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The Firm of
the Future:
Implementing
Advisor
Teams
Paul Blanco
March 2013
L0113300278[exp1213][CA,CT]
Presentation Overview
Why Team selling is important to your firm and
our industry
Learn how to effectively partner advisors onto
productive teams
Review the team selling process
Sustain a culture of team selling at your firm
Barnum Financial Group’s
Steps to Success
Leaders Conference
Franchise Agreement
E-Relationships
SmartOffice
Marketing Musts
Welcome Packet
Mandatory Training
Community Work
Keep Score
Intrapreneurial President’s
Conference
PMA
Licenses
Segment-ABC
Target Seminar
Product Specialty
Annual Review
Client Service Model
Website
VIP Referral Process
Business Owner Chairman’s
Council
Designations
Media-TV/Radio
Hire More Staff
WSD
Team Selling
Junior Partner
Financially Yours
Value Proposition
Business Coach
Entrepreneurial AOE
Wealth Management
Affluent Market
Focused Marketing
Entertain/Network
Build A Brand
Book
Big Thinker
Top 7 Issues and Challenges Facing Advisors
4
1. Attracting new clients 53%
2. Meeting Compliance standards 47%
3. Developing relationships with CPAs, Attorneys, etc. 45%
4. Further developing your own expertise 44%
5. Identifying a successor 40%
6. Increasing productivity 35%
7. Having the time and capacity to service clients 34%
Why Move to A Teaming Platform?
5
• Enhanced Service
• Holistic Approach with Specialized Capabilities
• Business Continuity
• Business Growth through Leverage and Specialization
• Work-Life Balance
• Succession Planning
• Advisor Productivity
• Enhanced Recruiting Value Proposition
• Client Retention when Advisors Retire
• Client Experience Differentiation
• Attract and Retain Top Talent
• Innovation through Partnerships
Clients
Advisors
Firm
Company
Teaming Drives Advisor Success
6
Formal
Multi-advisor
Teams
Informal
Jt. Work
Relationships
Probability of success1
Indexed to 100
Likelihood of success for a
solo advisor . . .
. . . Increases to
more than 2x with
leverage
. . . and to more than
3x in multi-advisory
practices
1 Top quartile performance of all financial services advisors
SOURCE: 2008 LIMRA – McKinsey Financial Advisor Survey
Solo
Advisors
100
Definition of Teaming
A group of people with a full set of complementary skills required to
complete a task, job, or project.
Team members
(1) operate with a high degree of interdependence,
(2) share authority and responsibility for self-management,
(3) are accountable for the collective performance, and
(4) work toward a common goal and shared rewards(s).
http://www.businessdictionary.com
Everyone on your team has to be on the same
page with the definition of teaming.
Paul Blanco
Managing Director
-Established a culture of teaming and
partnership
-Advocate for the formal teaming
process
-Strong vision to advisors who would
be productive together
Mindee Blanco
T.S. Coach
-Spreads the teaming culture
-Forms, develops and optimizes teams
during both formation and
development phase
-Acts as the “heavy” when it comes to
decision making and accountability
Elizabeth Hiza
T.S. Project Manager
-Day to day contact with teams,
advisors, ASD’s and Mindee
-Manage process to keep teams on
track
-Communicate progress ,update
reports
Pessie Wong
Succession Planning
-Works with advisors to
valuate book
-Liaison between FP transitions,
advisor and BFG
-Presents findings to advisors and
managers
Joe LoPresti
Market Leader/ ASD
-Assists in holding advisors accountable
-Works with teams to develop goals and
objectives
-Acts as a liaison between advisors and T.S coaches
Start With The Right Team
Potential Team
Leaders
End-to-End Development Process
9
1.
Initial
Consult
2.
Opportunity
Assessment/
Team Vision
2.
Goals, Metrics
& Team
Strategy
3.
Growth
Opportunity
from Current
Clients
4.
Team
Structure &
Roles
5.
Client
Acquisition &
Marketing
6.
Team
Dynamics &
Account-
ability
7.
Client
Retention &
Service
8.
Refine &
Sustain Team
Strategy
3.
Candidate
Search &
Evaluation
Process
4.
Candidate
Search &
Evaluation
Review
5.
Team
Expectations
& Formation
Existing Teams
Formation
Development
Analyze Practice Strengths & Weaknesses
Create Smart & Effective Partnerships
Teaming Partnership
Business want Business need
Different skill sets Similar skill sets
A lifetime A period of time
Practice growth Compensation needs
Client Retention Client Acquisition
vs.
Start The Tough Conversation
Set Expectations with Short Term Business Goals
Start the Tough Conversation Discuss Compensation Early
Keep Score Every Week
ASD Role Is Critical
Team Organizational Chart
Team Lead
Junior Partner
Investment Specialist
Life Insurance Specialists
Marketing Assistant
-Provide client base
-Service top tier clients
-Accountability lead
-Service clients
-Manage team calendar
-Process paperwork
-Contact and service
B&C tier clients
-Prospect for new clients
at B&C level
-Open opportunities as
guided by the team lead
-Support investment needs
-Identify cross sell
opportunities
-Communicate information
and updates in a timely
manner
-Support life insurance needs
-Identify cross
sell opportunities
-Communicate information
and updates in a timely
manner
Define Roles & Responsibilities
On Going Coaching &Development
Marketing
• Team Bio
• Team Brochure
• Team Website
• E- Relationships for teams
WSD
• Alternate process for teams
• Changing how plans are being counted for advisors on teams
• eMoney discount
Operations
• All team applications are handled by the same ACP
Training
• All team members are invited to segmented training sessions
Alert departments to new teams during the
established and advanced phase.
Get Your Whole Firm Involved
Customized Marketing Material
Team Success
Art Gallant Associate
+303%, 248,281
Brooke Hourigan Team
Lead
+63%, 429,264
Peter Fasino Team Lead
+69%, 431,878
Team Hourigan / Fasino
Chuck Hite Team Lead
14% , 456,620
Marcello DePascale Associate
+23%, 246,842
Nicole Toussaint
Associate +21%, 100,594
Team Hite
Josh Howarth
• Team Lead: Ben Howarth, President’s Conference
• Role: Contact C clients
• +93% PY – 98,726
Tim Lemoine
• Team Lead: Steve DeGraff, Leaders Conference
• Role: Contact B&C clients , single product HH
• +84% PY – 147,564
Jeff Costa
• Team Lead: Andy Wigzell, Chairmans Council
• Role: contact 2010 RetireWise attendees
• +40% PY – 157,283
Team Success - Junior Associates
Career Development Gap
July-August 2012
Harvard Business Review
Team Communication
1x/mouth check in with team coaches
Coaches observe team meeting 1x/month
Review STBG 1x/year
Review MOU 1x/year
Weekly activity updates
Management Communication
Team coach update managers and department heads monthly
ASD’s updated as needed
ASD’s observe advisor team meeting monthly
Firm Communication
Paul presents teaming concept 6x/year at firm events
Paul observes advisor team meeting quarterly
Sustainment & Growth Strategy
QUESTIONS