+ All Categories
Home > Documents > Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation...

Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation...

Date post: 24-Dec-2015
Category:
Upload: paul-reed
View: 214 times
Download: 0 times
Share this document with a friend
Popular Tags:
18
Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training
Transcript
Page 1: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Cook, IncSESSION FOURWORKBOOKDecisions and Notes for Modules 1 – 6

BSMARTer Business Simulation Management and Relationship Training

Page 2: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Firm Story

MODULE ONE

Page 3: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Your Firm Story

2

Use and Attach the Worksheet Provided in Ross Ozer’s Presentation

Original Vision Statement:Be recognized by our clients as their trusted partner through every stage of their life by providing a comprehensive team based approach to client engagement. We will be known as the voice of women in transition for the financial industry.Be recognized by the owners and staff as a team-based environment that rewards dedication to our clients, and promotes personal and professional development.

Original Mission Statement:We ensure women in transition have their financial needs taken care of whether they are going through a marriage, divorce, sale of a business, paying for their children’s college, or as they become the primary care givers for aging parents. We understand that creating financial security, especially during life’s fluctuations is not just about the numbers. Founded by a woman, Cook, Inc. was built with a team of professionals who shared her determination to provide financial guidance in times of transition to women. The firm has developed an exceptional client base who value our unique services. We welcome our clients in a warm and inviting office space, or travel to them when they can’t make the trip to ensure every client has a personal relationship with our advisors. These relationships are critical and have created an environment where clients call us first whenever they have a major life change on the horizon. We join our clients on their unique journeys, and ensure that their financial assets meet their ever changing needs.

Page 4: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Your Firm Story

2

Use and Attach the Worksheet Provided in Ross Ozer’s Presentation

Page 5: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Create your Firm Story

2

Cook Inc – Firm Story

As wealth managers for women in transition we have a responsibility to address their distinct needs. Financial security isn’t just about the numbers, it’s about the journey to creating security, confidence and independence. Having an advocate that can relate to their unique experience provides a safe environment to achieve goals. We help them embrace this evolution by leveraging our own personal life experiences and expertise as we join them on the path to continued success.

Page 6: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Driving a High Growth Firm

MODULE TWO

Page 7: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Your Specialty

4

Our niche target market is addressing the needs of women who are experiencing a transition in their life. Our clients may be experiencing a divorce, death of a spouse, or even the challenges of caring for both aging parents and their children at the same time.

The primary way we specialize in this market is encouraging every staff member to bring their unique life experiences to bear with each client situation. We find empathy is the key to developing client relationships that will last a lifetime.

Of course expertise is necessary as well. We promote our staff and support their development by providing funding for certifications and necessary training that directly support our target markets.

• Five staff members with CFP’s

• Two staff members participate in the Financial Planning Association

• One staff member Certified Divorce Financial Analyst

We leverage our target market and specializations through a robust social media and PR campaign that involves all senior members of the firm.

1. What is your target market?2. What do you specialize in?3. How will you use specialization to improve business

development?

Page 8: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Growing the FirmNO DELIVERABLE EXPECTED

MODULE THREE

Page 9: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Managing New Business Development

MODULE FOUR

Page 10: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Business Development?

8

We have a culture of growth, which means everyone from the secretary to the CEO is expected to participate and make contributions to help Cook, Inc. achieve our firm-wide business growth goals. Major changes were implemented two years ago, and we are continuing to refresh them. Following is a recap of our business development training enhancements:1. Developed firm story and went through the Marketing and Business

Development Toolkit with our Fidelity RM. We will take this more refined version developed this year and incorporate additional training for all staff to ensure everyone tells the same story consistently.

2. We created an Advisory Board two years ago with the help of Steve Wershing. This provided great insight into our messaging and why our clients use us. However, we have decided to re-engage with Steve as a third party facilitator to help us get even deeper with our clients and refine our messaging further. We look forward to bringing the enhancements to our next Advisory Board meeting.

3. Instituted a PR and social media strategy to decrease the reliance on Natalie as she has historically been the only “voice” of the firm. All staff went through PR training, and as a result, the entire senior management team has now been quoted on both social media sites and news sites. In addition, John has been given a weekly spot on Bloomberg to discuss current market conditions and the impacts on women in transition.

4. Develop event strategy…

1. Who will develop new business for the firm?2. What will you do to train and support the business

developers?3. What will be your sales process?

Page 11: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Business Development?

8

While all these changes have been great, we continue to rely primarily on the Lead Advisors and Associate Advisors to develop business. We do not believe in hiring a separate role for business development, and then creating a handoff to the Advisory team that will then work with that prospect. We feel it is important to establish the relationship early in the sales process and to have the skills necessary to close business. We have seen an increase in client referrals that we attribute to our Advisor’s commitment to developing deep relationships during the sales process. In fact, our advisory board confirmed that the sales process experience was a driving factor in referring new business to Cook, Inc.

