Business Innovations A panel and conversation with

Transcription

1 1 Business Innovations A panel and conversation with Jude Boudreaux, CFP -Upperline Financial Planning Liz Revenko, CFP and Mary Ballin, CFP - Mosaic Financial Partners Eric Ross, CFP - Truepoint Wealth Counsel Mark Johannessen, CFP, Managing Director Harris SBSB Matt Palmer, CFP, President The Joseph Group Partha Iyengar Founder, Life & Money, Accretus Solutions India LLP 2 Format Today Presentations 1. Jude Boudreaux Market Niche and Compensation Strategies 2. Liz Revenko and Mary Ballin Using participatory gatherings to attract, empower and engage with women clients and prospects 3. Eric Ross Specialization within the firm for effectiveness and efficiency 4. Matt Palmer Branding and client service through communications and connections 5. Partha Iyengar Working creatively with millennials Followed by Q&A Conversation at your tables Serving Younger Clients H. Jude Boudreaux, CFP Founder - Upperline Financial Planning Old Way - Do you have investments we can manage? - Come back when you can meet our minimum. New Way - Pricing based on AUM alternatives - Pay for services needed - Accept new forms of payment 3 4 Pricing Model - Two Levels of Service 1. Cornerstone - Limited Services Vision Cash Flow Net Worth Cash Reserves Debt Management 2. Capstone - Comprehensive Financial Planning Cornerstone Pricing $1000 per year (15% discount) or $100 per month Easy for both client and advisor to manage cash flow Includes 3 meetings, phone calls & s related to 5 areas from previous slide 5 6 1

2 Capstone Pricing 1% of Income, 0.5% of Net Worth, excluding the value of business interests Removes focus from AUM Get paid for planning, not asset management New, profitable clients - Emerging Affluent Not a perfect solution, but a better guideline 7 8 Mary Ballin, CFP Liz Revenko, MA, MBA, CFP Mary@MosaicFP.com Liz@MosaicFP.com 9 10 Conversation Circles: Using participatory processes to attract, empower, and engage women clients and prospects for authentic marketing and client care Join us for a women-only gathering at our San Francisco office. Our January topic is "Financial Yoga - Stretching Yourself to Find Peace in the Midst of Imperfection. When we meet in Circle, everyone can ask questions, share, and feel listened to. Amazing things can happen. We discover a safe place to talk about a resource that we spend a lot of our lives focused on but don t usually talk about: money-- how we think about it, how we act around it, what we want to do with it. We gain insights from speaking and from listening to others that help us in our own lives. We find new balance. We learn. Connect. Get unstuck. Gain courage. There is no charge to participate and we are not selling anything. We hold these Circles because we love what we do and we want women to feel empowered and engaged. When: Tuesday, January 27th, 6:45pm - 8:30pm 6:45pm - 7:00pm arrival and sign in (coffee, tea, and chocolate) 7:00pm - 8:30pm - facilitated conversation Where: 140 Geary St., 6 th floor San Francisco, California You are invited! Registration: For our January meeting, please bring a friend - the more, the merrier! (RSVP, please). A little bit about your hosts: Mary Ballin, CFP and Liz Revenko, MA, MBA, CFP are financial planners and women's advocates who believe that financial decisions should be aligned with one's values

3 Engaging Women in a Conversation About Money (How) Do Circles Work? Attract We need a safe place to talk about stuff like this Authentic "I don t feel so alone Empower Giving women a voice in regards to their financial life Engage Women are moving forward and getting unstuck Specialist Teams Firm Structure: Specializations Financial Planning Eric Ross, CFP Truepoint Wealth Counsel Investments Estate Planning Phone: (513) e.ross@truepointwealth.com Risk Management Tax Planning and Preparation Responsibilities Fit of Specialist Model Specialist Relationship Manager Service Line Typical Services Typical Net Worth Service Model Know the Specialty People Development Know the Client Client Communication Financial Advisory Investment Management Financial Guidance $1.5 M Advisor Based Service Delivery Deliverables Research Strategy / Approach Implementation Coordinate Service Delivery Wealth Management Investment Management Financial Planning Estate Planning Tax Preparation Tax Planning Risk Management Trust Services $ 5 M Specialist Family Office Wealth Management and Financial Reporting Tailored Services > $25M Specialist 3

