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Advisor Practice Management
Building capacity for financial advisors through key practice management processes
Prepared By :Grant Hicks, CIM
Advisor Practice Management909-17th Avenue SW,Calgary, Alberta T2T 0A4ph. 587-390-3148
© www.advisorpracticemanagement.com 2015
For discussion purposes only – do not copy or distribute
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Preparing for the future - Advisor opportunities
Regulatory changes : Fee based opportunities
Capacity : More time for ideal clients
Finding new ideal clients: Growing revenue at 15%+ per year
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Practice management challenges Process, Process, Process
43% of advisors have NO documented
unique value
proposition
73% of advisors have NO written service
agreement
processes
85% of advisors have NO formal
client feedback
system
75% of advisors have NO formal definition of ideal client
43%
85%75
%73%
The Future of Practice Management, an inaugural study by the FPA Research and Practice Institute a program of the Financial Planning Association® (FPA®) -December 2013
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Top 10 challenges for advisory firmsLack of capacity to serve
clientsBuilding value in the practice
Improving efficiency
Getting better clients
Offering value-added services
Keeping pace with technology
Developing specific expertise internally
Maintaining a life outside of the business
Time management
Managing growth
01
02
09
03
10
08
04
07
06
05
From the Book “Practice Made More Perfect”, Mark C. Tibergien & Rebecca Pomering Bloomberg Press 2011
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Key Metrics for financial advisors
Source : thinkadvisor.com pursuing practice excellence study By Spenser Segal and James J. Green Investment advisor group and Actfi 2012 http://www.thinkadvisor.com/2012/05/22/pursuing-practice-excellence-the-advisor-perspecti
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Where advisors need help?
Source : thinkadvisor.com pursuing practice excellence study By Spenser Segal and James J. Green Investment advisor group and Actfi 2012 http://www.thinkadvisor.com/2012/05/22/pursuing-practice-excellence-the-advisor-perspecti
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We Challenge YouOur role is to challenge advisors to think differently and prepare for the future in a positive way
We ask challenging questions to innovate your thinking.
We use key practice management industry research
Are your ideal clients completely engaged and satisfied with your advice and fees?What is your
capacity?
Are your clients ready to go fee based?
Are you growing at 15% or more per year, benchmarked like the top advisors are?
How many ideal clients do you have and want?
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Advisor Practice Management Capacity Model ©
Ideal Client win-win
Services+communicatio
n
Revenueand cost
step 1.Marketing and Client Acquisition
step 2Key
practice managem
ent Processes
step 3Ideal Client
experience
step 6Ideal
Lifestyle
step 5Ideal
Capacity
step 4Ideal
Business Metrics
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Capacity Innovation Model© components
Ideal client profile
Case studies
7 sentence marketing plan
Unique value proposition
Client board
Magic 6
5 touch process
Guerrilla Marketing
Referral process
Trust process
Feedback process
Communication process
Workflows
Technology processes
Fee ready process
Fee ready process
Enhanced client experience
key metrics
Benchmarking
Business model
Mastermind
Segmentation
Human Capital
Outsourcing
Acquisitions
Equity and valuation
Succession and transition
Time management and ideal lifestyle
Client acquisition
key processes client experience
ideal metrics
Idealcapacity
Ideallifestyle
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3 Critical Business Questions?
Where is my business model today and why?
How does my business innovate to get there and achieve desired results on the way?
Most importantly, when do you do it?
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Focus on key metrics to success
MORE REVENUE
MORE CONTROL
MANAGING RISK
HUMAN CAPITAL
EQUITY MANAGEMENT
Defined by your business model
Business processes
Creating and managing capacity to build scale
Keeping up with regulatory change
Building for your family’s future
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Advisor Practice Management Capacity Innovation(c)
Ideal revenue per clientBreakeven service costsIdeal revenue on assetsIdeal household revenue
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1 2 3 4
Problem AnalysisDiagnose blind spots
and opportunities
Key Metrics Create action plan
and implement key processes
Strategic Plan Implement through
coaching, consulting and research
Problem Solving Implement and measure
key metrics and benchmarking
How we work, Research based Analysis, Research, Strategic Plan
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Practice Management Program Benefits
Ideal RevenueIdeal Client Acquisition Ideal Client ServiceIdeal Business metricsTackle your number 1 Challenge
Time
Perc
ent A
dopt
ion
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Our Why
We started Advisor Practice Management because we discovered that major regulatory and industry changes are putting a tremendous pressure on financial advisors and their firms.
Financial advisors and their firms need to implement key practice management processes into their businesses today, not tomorrow.
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About Us
Advisor Practice Management is anindependent organization specializing in practice management advice and solutions to the financial servicesindustry.
We help financial professionals build their business through our unique coaching and consulting programs. We partner with organizations in the financial industry that focus on key practice management processes for financial professionals.
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Published author, professional speaker, coach and practice management consultant. He is the founder and National Director of Practice Management at Advisorpracticemanagement.com , with 25 years of unique experience in the financial services industry, and over 20 years as an advisor. His passion is helping advisors implement key practice management processes in their business and focuses advisors on three keys,
> ideal clients, > ideal capacity and> ideal lifestyle.
ABOUT USMeet Our Founder GRANT W. HICKS, CIM
National Director Practice Management
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We wrote the book on practice management
Coming fall 2015 by: Morgan James Publishing Ltd. New York.
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Business Health - AustraliaGlobal Practice Management Research
Quotemedia Technology
Advisor Research
Canadian Research
Strategic Partners
Thank You.
Advisor Practice Management
Grant Hicks, CIMwww. advisorpracticemanagement.com [email protected] 4039708895
www.AdvisorPracticeManagement.com