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What it takes to be No.1Julian Fewtrell
3
4
2015 research involved 270 shops across 14 licensees
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Customer Acquisition Process
Before The Meeting During The Meeting After The Meeting
First Contact
Information Exchange
People Skills
EngagementValue for Money
Follow up Intention
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CoreData ACQUIRE Index©
Categories Measure Dimensions
Assurance Ability to demonstrate and communicate knowledge/skills 9
Compliance Ability to satisfy relevant financial regulations. 4
Quality Ability to satisfy customer needs and provide perceived value.
4
Understanding Ability to understand client needs. 7
Intention Intention to use/reuse/recommend the planner. 2
Reaction Emotive/affective response to the purchase process. 7
Environment Intangible/tangible aspects of client-planner experience. 12
7
Overall ACQUIRE results for RI Advice
Assurance Compliance Quality Understanding Intention Reaction Environment0
10
20
30
40
50
60
70
80
90
100
RI Advice
Industry
8
78.881.3
70.6
84.1
69.8
86.5
94.2
77.2
70.572.5
65.2
78.6
58.2
82.0
89.8
73.8
44.9
65.1
47.4
64.8
33.0
59.8
78.8
56.4
77.2
71.0 68.4
80.6
69.8
85.1 88.577.2
20
40
60
80
100
Assurance Compliance Quality Understanding Intention Reaction Environment ACQUIRE
Sco
re (
0-1
00)
Highest Score
Industry Average
Lowest Score
RI Advice
Overall ACQUIRE results for RI Advice
9
Drivers of commitment
Value/suited to needs
Engagement/people skills
Knowledge and expertise
Communication
0.76
0.75
0.74
0.68
0.68
0.66
0.65
0.64
0.62
0.60
0.59
0.59
0.51
0.48
0.47
0.42
0.42
0.42
0.40
0.40
0 0.2 0.4 0.6 0.8
Engagement: ability to influence
Value of planner's services
Engagement: ability to enthuse
Engagement: ability to build relationship
Recommendations suited to needs
Trustworthiness
Rapport building skills
Ability to demonstrate benefits
Demonstrate their keenness for your business
Ability to create a good impression
Ability to demonstrate expertise
Ability to demonstrate knowledge
Clear and easy to understand
Planner was prepared
Demonstrated understanding of needs/goals
Planner socially comfortable
Listening skills
Took the time to understand needs/goals
Friendly
Planner easy to talk to
Correlation coefficient
0.76
0.75
0.74
0.68
0.68
0.66
0.65
0.64
0.62
0.60
0.59
0.59
0.51
0.48
0.47
0.42
0.42
0.42
0.40
0.40
0 0.2 0.4 0.6 0.8
Engagement: ability to influence
Value of planner's services
Engagement: ability to enthuse
Engagement: ability to build relationship
Recommendations suited to needs
Trustworthiness
Rapport building skills
Ability to demonstrate benefits
Demonstrate their keenness for your business
Ability to create a good impression
Ability to demonstrate expertise
Ability to demonstrate knowledge
Clear and easy to understand
Planner was prepared
Demonstrated understanding of needs/goals
Planner socially comfortable
Listening skills
Took the time to understand needs/goals
Friendly
Planner easy to talk to
Correlation coefficient
10
Historical ACQUIRE Scores
66
6062
77
54
79
86
69
76
51
60
77
53
82
88
70
66 65
62
72
51
78
88
696866
63
73
54
81
87
707067
63
70
55
79
86
70
66
59
62
70
52
77
87
68
62
5659
65
59
77
88
67
7073
65
79
58
82
90
74
40
60
80
100
Assurance Compliance Quality Understanding Intention Reaction Environment ACQUIRE
Sco
re (0
-100
)
Industry 2008 Industry 2009 Industry 2010 Industry 2011 Industry 2012 Industry 2013 Industry 2014 Industry 2015
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Overall ACQUIRE results for RI Advice
ACQUIRE Categories GOLD SILVER BRONZE
Assurance Macquarie RI Advice Apogee
Compliance Westpac FP NAB FP Securitor
Quality AMP CFP GPL
Understanding Ipac FP NAB FP Macquarie
Intention RI Advice Westpac FP GPL
Reaction NAB FP AMP FP GPL
Environment GPL Ipac FP ANZ FP
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So what does it mean for me?
Shopper opinions and perceptions are not facts …
but they are drivers of buyer behaviour.
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What are your clients looking for?
Key take-out:
Expectations of your advice can vary widely ….
But expectations of you are consistent and centre on honesty and value for money.
Knowled
ge/e
xper
tise
High re
turn
s
Mar
ket K
nowled
ge
Resea
rch
Acces
s to
fund
s/m
arke
ts
Man
age
risk
bette
r
Inve
stm
ent s
trate
gies
Decisi
on m
aking
Time
savin
gs
Reass
uran
ce0
2
4
6
8
10
14
How much did the planner discuss their experience?
Key take-out:
Too Little
Just right
Too Much
Don’t be shy … customers want to know they are dealing with an experienced, qualified professional.
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Why is privacy important?
Key take-out:
Personal information is being collected – you need to discuss privacy and explain why it is necessary.
Your sexual preferences
Other
Your plans for your children
Your health
Your address
Your income
Your age
Your financial particulars
Your name
0% 10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
16
Did the planner disclose fees payable?
Key take-out:
Get on the front foot with fees and frame the discussion in terms of value.
Refused to disclose even when asked
No, dodged the issue when asked
Yes, but required clarification
Not without me asking first
Yes, very clearly
0% 10% 20% 30% 40% 50% 60% 70%
17
After the first meeting, were you followed up?
RI Advice Follow-Up
Rates
Industry Follow-Up
Rates
Yes52.9%
Yes40.5%
No47.1%
No59.5%
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How many days later was the follow up?
After 8 days
4 days to less than 8 days
2 days to less than 4 days
Within 2 days
Within 24 hours
0% 5% 10% 15% 20% 25% 30% 35%
19
How were you followed up?
Letter
Other
Phone
0% 10% 20% 30% 40% 50% 60%
Key take-out:
Follow up everyone, by phone, within 2 days.
20
Likelihood of proceeding to next meeting
Unlikely
Unsure
Likely
0 20 40 60 80 100 120
Followed up
Not followed up
21
Intention to Proceed and Recommend
Unlikely
Unsure
Likely
0 20 40 60 80 100 120 140 160
Intention to proceed
Intention to recommend
22
Do you think the planner can help your situation?
Key take-out:
Use probing questions to assess client intention to proceed.
Restate client goals and objectives and summarise how you can help.
Book the next meeting on the spot.
Yes
No
Uncertain
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Key take outs
Expectations of your advice can vary widely …. but expectations of you are consistent and centre on honesty and value for money.
Don’t be shy … customers want to know they are dealing with an experienced, qualified professional. Personal information is being collected – you need to discuss privacy and explain why it is necessary.
Get on the front foot with fees and frame the discussion in terms of value.
Use probing questions to assess client intention to proceed.
Restate client goals and objectives and summarise how you can help.
Book the next meeting on the spot.
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But most importantly …
Follow up: everyone, by phone, within 2 days.
