Business Management Services
A series of internal Old Mutual Wealth Business Management Services workshops aimed at all Business Development staff in order to:
– Assist you to have more effective business related conversations with your planners, about their practices
– Better understand when to introduce a Strategic Relationship Manager and / or Business Coach
– Better identify practices that have the potential to become Strategic Partners.
In order to get the most out of this course it is recommended that you attend all sessions described below. Click here if you would like us to advise you of the next workshop in your area.
Module 1: Getting ready to take off
There has to be a point where future success commences. If enhanced profitability and growth in asset value over time are a business owner’s dream then this is where it all begins. During this session we will take a critical look at where the business is at and exactly what is needed to take it to the next level.
You will discover just how the Old Mutual Wealth Business Assessment Tool can be applied in the development of a business. How a single tool can stimulate questions and thought that would otherwise require weeks of consulting.
During the workshop you will experience the Business Assessment Tool, hands on. And you will discuss how it, and other business tools, can be used to help your clients (financial planners) gear up for success and achievement.
In addition, we will spend some time on the KnowMore website, ensuring that you understand the benefits it can bring to yourself as well as your planners.
Module 2: Go to market
All dressed up and nowhere to go. Actually, there’s a lot of homework to be done before you go to market and that is what this session is all about.
Financial planners get to choose – that’s the great thing about this profession and what makes it different from most others. They can decide which market they want to operate in and then go a step further and decide which clients they want to deal with.
From there it’s a matter of going to market with a value proposition that totally resonates with their chosen clients. That’s what we will be discussing during this session. And by the way, the same principles apply to us. You can develop value propositions that will entice chosen financial planners to use you as their preferred service provider.
The topics discussed in this session form the foundation for any conversation about “fees for service”.
Module 3: Segments and services
Being all things to all clients means delivering less to your best. Time and resources are always limited and sustaining optimal profitability requires that you spend most of your time on opportunities that will deliver the best results.
To achieve this requires that you know where each client fits in on the value scale. And you also deliver what they want in a manner that suits them best.
During this session we discuss the best way of segmenting a client base and suggestions on how to differentiate services. We also look at how this fits in with the requirements imposed by Treating Customers Fairly legislation and start considering what should be included in a practice’s Service Level Agreement with clients.
Module 4: Fees for services
If a financial planner delivers professional services to clients who wish to make use of those services, then the financial planner is entitled to fees for those services. And the Financial Services Board agrees.
The real issues are identifying the different types of services one can charge for (with regard to the Retail Distribution Review – RDR), how to calculate reasonable fees for services (in line with clients’ perceptions of value), how to implement this into a practice and how to agree this with clients in a Service Level Agreement.
Most planners are looking for guidance and assistance in this regard and you can be the one to lighten the load.
Module 5: It’s all about planning
Planning is a means of managing how you will get from where you are now to where you want to be.
As a business owner this includes strategizing, marketing, managing your risks and finances and making things happen. It starts with your goals and can only be implemented by actions. During this session we will look at several key aspects of effective business planning.
By attending you will enhance your ability to contribute to a practice’s planning activities and assisting business owners to aim and achieve those goals that are important to them. You may even learn a few things to help you plan better to reach your own goals as well as those of the business.
Module 6: The right people
Once you know where you want to be it is important that you have the right people in the right seats on the bus to get you to your destination.
People are the biggest assets in a business only if they’re the right people. The right people cost a lot but the wrong people cost more. So, if you’re looking for a real return on your employee investment there are some crucial points to take note of.
It starts with business planning and determining what your goals are. Then it’s a matter of recruitment, evaluation and selection, hiring, training and rewarding.
Making the most of your employees includes providing them with the right environment where they can achieve the most. They too must own the business goals and objectives so that they can see and appreciate their contribution. These are elements that we will cover in the workshop.
Module 7: Being able to walk away when you are ready to do so
As a business owner it is not only necessary to plan for being in business. It is also important to plan for when you wish to walk away.
In the same way that a financial planner recommends to their clients that they have to start planning early for retirement, they too have to start planning early for their exit from their business.
The legacy left by a successful financial planner takes years in the making. There are many aspects to consider when wishing to increase the value in a financial planning practice (value drivers). During this session you will become more familiar with the various succession planning options, value drivers, our business valuation tool and practical ways in which to transfer client relationships successfully to new planner(s).