Financial Advisory Business- How to Transform it to the Next Level

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1 Financial Advisory Business- How to Transform it to the Next Level Presentation By: Team FPSB India Financial Planning Standards Board India 702, 7 th Floor, Leela Business Park Andheri-Kurla Road, Andheri (E) Mumbai Phone: , Fax: Website:

2 Contents I. Current Scenario & Challenges II. What does a personal finance customer want from an Independent Financial Advisor (IFA) today? III. Where are you? Assess yourself IV. The Way Forward V. Questions & Answers

3 Total Gross Savings (Rs In Crores) (P) (P) # 597, , ,372 P : Provisional. # : Preliminary Estimates * Source: RBI Data, 2008

4 With whom would Indians trust their money? * Source: IIMS Dataworks Survey 2007

5 Present Regulatory Infrastructure

6 Prevailing Financial Advisory Industry Minimal or no entry barriers for Financial Intermediaries 100 Hrs of Training after passing Exam for Insurance Advisory A single certification for Mutual Fund Distribution (AMFI) Conflicts of Interests and absence of any consistent approach to managing them No distinction between Advice and Selling Absence of Industry wide minimum certification standards Consumers inability to distinguish between variable quality standards of different intermediaries

7 Understanding the current Financial Advisory Industry Growth of Financial Intermediaries MF & Insurance Numbers in 000 Numbers in 000 The rapid increase in the number of intermediaries over a short span has the following concerns: Moderate level of regulation or no regulation Risks associated with unregulated selling sans any advisory Tremendous scope for skill generation * Source: AMFI, IRDA Annual Reports ,

8 Selling Preferences of Financial Intermediaries Business Profile Age Profile Financial Intermediaries profile is not restricted to a single product or service Scope for skilled employment generation at varying age profiles LI : Life Insurance * Source: IIMS Dataworks 2008

9 The FPA and Ameriprise Value of Financial Planning Study A Financial Planning Association survey sponsored by Ameriprise Financial and conducted by Harris Interactive shows how critical the pairing of a professional financial planner and the creation of a comprehensive financial plan can be to an individual s long term financial success. Consumer confidence is near historic lows, yet one group is feeling optimistic and on track to meet their financial goals including retirement people in a comprehensive financial planning relationship. In fact, they are nearly twice as likely to report feeling confident about their financial future as those without paid, professional support. Study is conducted in US in the month of June/July 2008

10 Contents I. Current Scenario & Challenges II. What does a personal finance customer want from an Independent Financial Advisor (IFA) today? III. Where are you? Assess yourself IV. The Way Forward V. Questions & Answers

11 But. Who is an IFA?

12 Questions Clients Ask - 1 I ve just received an offer for a new job. Can you tell me if this salary structure is in my best interests? Ponder Is this asked of by every distributor? And if not, why? The Answer Is Trust Integrity is what you are when no one is looking.

13 Questions Clients Ask - 2 Which is the best Mutual Fund to invest in? Do I need insurance? Shall I sell this property now? Competency Is Essential Knowledge is the only instrument of production that is not subject to diminishing returns. --- J M Clark Without Complacency It s what you learn after you know it all that counts. --- John Wooden, college basketball coach

14 IFA is the personal Financial Architect & CFO for his client, who Understands needs, arrives at a budget Makes the drawings, gets okay, converts to blueprint Builds the house

15 Role of CFP CM Professionals

16 Contents I. Current Scenario & Challenges II. What does a personal finance customer want from an Independent Financial Advisor (IFA) today? III. Where are you? Assess yourself IV. The Way Forward V. Questions & Answers

17 Top concerns of Advisors Today

18 Opportunities in No Entry Load Era Relationship becomes more advice and customer centric than transaction based Will open doors for Financial Planning Good advice will be appreciated and hence rewarded Customer service will be the key Knowledge is a must, hence certification becomes important Those who work in client's interest will be rewarded

19 Immediate Issues Difficulty in putting a value to your service & advice Building the right business model Maintaining brokerage structure may be difficult and cumbersome and bulky Technology Online platforms with direct investments Immediate cash-flow concerns Hence establish a fee-based model!

