Ongoing Review

Structured client Reviews
Delivering structured client reviews not only means that the client is receiving “face to face” Service, which as we know from surveys is what  “clients perceive as value” but as importantly ensures both the client and Adviser are keeping up to date and on track to achieve the clients lifestyle and Financial Goals.
In order to get real “value” from these meetings, good communication, and preparation by both parties in advance is essential. Also Presentations/documents that support the meeting can only improve the client’s impression of your Business.
We call it “enhancing the client experience” and if you refer to that heading on our services chart you will see that we are able to assist with every stage of working with both new and existing clients.

Structured Business Meetings
Like client review meetings good communication, preparation presentation and documentation are essential ingredients of a successful Business meeting.
If all parties attending understand the purpose of the meeting and what is expected of them at the meeting and following the meeting your Business can expect more positive actions, more successful outcomes with better results.
A Review meeting whether it is a Board, Shareholders, Team or Strategic Partners Meeting needs to be structured. How well you prepare, set your Agenda, present/discuss and document actions will determine the success achieved.

• Your review meeting needs to satisfy the requirements of a “Review”; will it ensure that all client, staff and Business performance goals can be measured against goals set?
• Will your review meeting enable you to maintain the momentum of existing plans/actions and introduce new actions to further develop/ grow your Business?

We are able to assist in the creation of robust processes, Presentation and documentation in support of a successful Business Meeting.

Review Investment Strategy
Have you got a clear, logical and easy to communicate Investment strategy which is beneficial to your Business but more importantly to your clients?
We have helped many of our clients decide upon their Investment Strategy, select Outsource Partners where appropriate and create Presentations which assist in helping clients understand your Investment Strategy and the benefits to them.

Manage & Review Portfolios
Do you review each of your clients Investment & protection portfolios every year?
Do you have the time to carry out this exercise and is this completed in a structured manner?
Does the income you receive from each client justify the time and cost taken to complete this exercise on their behalf?
Our research tells us that the answer from the vast majority of Financial Advisers to most of these questions is NO! However, if much of your Investment & Protection business was outsourced, then part of the service agreement with the Outsource Partner would be to deliver a structured review of portfolios for every client at least once a year.
Not only does this save your Business considerable time and money, but it also delivers real service “value” to you and your clients.

Income efficiency
Profitable clients.
In our considerable experience of working with Advisers we have found it to be extremely rare to find a business that has a client portfolio with each and every client being profitable to their business.
Much of our work in assisting our clients is to turn every one of their clients into a “profitable” client and we have been very successful in achieving this in a relatively short period of time.

Recurring income from Funds under Management.
Equally as important is the massive opportunity we have identified when working with clients is that of Funds under Management (FUM) not earning any or very little in terms of recurring income for their Business.
Again, we have been able to assist businesses with great success in generating considerable new recurring income by migrating FUM in order to both generate new income for the Business but also additional funds to provide enhanced services for their clients (however, only if appropriate and beneficial to the Advisers client).

Unpaid commissions.
One thing we did not expect when working with clients was to find considerable amounts of unclaimed or incorrectly allocated commissions. Without exception all businesses we have worked with monitor and manage commission but largely because of the way Providers present commissions on their statements and how the legacy of so many client payments being paid has built up over the years it is very difficult to allocate commissions to clients because many of the clients are either no longer with the business and or have had little contact for many years, also whether the amounts are correct. The net result is that we have found with structured reconciliation exercises that many thousands of pounds of unpaid commissions have been found.

Outsourced Services
If you recognise that your expertise is Lifestyle &/or Financial Advice/Planning, then this is where you should be focusing the vast majority of your time.
We also know from surveys such as Cerulli Associates in 2002 that this “face to face” activity is where clients perceive the greatest value.
We also know that the most profitable activity is “face to face” with clients and yet our findings have been that on average Advisers spend less than 20% of their time doing this?
In order to keep this focus and get the best possible returns for your most valuable time not only is it essential you delegate as many responsibilities within your Business but you should also “outsource” expertise where ever possible.
Choosing the right Outsource Partners is critical, ensuring they deliver service to your Business & clients to the highest standard with the best possible performance and at the most competitive pricing. Thorough due diligence is essential; we have been able to assist many of our clients in selecting and managing Outsource Partner relationships.
Getting it right means less work and cost for your Business and better service for your clients.
We are able to introduce you to some of the best performing Outsource Partners in the Industry who deliver their services to the highest standard.
Each of the Outsource Partners has been recommended by our clients.

Client Surveys
Whether you want to test your client’s opinion of the services you are providing or are looking for testimonials or referrals, a client survey needs to be structured in such a way as to ensure the required information/data is gained, the client remains engaged and doesn’t consider there to be too many questions to complete and that you can expect a high percentage return in order to make your efforts worthwhile.
Timing is also important - when can you expect most positive feedback from clients?
We can assist you in building structured client surveys, getting the timing right and ensure you do get a high percentage return.

Staff Surveys
How do you know if your Staff are really happy at work, get job satisfaction, understand and are motivated by your Business goals?
Again a structured survey carried out at the right time and in the right way can provide you with a much greater insight into the feelings and motivation of your Staff.

Annual Business Health Check
Having carried out an initial Business Health Check (BHC) on your Business to identify what is and isn’t working so well, also identifying the opportunities to help build greater efficiency and success. It is essential to keep reviewing the performance of your Business in line with the original Financial & Client goals you set following this exercise.
As a minimum we recommend you complete a “Review” BHC at least every two years in addition to regular structured “Review” Meetings being held monthly/quarterly.
Not only does this exercise allow you to benchmark your progress against the business goals you have set, but also against the performance of other average and high performing Adviser businesses in the UK.