ActiFi. Business Development Best Practices

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ActiFi Business Development Best Practices This material is designed for an investment professional audience, primarily Registered Investment Advisors (RIAs).

1 ActiFi Business Development Best Practices This material is designed for an investment professional audience, primarily Registered Investment Advisors (RIAs). TD Ameritrade Institutional, Division of TD Ameritrade, Inc., member FINRA/SIPC/NFA. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank (C) 2014 TD Ameritrade IP Company, Inc. all rights reserved. Used with permission. 1

TD Ameritrade Institutional, Division of TD Ameritrade, Inc., member FINRA/SIPC/NFA.

2 This presentation includes a feature that allows recording of electronic (including audio) participant-shared content. By continued participation in this session, you automatically consent to such recording, and the subsequent rebroadcast of any recording. Presentations are for informational purposes only. The opinions of the participating speakers may not necessarily represent those of TD Ameritrade and its affiliates. TD Ameritrade, Inc. and all third parties listed are separate and unaffiliated and are not responsible for each other s services or policies. 2

Presentations are for informational purposes only.

3 TD Ameritrade Institutional 2014 National Conference Business Development Best Practices January 29, 2014

4 Agenda Define your business development process o o Define Classifications and Sources Define Stages o Define default next steps for each stage Create a pipeline and opportunity report Load your top 10 prospects & client opportunities into your pipeline report Set a goal for your pipeline Work on the exercise: o Individual working time o Group discussion and sharing of good ideas and best practices How to Build Upon the Exercise Q&A All Rights Reserved to ActiFi 4

opportunities into your pipeline report Set a goal for your pipeline Work on the exercise: o Individual working time

Define Your Business Development Process Onboard Get Contact Info The person s name is known to me and I have yet to contact him Initial Meeting The person meets with me to discuss the possibility of

5 Define Your Business Development Process Onboard Get Contact Info The person s name is known to me and I have yet to contact him Initial Meeting The person meets with me to discuss the possibility of hiring me to help them with their FP/IM or other solutions Fact- Finding/ Discovery I conduct an interview to gather information and documents Presentation I present my recommendations with supporting documentation Implementation The client signs documents to implement some or all of my recommendations I onboard the new client into my firm What is the next step that needs to happen to move a person from just a name to a client? What is your commitment objective for that next step? All Rights Reserved to ActiFi

Presentation I present my recommendations with supporting documentation Implementation The client signs documents to implement some or all of my recommendations I onboard the new

Define Your Classifications Classifications are the kinds of relationships you have with people from the time you first hear about them until they become a client.

6 Define Your Classifications Classifications are the kinds of relationships you have with people from the time you first hear about them until they become a client. Examples include: Lead: Not acquainted, acquired contact info by referral or some other method Qualified Lead: Determined to be a good fit Prospect: Not yet a client, building a relationship Client: With an opportunity or life event on the horizon Center of Influence: Not necessarily a client, but a potential or existing referral source Affiliated Professional: Tax attorney, divorce attorney, insurance agent, etc. Write down your exact words and how you define them All Rights Reserved to ActiFi 6

building a relationship Client: With an opportunity or life event on the horizon Center of Influence: Not necessarily a client, but a potential or existing referral

8 Define Your Source Types and Names Source Types and Names help you identify where a prospect came from. Source Types are broader categories, while Source Names indicate which specific Source Type generated the prospect. Examples of Source Types Marketing Campaign Center of Influence Affiliated Professional Personal Networking Event Examples of Source Names Direct Mail, Newsletter COI Name Attorney name, CPA name Rotary, Kids soccer Social Security Education seminar Write down your exact words and how you define them for your Source Types. All Rights Reserved to ActiFi 8

Examples of Source Types Marketing Campaign Center of Influence Affiliated Professional Personal Networking Event Examples of Source Names

10 Define the Stages in Your Pipeline Onboard Commitment Proposal Discovery Introduction Get contact info Stages define where you are in the sales process with each prospect Write down your exact words and how you define them All Rights Reserved to ActiFi 10

are in the sales process with each prospect Write down your

13 Determine Your Pipeline Report Format You need a tool that you can review regularly, that shows the next steps due in the next two weeks for each name in your pipeline. For illustrative purposes only All Rights Reserved to ActiFi 13

due in the next two weeks for each name in your pipeline.

Determine Your Pipeline Report Format For

18 Define the Processes for the Stages in Your Pipeline Onboard Commitment Proposal Discovery Introduction Get contact info Each Stage has a process outlining the steps involved, what materials are used or introduced, what role is responsible, and the due date. Depending on the advisor and the prospect, the time and number of steps involved to move to the next Stage may vary. All Rights Reserved to ActiFi 18

are used or introduced, what role is responsible, and the due date.

19 Common Advisor Processes For illustrative purposes only

20 Contact Mgmt Category & Source Contact Mgmt Lead/Opp. Source History Activities Sales Management Opportunities Dashboards & Reports Make it work on CRM CRM Capability Key Activity Track Leads, Prospects, & Centers of Influence Manage Unique Opportunities for Prospects & Clients Tracking upcoming & completed sales activity Financial forecasting (probability of closing, amount, close date) Create graphs and/or reporting on sales goals Running sales meetings based on facts For illustrative purposes only X X X X X X X X X X X X X X

Leads, Prospects, & Centers of Influence Manage Unique Opportunities for Prospects & Clients Tracking upcoming & completed sales

21 Managing Your Sales Process on Your CRM Terminology and language really matter. Identify and define your terms and make sure everyone is in agreement. Balance optimism and realism in your opportunity forecasting. You can t monitor what you don t measure. Accurate data is important, but only to the extent that it serves management review and decisionmaking. All Rights Reserved to ActiFi 21

23 Questions?

TD Ameritrade Institutional, Division of TD Ameritrade, Inc.TD Ameritrade, Inc., member FINRA/SIPC/NFA, is a subsidiary of TD Ameritrade Holding

TD Ameritrade Institutional, Division of TD Ameritrade, Inc.TD Ameritrade, Inc., member FINRA/SIPC/NFA, is a subsidiary of TD Ameritrade Holding Corporation. TD Ameritrade is a trademark jointly owned