by paul r. grimes – cfp, clu, chfc vice-president, sales, ontario by paul r. grimes – cfp, clu,...
TRANSCRIPT
![Page 1: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/1.jpg)
ByBy
Paul R. GrimesPaul R. Grimes – CFP, CLU, ChFC – CFP, CLU, ChFC
Vice-President, Sales, OntarioVice-President, Sales, Ontario
ByBy
Paul R. GrimesPaul R. Grimes – CFP, CLU, ChFC – CFP, CLU, ChFC
Vice-President, Sales, OntarioVice-President, Sales, Ontario
![Page 2: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/2.jpg)
AGENDA
1. The Process of Change; 7 Factors to Contemplate
2. 8 Things to Consider in the 21st Century
3. Conditions for Distribution Going Forward
4. Focus and Conclusion
![Page 3: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/3.jpg)
THE PROCESS OF CHANGE
1. The Distribution Process
2. The Value Process
3. The Products Process
4. The Buying Process
5. The Selling Process
6. The Fulfillment Process
7. End Results Affecting the Advisor
![Page 4: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/4.jpg)
1. THE DISTRIBUTION PROCESS THE MULTIPLIER EFFECT
• Multiple Channels
• Multiple Players
• Multiple New Entrants
• Multiple Regulatory Bodies
![Page 5: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/5.jpg)
2. THE VALUE PROCESS THE VALUE ADDED EFFECT
• Value Rated Companies
• Value Added
• Value Perception
![Page 6: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/6.jpg)
3. THE PRODUCTS PROCESS
• The Demographics Effect
• Switch in Finances to Retirement
• Transfer of Wealth
• Building Wealth and Saving Taxes
![Page 7: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/7.jpg)
4. THE BUYING PROCESS
• Education of the General Public
• Consumer Likely to be Sold,not Buy
• In Your Face Advertising
• Interest, Banks, Brokerage
![Page 8: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/8.jpg)
5. THE SELLING PROCESS
• Biggest Affect Going Forward
• Contracting and Licensing with Affect Change
• Further Legislation
• Knowledge of the Skill or Profession
• See 8 Things to Consider; To Take this Important Step
![Page 9: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/9.jpg)
6. THE FULFILLMENT PROCESS
• The Emotional High with the Sale
• The Emotional Low with the Purchase
• A Different Level of Fulfillment
![Page 10: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/10.jpg)
7. END RESULTS
• There is an Effect on All Levels of the Distribution Solution
• Will Dramatically Affect the Industry
QUESTION: Are you still selling yourself the way you did 5 years, 10 years or 20 years ago? If so will you be effective going forward?
![Page 11: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/11.jpg)
8 Things to Consider in 21st Century Distribution
1. Consolidation or Implosion
- Buy and Sell Off
- Sales Force Valued at Zero
- Distribution is King
![Page 12: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/12.jpg)
2. Shift in Selling Product to Selling Advice
- Education will rule the day
- The Facts Of Life
![Page 13: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/13.jpg)
3. Transformation from Industry
Catering the advisor to industry, catering the
consumer.
![Page 14: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/14.jpg)
4. Last Generation of Manually
Assembled and Serviced
Insurance Practice
![Page 15: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/15.jpg)
5. The Established Producer
has come full circle.
![Page 16: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/16.jpg)
6. Need for Clarity in Measuring Distribution Performance
• Persistency
• Mortality
• Investments
• Distribution Efficiency
![Page 17: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/17.jpg)
7. Customer Sweet Spot - 2 factors
• High Tech Customer (New) Under Age 40
• High Touch Customer (Old) Over Age 40
![Page 18: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/18.jpg)
High Touch Customer (Old) Over Age 40
• Values Driven
• Relationship Connected
• Comfort Seeking
• Trust People
![Page 19: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/19.jpg)
High Tech Customer (New) Under Age 40
• Self-directed
• Electronically connected
• Commodity seeking
• Trust information
![Page 20: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/20.jpg)
Problem Today is We Are Merging New and Old.
When Intimacy Partners with Technology.
• Customer still wants
- Integrated solutions from single source
- Life long relationships institutionalized
- Fast to get in, fast to get out
![Page 21: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/21.jpg)
8. Broker Dealer is the best Platform for now.
Must become an Educated Financial
Advisor
![Page 22: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/22.jpg)
Conditions for the Educated Advisor going forward:
↑ More need than ever
↑ More funds than ever
↑ More products than ever
↑ More interest than ever
↑ More confidence than ever
↑ More options than ever
↓ Fewer qualified advisors than ever
![Page 23: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/23.jpg)
FOCUS
We all need to focus on the fact that face to face relationship is based on the things you can take from each other that you cannot get anywhere else.
![Page 24: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/24.jpg)
Conclusion:
Changing Environment
Make sure you move with the times
“Swift car company”
• Danger of being good at things that no longer work
• Danger of being good at things that do not yet work
SHIFT GEARS AT THE RIGHT TIME!
![Page 25: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/25.jpg)
SOMETIMES YOU NEED TO POOL RESOURCES!!!
• SILK TO NYLON
• W.W. II COST AND LACK OF SILK SCIENTISTS FROM NEW YORK AND LONDON CREATE A NEW FABRIC FOR PARACHUTES; NYLON!!!
• NECESSITY MADE THEM THINK OUTSIDE THE BOX
GOING FORWARD YOU MUST DO THE SAME WITH YOUR PRACTICE
![Page 26: By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario By Paul R. Grimes – CFP, CLU, ChFC Vice-President, Sales, Ontario](https://reader031.vdocuments.site/reader031/viewer/2022013012/56649ecf5503460f94bdd8e1/html5/thumbnails/26.jpg)
And
Good Luck Going Forward