advisory focus

advisory focus
JULY 2011
>
Clien t
Great Expectations — Part 1
Summary: By focusing on what can be controlled and developing deeper
relationships, Wealth Advisors can create great experiences
for their valued clients and exceed expectations.
Behind every great Wealth Advisor stands a core principle: Setting proper client expectations and
meeting — or exceeding them — in order to create an unsurpassed client experience.
Clients have every right to expect a comprehensive advisory process, defined investment philosophy,
advanced planning, excellent service, and coordination with their other professionals. These are key
expectations you, as a wealth manager, should meet.
But delivering on your clients’ expectations is much easier when you have the right tools.
Let’s look at two examples of new Loring Ward Practice Development tools you can use now to help
create a better client experience. Next month, we’ll focus on two Investment Management tools.
Client Expectations Tool 1
Advisors who take the time to really get to know their clients in depth tend to have better, more
rewarding relationships and better understand what their clients need and expect. Loring Ward’s
360 Discovery Process is designed to help create meaningful client conversations in order to uncover
information and client concerns, beyond the usual investment objectives and risk tolerance discussions. By discovering what is most important to your clients, you can offer greater value and create
and solidify stronger, trusted relationships.
To help you make the most of 360 Discovery, we’ve created a number of tools, including:
Advisor Tools
8 — Introducing 360 Discovery
Introducing
Introducing
360360
Discovery
Discovery
— 9— 9
Step One: Setting the Stage
This is where you can showcase your unique approach. It doesn’t have to take long, but
should cover the following:
360 Advisor Guide
Click here for the PDF (9Mb)
1. You are going to create a personal wealth plan that will reflect the client’s lifestyle goals.
2. In order to create this plan, you need to spend some time getting to know the client.
Introduce the Life Cards as a way to focus the discussion.
LORING WARD
3. The Financial Life Map focuses the discussion on five key areas that reveal the client’s
financial issues, goals and concerns.
360
4. There is a reason for each question, and you want the client to feel comfortable sharing
personal information with you.
At the end of this step, ask your client if he/she is comfortable with your approach.
If you don’t establish these elements at the outset, your clients may think:
DISCOVERY
• “He is just like every other advisor.”
• “She is only concerned with my money.”
• “I have no idea why he is asking me that question.”
• VISIONS
_______________________________________
Spouse/Partner Name
__________________________ ___________
Date of Birth
Age
_______________________________________
Social Security Number
_______________________________________
Social Security Number
Gender: q Male
U.S. Citizen: q Yes
_______________________________________
Primary Telephone Number
_______________________________________
Secondary Telephone Number
_______________________________________
Secondary Telephone Number
_______________________________________
E-Mail Address
_______________________________________
E-Mail Address
EA
• H LTH
_______________________________________
City
___________ ___________________________
State
Zip Code
___________ ___________________________
State
Zip Code
Date of Birth/Age
q Male q Female
_______________ q Child q Grandchild
q Other ____________
_______________ q Child q Grandchild
q Other ____________
•
_______________ q Child q Grandchild
q Other ____________
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LWI Financial, Inc. (“Loring Ward”) Securities provided through Loring Ward Securities, member FINRA/SIPC.R 11-023 (01/2011)
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360 Discovery — LWI Financial Inc. (“Loring Ward”). Securities offered through Loring Ward Securities Inc., member FINRA/SIPC R 11-095 (4/11)
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_______________ q Child q Grandchild
q Other ____________
q Male q Female
• HEA
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q Male q Female
_____________________________
q Male q Female
Enjoying &
Protecting Lifestyle
ES • VI
LU
SI
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_____________________________
_____________________________
• VISIONS
Relationship
EA
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Gender
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_____________________________
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Dependent Information (attach separate sheet if necessary)
Name
ONS & VAL
SI
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VI
• HEA
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_______________________________________
Home Address
_______________________________________
City
ES • VI
LU
SI
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_______________________________________
Home Address
_______________________________________
Home Address
H
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_______________________________________
Home Address
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FINANCIAL
DISCOVERY
DOCUMENT
Helping &
Protecting Family
q Female
q No
_______________________________________
Primary Telephone Number
• H
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Gender: q Male q Female
U.S. Citizen: q Yes q No
Financial Life Map
Today’s Date: ____________
_______________________________________
Your Name
________________________ _____________
Date of Birth
Age
A LT H
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Advisor Use Only — Not for Public Distribution
&
Personal Information
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Investor Profile Questionnaire
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360 Discovery Financial Life Map
Click here for the PDF (590Kb)
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•
360 Discovery Life Cards
Click here for the PDF (3Mb)
A
L
& VA UES
Financial Discovery Document
Click here for Financial Discovery Process
• “How does this affect my life?”
• “I am not going to share personal information — it isn’t relevant to the process.”
ES • VI
LU
SI
O
VA
Client Tools
• “Where is this going?”
S
N
Podcasts & Webinars
Click here for podcasts & Webinars
Creating Financial
Comfort
Building a
Legacy
advisory focus
360 Discovery Financial Life Map (editable)
Click here for the PPT (500Kb)
360 Discovery Solution (editable)
Click here for the PPT (95Kb)
Discovery Solutions
Helping &
Protecting Family
Analysis
Planning
Ahead
Creating Financial
Comfort
Building a
Legacy
Development
Develop Custom,
Comprehensive Solutions
Analyze Your Total Investment
& Wealth Situation
Wealth Advisory Process Graphic
(for your website or other materials)
Click here for the JPG (500Kb)
Enjoying &
Protecting Lifestyle
The
Wealth
Solution
Discovery
Your Unique Goals
& Objectives
Monitoring
Monitor Your Plan &
Review Regularly
Implementation
Implement Plan With Your
Team of Other Professionals
R 11-183 (07/11)
Also, because clients’ lives are ever-evolving, we encourage you to conduct these 360 Discovery (or
Re-Discovery) meetings on an ongoing basis. They are a powerful tool to “rediscover” your clients.
Client Expectations Tool 2
Mid-year is an ideal time to meet with clients to review their portfolios, discuss any changes in their
investment goals or situations and prepare for the rest of the year. To help you “check in” to see what
progress has been made on past concerns and how you might assist your clients with any new life
developments, we’ve created a special Mid-Year Review.
Click here for the Structured Investing 2011 Mid-Year Review
This fully customizable Word document offers an excellent way to focus clients and even prospective
clients on the advice and guidance you provide. Client and prospective client cover letter templates
are also available.
Click here for the Client Cover Letter
Click here for the Prospect Cover Letter
Together, these tools — along with two Investment Management tools we will share in the
August Advisory Focus — can help you better manage (and exceed) client expectations.
And remember, these tools will work best when you follow these three principles: let the markets work
for you, focus on what you can control, and build solid relationships based on a comprehensive
understanding of your client.
For more than 20 years, Loring Ward has enjoyed working with hundreds of Advisors, helping them
create a memorable Wealth Advisory experience for their clients.
And that’s an expectation we plan on continuing to meet for many, many years to come.
Steven J. Atkinson, CFS
Executive Vice President, Advisor Relations
satkinson@loringward.com
©2011 LWI Financial Inc. All rights reserved. The material in this communication is provided solely as background information for registered
investment advisors and is not intended for public use. Unauthorized copying, reproducing, duplicating or transmitting of this material is
prohibited. LWI Financial Inc. (“Loring Ward”) is an investment advisor registered with the Securities and Exchange Commission. Securities
offered through Loring Ward Securities Inc., an affiliate, member FINRA/SIPC. R 11-195 (7/11)
Advisor Use Only — Not for Public Distribution
advisory focus — July 2011 — page 2 of 2