The Promise of CRM • Increased revenue • Scale growth • Improved service• Increased practice value• Effective delegation• Increased efficiency

The CRM Promise: Build and Manage Relationships

Reality for Financial Advisors48% of advisors said they need help in at least six of the seven areas of CRM – ActiFy, Inc 2011

25% of financial advisors said they do not use a CRM. – Aite Group 2012

The CRM Reality for Advisors• Lack of time to manage and implement• Limited technical expertise • Potential a high upfront cost• No clear ROI• Fear of the unknown

A Changing Landscape• Information overload• Increasing expectation for levels of service• Complex and shifting regulations for

compliance• Expanding competition and options for

clientele

Where to begin?

What should you be asking of your CRM technology?

What can I adapt or change to meet my business goals?

Step 1: Create a ‘One View’ World

Step 1 - Create a ‘One View’ World 4 Core Areas of a Client Profile:

• Demographics— Age, gender, employment status, relationship status, family position, corporate position

• Compliance – Risk tolerance, investor acumen, objectives

• Goodwill - Record what’s really important to the client or prospect. Data that you will want to record is family members, charities supported, religious preference.

• Financial Planning - The minimum data set here would be a place to record and easily retrieve information on financial profile, history and investments

Step 1 - Create a ‘One View’ World• One view of client history– Notes, calls, emails and client profile

• Shared view of core client information– Key details NOT all information

• Delegation of tasks and activities• Shared calendar of team schedule

Goal: Visibility + Collaboration

Step 2: Focus on the ‘C’ in KYC

Step 2- Focus on the ‘C’ in KYC • Intuitive data capture to eliminate

administration• Easy to change and adapt– What data is required today versus next year?

• Foundation of ‘real’ client engagement• Make KYC data work for you– Segment data to prioritize client management

Goal: Agile Decision Making

Step 3: Embrace Prospect Nurturing

Step 3 – Embrace Prospect Nurturing • Welcoming PROSPECTS to your CLIENT management

– Building a pipeline of NEW business

• Online engagement and lead capture– Seamless integration is crucial – How quickly do you engage a new potential customer?

• Targeted PROSPECT email campaigns and outreach– Automated but focused on adding value– Put potential prospects through a nurturing process– Manage high value referrals through a different campaign– Personalized with your own message – not corporate

Web to CRM Lead Capture

• Seamless entry into your CRM • Eliminate slow follow up and data leakage

Goal: Nurture Future Clients

Step 4: Go Social – Listen and Engage

Is there ROI in Social Media?Over 40 percent of Enthusiasts indicated they have successfully generated revenue based upon LinkedIn-related efforts. – Harvard Business (2013)

78.6% of sales people using social media to sell out performed those who weren’t using social media - Social Media and Sales Quota Survey (2013)

Step 4 – Go Social – Listen and Engage • Common barrier for investment advisors

– Limited awareness or expertise– Concern of data security– Legal and reputational risks

• Realistic strategy to start: LinkedIn – Focus on LinkedIn– Build personal professional profile – Expand and connect – Join industry related groups– Share relevant content to your audience

Goal: Link Efforts to Your CRM

CRM LinkedIn Integration

Step 5: Make ‘Process’ a Competitive Advantage

Step 5 Make the ‘Process’ a Competitive Advantage

• How much of your day-to-day process is repeatable? – FastApp, Trade Recommendation, Prospect Meeting

• Identify repeatable process • Map a flow of tasks for recurring events• Create shared ‘Action Plans’ with all stakeholders

Action Plan: Client Meeting – FastApp (Day 2)

IA to complete

and return NCAF/KYC for fastapp

forms.

Assistant completes and prints fastapp.

Client/IA sign wet fastapp

Void Cheque

Received DL Copy

Received

FastApp Docs

dated and signed

Docs upload

onto fastapp.

Email Mandator

y Client Package

Update CRM

Client profile

notes and meeting

follow up task

Step 5 Make the ‘Process’ a Competitive Advantage

• Develop a repeatable workflow within CRM• Shared responsibility for process• Identify ‘special/difficult’ clients for special treatment• Look for opportunities to delight clients

Goal: Save Time + Delight Clients

Step 6: Mark your Smartphone, Smarter

Step 6: Make your Smart Phone Smarter• Managing the NEW level client expectation

– Availability and engagement

• Productivity and Time Management – Work, update and manage tasks – Capture client updates and invaluable notes – Maintain connection and collaboration with office

• Secure but Mobile – Easily accessible but security is maintained

Goal: Optimize Out of Office Efforts

Step 7: Measure + Monitor = Money

Step 7: Measure + Monitor = Money • Measure– Personal performance targets– Performance to revenue goal– New customer acquisition – Volume of potential client pipeline

• Monitor – Dashboard of top customers– Group performance to revenue target – Performance versus YoY or historical expectations

Goal: Business performance forecasting

Case Study

DundeeWealth Profile• DundeeWealth's brokerage business is made up of

DWM Securities Inc., Dundee Private Investors Inc., Dundee Insurance Agency Ltd., and Dundee Mortgages Services Inc.

• These operations include a full service investment dealer engaged in wealth management & financial advisory services, retail brokerage, financial planning, mutual fund dealership, a full service Managing General Agency (Insurance), and Mortgage services.

• DundeeWealth has approximately 1,000 Advisors dealing with the public.

Investment Advisor Team

Investment Advisor

Administration Assistant

Associate, Portfolio Solutions

Business Goals• Existing Clients– Provide the highest level of service to existing clients– Expand the depth of service offerings provided

• New Clients– Efficiently process new account openings – Repeatable, highly efficient new client process

• Potential Clients– Identify and manage pipeline of new potential clients– Effectively communicate and develop a client profile

The Business Challenge• Time Management – Internal Information Management– External Information Management

• Developing a Financial Snapshot– Integrated technologies built around a CRM so that an

advisor can see a 360 degree view of their client

• Managing Compliance– Using CRM to maintain critical compliance trail

The Solution• Developing a process for all stages

– Simplified and repeatable client process

• “Action Plans” for each stage– Trade recommendation process– Client FastApp process

• Daily Action Plan– Hotlist tasks, alerts and follow up activity– Manage and delegate across team– Segment by prospects and customers

Action Plan: Trade Recommendations – New Money

New money, recommendations

needed. Day1

Send Portfolio recommendations.

Day4

Follow up on recommendations.

Day5

Confirm and place trades. Day6

Action Plan: Client Meeting – FastApp (Day 2)

IA to complete

and return NCAF/KYC for fastapp

forms.

Assistant completes and prints fastapp.

Client/IA sign wet fastapp

Void Cheque

Received DL Copy

Received

FastApp Docs

dated and signed

Docs upload

onto fastapp.

Email Mandator

y Client Package

Update Max

Client profile

notes and meeting

follow up task

Results• Efficiency in Process– Creation of repeatable business process in the CRM

• Value of complete information– Increased discipline within meeting notes– Bigger picture of unique client needs

• Automation to save time– Transactions you need to avoid

• Lower costs of staff per client – Easiest process to follow Ex: Quarterly Reviews

• Ensuring a consistent client experience

Planning a CRM Strategy?• Ensure CRM is as a core anchor to their

communications and records. • The CRM solution needs to be scalable and

adaptable in order to be truly effective. • Look for to use CRM for all checks and

balances, whether compliance or otherwise. • Critical that advisors embed their processes

into the CRM to gain the biggest ROI

Maximizer CRM for Wealth ManagementA complete solution to help investment advisors easily manage and build their ‘book of business’ with a simply to use, highly secure and easily customized solution.

Learn more at http://www.maximizer.com/wealth