Our compensation philosophy is rooted in the culture of growth, and we have won awards for our business as a destination for top talent. Everyone can receive incentive compensation and/or a bonus for referring new business that is ultimately closed. There is a large bonus pool that is based on the firm meeting its growth goals. In addition, Advisors are incented to bring in new business in the form of additional share of wallet and prospects. Advisor compensation is structured as a base salary, but a large component is variable based on the assets they manage.

1. Who will develop new business for the firm?2. What will you do to train and support the business

developers?3. What will be your sales process?

Page 12: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Business Development?

8

Our sales process is clearly defined and we track every lead in our CRM system. At the first indication of interest (name provided by a client or COI, or a call into the firm requesting information) a lead advisor is assigned to handle the sales process. Initial information about the firm is sent, and the Lead Advisor attempts to schedule a meeting. Depending on the level of engagement, the prospect is coded a number (1-5) with 5 being unlikely to join the firm, and 1 being at the point of a contract being sent to the prospect. We call this system our funnel. At any point in time we can access our funnel to see how many prospects we have, how close they are to closing, as well as the expected assets. We have developed an outreach strategy for each level of the funnel, which includes newsletters, whitepapers, TV clips, or invites to events based on what is most appropriate. The Lead Advisor assigned to the prospect can opt-in or opt-out their prospect to any of the scheduled touch points as they see fit. As a prospect moves down the funnel to a level one, the engagement with other members of the firm can increase (i.e. brining in the CIO to a closing meeting) and this helps demonstrate the breadth of the team. Once closed, we have developed a 30, 60, 90 day plan that outlines what the new client experience will be, who will be reaching out to them, and what needs to occur to successfully onboard them. Our client advisory board was instrumental in developing this process. We also surveyed our “lost” clients and have enhanced the process based on that feedback.5- prospect inquiry or referral received4- initial call to prospect3- in person prospect meeting conducted2- statements received1- client commitment and contracts/account opening docs sent to client

1. Who will develop new business for the firm?2. What will you do to train and support the business

developers?3. What will be your sales process?

Page 13: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Referrals

MODULE FIVE

Page 14: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Referrals

10

Our niche target market is addressing the needs of women who are experiencing a transition in their life. Our clients may be experiencing a divorce, death of a spouse, or even the challenges of caring for both aging parents and their children at the same time.

In order to achieve our growth goals and build off the already strong referral activity (65% of new clients came from client referrals), we are tackling the following activities.1. Client Advisory Board: Four years ago, we implemented a client advisory board.

We realized from our benchmarking results that we may not be fully utilizing their time. For the next meeting we are hiring an outside facilitator, Steve Wershing, to help us answer critical questions including what’s most valuable about the services we provide? Steve is also working with our firm to set term limits and rotate the board membership to ensure fresh ideas.

2. Client Survey: We are working with our Fidelity RM to identify third party survey resources. The purpose of the survey is to identify willingness to refer business, what clients find remarkable about our firm, and whether they value our public relations. In addition, one core finding is expected to be why clients hired us, and why they continue to do business with Cook, Inc.

1. How will you facilitate client referrals2. What initiatives will you undertake to improve referral

frequency and quality

Page 15: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Generating Referrals

10

3. Promote our Culture of Growth: We will plant the seeds of growth, by ensuring everyone from the receptionist to the CEO are speaking the same story consistently. Train staff to understand the importance of every interaction and the potential to bring in business to the firm even if it is not their primary responsibility.

4. Formalize Client Stories: Create a library of live client examples and case studies that relate to the needs of our target market. Specifically, these will include examples of a sandwich generation client, widower, divorcee, executive climbing the career ladder. These stories will be easily accessible to all staff, and will be included in “Recipes for Success with Cook, Inc.”

5. Productizing our financial planning solutions: “Recipes for Success with Cook, Inc.” Book will be structured similar to BeGreater with case studies/success stories from working with our existing clients. Structured around 5 key topics:

• Selling a Business and Transitioning to Phase II of your Career• Surviving Death of a Spouse• Thriving After a Divorce• Defining the Complexities of the Sandwich Generation • Achieving Financial Security for you and your beneficiaries

• Appendix: Directory of our trusted referral partnersBased on the success the team has had with traditional and social media (see page 10), we felt publishing a book was a natural next step to share our expertise.

Page 16: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Responses to the Recession Challenge

MODULE SIX

Page 17: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Recession Challenges

10

How will you respond to the recession challenges?TO BE COMPLETED DURING OUR MARCH PHONE CALL

Page 18: Cook, Inc SESSION FOUR WORKBOOK Decisions and Notes for Modules 1 – 6 BSMARTer Business Simulation Management and Relationship Training.

Other Initiatives

12

Describe any other initiatives your firm will undertake.

Notes

Initiative Explanation

1.Define/Develop event strategy

Create awareness of Cook Inc through Client appreciation events, Professional Women’s Association sponsorships/participation, Lunch and Learn’s with outside speakers

2. Distribution and marketing strategy for “Recipes for Success with Cook, Inc.”

Book will be structured similar to BeGreater with case studies/success stories from working with our existing clients. 5 Key topics will be highlighted in the book

3. Develop Referral/COI StrategyDocument a plan for getting leads and working with regional COIs

4.

5.


Recommended