Business Plan Revenue per Client (hw t cmpile the infrmatin and what t d with it) New Mney Tracking and Fllw Up (part f advisr/client meeting fllw up and weekly meeting with staff); Shrt Term and Lng Term (lng term if preparing t sell the practice in the next few years) Financial Plan/Fee Tracking (frm signing service agreement (ADV) t deliverable) Lead/Prspect Tracking COI Tracking Quarterly Mutual Fund Audit (style bx) Whlesaler Cntributin Tracking (deepen the relatinship with whlesalers) Business Expense Tracking (simple use f Excel) 6 X 6, 9 X 9, 10 X 10, 12 X 12 Gal Planning and Tracking: (bth advisr and staff) Themes and Campaigns Outside Interests Cntinued Learning, Persnal Develpment Planning an effective weekly schedule: (bth advisr and staff) Mdel Week Staff 1:1 and Grup Meeting Agenda PIN (Prductive, Indirectly Prductive, Nn-Prductive) Whlesaler Meeting Agenda Establish reference files s yu can find what yu are lking fr when yu want it: Prduct Strategy Marketing (current prjects, previus events, ideas) Business Management (business plan, buy/sell, staff, licensing, cntinuing ed) Practice Management (1:1 meetings, trackers, cmpliance, HPT)
Marketing: Qualifying Leads 1. Determine what is a qualified lead fr yur business (Ideal Client List) 2. Hw t determine if yu are talking with a qualified lead 3. Questins t ask 4. Build Rapprt 5. Ask fr the appintment 6. Hw t turn them dwn when they are nt qualified (ther advisrs) 7. Rle play Tracking Leads (cmprehensive) Events 1. What type f events (see list f ideas) 2. Shrt term vs. Lng term Events 3. Large Events vs. Intimate Events 4. Client Appreciatin vs. Client Acquisitin Events 5. Lcatin, Invitatins, etc. thrugh Fllw up and Fllw thrugh 6. Use f Whlesaler dllars Office Branding Building yur business thrugh netwrking Building yur business thrugh referrals Overcming Objectins Public Speaking: Lunch & Learns Seminars / Wrkshps Netwrking Events Dress fr Success: (yurself, yur ffice, receptin area; branding) Successfully pass the 7 t 30 secnd first impressin time standard Hw t hire, train, develp and reward staff: Establish Jb Descriptins Reallcate Current Staff Recruit Interview Make an Offer Salary and Bnus Infrmatin Keep Staff Mtivated and Engaged
Enhance Career Opprtunities thrugh Cntinued Training and Educatinal Opprtunities Develp and Track Staff Gals Perfrmance Evaluatins Make Sure the Evaluatin is Never a Surprise Remember: Grwth, Variety, Challenge Lawful Staff Terminatin if Necessary Whlesaler Relatinships: Building Relatinships with Whlesalers Whlesaler Meeting Agenda Whlesaler Mney Tracking Whlesaler Mney fr Marketing Events Style Bx Analysis Using Whlesaler Infrmatin t Help Build Better Prtflis Allwing Whlesalers t Help yu Imprve yur Practice