4 Key Success Factors Flat Organization Technical Skills Compensation Model Career Paths / Development Business Innovations Panel SBSB - Career Path Mark Johannessen, CFP Phone: (703) ext. 564 mark.johannessen@sbsbinc.com Culture April 21, SBSB Overview Incorporated in 1991 to help our clients make smart financial decisions Pioneered the offering of portfolio management charged as % of assets CPA background of two SBSB principals was the basis of providing tax preparation services Our Services: Comprehensive Financial Planning Portfolio Management Tax Services Fiduciary Consulting Services Our Client Profile: Corporate executives, business owners, attorneys and lobbyists in need of wealth management solutions Wealthy retirees 914 Individual Clients in 41 states Regions DMV = 685 Clients (75%) CA = 43 (5%) FL = 31 (4%) Average Revenue Per Client $17, Firm Structure SBSB Client Service Team Associate Financial Planning 23 SBSB Org Structure Managing Director Business development & management Client-Facing Professionals Client relationships Manage client service teams Managers & Associates Analysis, research, plan creation & presentation Functional Professionals Manage standards, knowledge, operations in each service area Administrative Staff Support 24 Job Description / Purpose Assist Financial Planners, Directors and Managing Directors with client service and financial planning support Education and Experience Bachelors Degree required; major in Accounting, Finance, Economics or Mathematics preferred One or more years relevant work experience Knowledge of the financial planning process, related services and client servicing needs Strong communication and analytical skills 4

5 Job Duties Job Duties (cont d) 25 Financial Planning & Portfolio Management Prepare comprehensive financial plans in emoney software that include the following modules: balance sheet, asset allocation, stock options, cash flow, education, retirement, Monte Carlo, insurance and basic estate planning. Develop basic models in Excel to analyze clients situations. Review and summarize employee stock options. Review and summarize employee benefits. Review and summarize insurance policies. Review and summarize basic estate planning documents. Review and summarize beneficiary designations and asset titling. Support portfolio management functions as needed. Assist in firm projects/assignments. 26 Tax Prepare income tax projections and income tax returns of moderate complexity. Perform basic tax research. Client Servicing Coordinate client servicing with team Operations Specialists. Prepare client follow-up letters and correspondence. Respond to client phone calls and s. Promotion Criteria Promotion Criteria (To Senior Associate) Enrolled in a CFP-Board Registered Education Program. Expertise in software including Microsoft Office, ACT, AXYS, Prosystems and BNA. Participation in at least one tax season as a preparer. Ability to be proactive and reactive to all client service needs. Ability to work independently and within a team environment. Ability to communicate clearly and effectively with clients in both written and oral forms. Ability to meet PPR goals and objectives. Promotion Criteria Promotion Criteria (To Manager) Passed CFP certification exam Ability to prepare financial plans and analyses with attention to accuracy and deadlines. Expertise in emoney as determined by the Director of Financial Planning. Ability to apply financial planning, tax and investment strategies to client situations. Ability to effectively present sections of a financial plan or other financial analysis. Ability to meet PPR goals and objectives Connecting with Clients through communications Matt Palmer President, The Joseph Group

6 Investing in Our Clients Reading Material Give Smart Wealth in Families Half Time Unbroken Unique Client Gifts Flying lessons Personalized gift baskets Sports Memorabilia Hobby-related items Partha Iyengar Founder, Life & Money, Accretus Solutions India LLP

7 Vision 375 Million MARKET SIZE We will be remembered only if we give to our younger generation a prosperous and safe India, resulting out of economic prosperity coupled with civilizational heritage. 37 Empowering the millennials to live their dreams by creating India s first financial behavioral change platform. 38 *Millennials in the 18 to 35 age group - APJ Abdul Kalam, Former President of India THE 3E PROCESS WHAT WE WANT TO DO WHAT WE CAN BE PAID TO DO More Millennial Women (non-urban) Scale Up, Online Platform (subscription driven model for consumers) Engage Empower Energize THE EXPERIENCE IMPACT through fee only model Nudging Workshops (Monetised: EAP and IEP) Joint Venture (FPs and niche firms) WHAT WE DO WELL LEARN TO DO THIS BETTER 7