20 What you should do next? Improve knowledge levels See if you can position yourself as a one stop shop for investment advice Establish client relationship & earn trust Have a sense of ownership of your clients Ensure continuous knowledge up gradation Charge a fee for your services Build your network Partner with people with expertise in a different area/function

21 Financial Planning = (Trust + Education) Competence Character Capability (Education) Results Integrity (Approach) Intent

22

23 Reasons for Client Retention as viewed by Clients and Advisors Reasons Clients Advisors Gap Service quality 88% 87% 1% Online access and Capabilities Statement and reporting quality Risk Management & Due diligence ( Group Agreeing in percentage) 66% 32% 34% 63% 39% 24% 73% 54% 19% Fee structure 48% 30% 18% Relationship 73% 92% -19% Firm s reputation 59% 76% -17% (Capgemini & Merill Lynch,World wealth Report 2009)

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25 Reasons for Client Attrition as viewed by Clients and Advisors Reasons Clients Advisors Gap Statement and reporting quality 49% 26% 23% Availability of product/investment options ( Group Agreeing in percentage) 55% 27% 28% Transaction/management Fee 48% 21% 27% (Capgemini & Merill Lynch,World wealth Report 2009)

26

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28 The cost Distribution of an average Wealth Manager

29 STRENGTHS Established Relationships with existing Clientele Fundamental Knowledge about the present Market & Products Established practice as an Advisor WEAKNESS Lack of Opportunity to offer multiple array of products Unstructured Advisory Process Limited Power to command fee from the customers SWOT Analysis of an Independent Financial Advisor (IFA) THREATS Growing Complexity of Financial Products Competition Managing Customer Loyalty OPPORTUNITIES Implicit Recognition of the Advisory by the Regulators Growing demand for comprehensive need based solutions under a single roof Public Recognition

30 Which orbit do you think today your Financial Advisory service belongs to?

31 In an average month, what proportion of time do you, as CRM, spend on the following activities?

32 Which of the following best describes your business model, now and in two years' time?

33 How Important do you, as business head, rate the following product/service offerings in terms of serving your clients over the next two years?

34 Wealth Management

35 Reach your Next Level of Success: Questions to ask yourself Do you have so many clients that you provide it difficult to provide personal services to each one? Do you have a higher priority on attracting new clients or on providing the best possible service to your current clients? A lesson from top CFP Certificants To have a more successful practice you need to have a fewer, often higher quality clients, and serve them exceptionally well. Many advisors have done this by creating a transition plan that deliberately targets affluent clients and prepares their practice to offer a higher level of service through comprehensive Financial Planning.

36 Reach your Next Level of Success: Questions to ask yourself Do you have processes & structures in place in your business that enable you to efficiently meet your client s needs? Is enhancing your relationships and providing better service to your existing clients a top priority in your practice? A lesson from top CFP Certificants The more successful Financial Planners understand that one of the few aspects of the advisory business that can be never commoditized is the advisor-client relationship itself. They place a high priority in continually fostering and improvising client relationships.

37 Reach your Next Level of Success: Questions to ask yourself Do you think of yourself as a problem solver for your clients? Are you conducting your overall business in a way geared to providing real-life solutions to your client s real-life problems? A lesson from top CFP Certificants The more successful Financial Planners see their first job as solving problems for their clients. Selling them products is simply a means to this end.

38 Contents I. Current Scenario & Challenges II. What does a personal finance customer want from an Independent Financial Advisor (IFA) today? III. Where are you? Assess yourself IV. The Way Forward V. Questions & Answers

39 Services of Future

40 Benchmark in Financial Planning Certification & Standards Individual Level Organization Level Qualification/ Certifications Certification ( Product Centric) ISO Certifications Rating Standards 1.CFP CM 2. PGDFA 3. PGDFP 4. CRM ( FP) 1. AMFI 2. IRDA 3. NCFM 4. BSE 1. ISO ISO Standards as Prescribed by FPSB India

41 Financial Planning Standards -Benchmarks for Organizations Financial Planning Rating Model for Planners/Firms

42 Financial Planning Firm s Positioning

43 Certification: Individual Level CERTIFIED FINANCIAL PLANNER CM or CFP CM CFP Certification- Most prestigious international certification program for Financial Advisors. Currently being offered in 23 countries. Initial Certification - must meet the following four initial certification requirements (known as the four "Es"): Experience Education Examination Ethics It is estimated that the earnings of a financial planner who is certified exceed those of a financial planner who is not by almost 33 percent.

44 Course Contents in CFP CM Certification Program There are 6 modules: Introduction to Financial Planning Risk Analysis and Insurance Planning Retirement Planning and Employee Benefits Investment Planning Tax Planning and Estate Planning Advanced Financial Planning

45 Pathway to CFP CM Certification 1. Regular Pathway to accomplish the education Criterion Enroll with any of FPSB India s authorized Education Provider Self Study Mode 2. Challenge Status Pathway for working Professionals : A candidate must fulfill the criterion of additional higher qualification or professional qualification as specified by FPSB India apart from Graduation degree At the time of enrollment a candidate must have minimum three years of full time work experience in Financial Services Industry or five year experience as self employed in financial services or in Finance related departments of other Industries

46 Why CFP CM Certification? The Candidates undergo a thorough education program which empowers him/her with knowledge and skills in multi-discipline financial services such as Investment, Insurance, Retirement solutions and Tax Advisory A robust examination system evaluates their skills and knowledge Adherence to the Code of Ethics and Professional Conduct by the Candidates CFP CM Certification is awarded after conducting due verification of the profile credentials of the Candidates and suitable due diligence Continuing Education requirement is embedded in the CFP CM Certification, which ensures regular knowledge and skills enhancement

47 CFP CM Certificants help bring the pieces together Investments Insurance Lending Integrated Financial Solution Debt Management Cash, Tax, Debt Management Administration Reporting Administration Estate Planning Wills Powers of Attorney Out Sourcing Buy Sell Agreements

48 STRENGTHS Strong command on the subject. National & International recognition. Regulator and industry acceptance. WEAKNESS Limited access to Capital currently Low awareness of CFP CM Certification in investors currently. SWOT Analysis of a CFP CM Certificant THREATS Substantial Increase in the numbers in future First mover advantage absolutely critical. Financial Institutions scaling up their capabilities OPPORTUNITIES Unstructured market. Growing demand from Financial Services Sector. Allied fields like training, content development, etc.

49 Benefits of upgrading Professionals as CFP CM Practitioners Adding value to the advisory and scope of being able to command fees from the customers Managing Competition and Increase in Client Acquisition/Retention Alignment with Global Standards while employee becomes part of a league of professionals recognized worldwide Transformation from Financial Chemist To Financial Doctors Proves that the employee/advisor has tested herself/himself against the best and has met the Challenge Expertise and Credibility of the employee/advisor as a Financial Planner is instantly communicated

50 Business Opportunities High Private Banking Wealth Management Profit Margins Retail Banking Asset Management N/A Brokerage Transaction-based advisory Low High Revenue Growth Rates

51 FPSB India Financial Planning Standards Board India (FPSBI) is a public private enterprise and a professional standards setting body that proactively guides the development and promotion of standards for financial planning professionals for the benefit of all stakeholders, viz. the Government, the Regulators, the Industry Associations, the Corporate, the media and the general Public.

52 INDUSTRY GIANTS HAVE COME TOGETHER TO ANNOUNCE THE BIRTH OF A REVOLUTION IN FINANCIAL PLANNING INDUSTRY

53 Recognition of CFP CM Certification & FPSB India Regulatory FPSB India is an established Body of Knowledge for Financial Planning as an Academic Institution and Change Agent to evolve Regulatory Framework Various Papers prepared and presented by FPSB India to Regulators and the Government viz. IRDA, PFRDA, RBI, SEBI and Ministry of Finance and honorable mention of FPSB India at the OECD International Conference Industry FPSB India is promoted up by 50 leading Financial Services Organizations The Charter Members of FPSB India have resolved to give first preference to CFP CM Certificants in their respective recruitments Media CFP Certification rated as the Gold Standard in Financial Planning by the Wall Street Journal (Jan, 2003) CFP Certification acknowledged as one of the Upcoming Certifications in Financial Services in India by The Week

54 Contents I. Current Scenario & Challenges II. What does a personal finance customer want from an Independent Financial Advisor (IFA) today? III. Where are you? Assess yourself IV. The Way Forward V. Questions & Answers

55 Thank You! For further detail contact us: Financial Planning Standards Board India 702, 7 th Floor, Leela Business Park Andheri-Kurla Road, Andheri (E) Mumbai Phone: , Fax: Website:

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