AGENDA

ifa editor Sarah Kendell and Momentum Intelligence research head Michael Johnson will delve into the key findings that will shape the way your practice delivers advice and engage with current and new clients. Industry leaders will address each of these findings and deliver practical strategies and proven solutions to win new customers and re-engage clients looking to leave you:

• Knowledge gap: A lack of understanding around what value advisers provide versus fees and costs
• Missed opportunity: Poor referral activity among those most likely to refer
• Customer engagement: An inability to attract new customers and retain old customers
• Current state of play: A stagnant industry growth — what’s next?

With the shock of COVID-19, people have embraced digital experiences more than ever. From record growth in home shopping, home health and video conferencing, the way we engage with people and companies will never be the same.

In this session, Netwealth will draw on research from Netwealth’s 2020 AdviceTech Report and explore:

• How this period of contagion, self-isolation and economic uncertainty has impacted the way we work, how we shop, how we learn, our shifts in health and wellbeing
• Practical tips to rapidly shift from exclusively face-to-face client engagement to an interface-to-interface engagement strategy
• Maximise the advantage of AdviceTech for digital engagement and to improve your clients’ experience

Research from the ifa Client Experience Workshop shows that there is actually a minimal disconnect between what people expect to pay for financial advice and what it actually costs. So why doesn’t everyone have an adviser to help with the financial decisions that all clients are faced with? This session focuses on how a clear value proposition links directly to an increase in profitability.

• Building up a key profile of clients: Your value determines who you’re targeting
• Maximise profitability by focusing on intangible outcomes and benefits that your clients will achieve
• How to communicate your value and onboard your client to address their real needs

This unique peer-to-peer learning will provide you with valuable insights into the advice community as advisers collectively share their value proposition. Groups of up to four will rotate every 5 minutes to help you fine-tune the way you communicate your value. Take part in this collaborative exercise that will strengthen the way you frame your advice.

PREWORK: Be ready to share your value proposition in 30 seconds.

Macquarie has leveraged its experience working with over 100 of the industry’s highest performing firms from across Australia to develop what they call their ‘blueprint for the successful advice firm of the future’.

The blueprint identifies the four key drivers of a successful advice firm – the things that differentiate growing, sustainable, prosperous businesses from their peers – and maps what firms need to achieve to deliver against each of these success drivers.
Join John Sullivan from Macquarie’s Banking and Financial Services Group as he takes you through the drivers of success, and talks to Pitcher Partners’ Partner (Wealth Management) Charlie Viola about how Pitcher Partners has focused on the client experience pillar in particular to drive engagement with clients throughout 2020.

Research shows that only 52 per cent of clients completely trust their adviser, while 29 per cent say they “somewhat” trust them. As a financial adviser, how do you build trust with your existing clients and potential new ones from the get-go? This session explores how to brand and position yourself to be trusted like a GP.

• Exploring the four pillars of trust, and how to establish a trusted adviser-client relationship
• Build a trusted voice and brand in the industry and create value through high trust client relationships
• Strategies to develop approachability and tone to communicate trustworthiness and increase trust and transparency

We’ve established that it’s no longer possible for advisers to focus solely on investment management. Advisers need to be flexible for clients and evolve with them, expanding on their services to be able to help a customer at all points in financial decision-making. Our research shows that the more frequently a client relies on their adviser, the higher the customer satisfaction rate. This session explores how you communicate your enhanced value to the market.

• Communication that conveys approachability and flexibility to be the “go-to” during your client’s financial decision-making process
• Steps to specialise to appeal to new and upcoming millennial market
• How to utilise new marketing technology and strategies to grow market share and create a more loyal customer base

This unique peer-to-peer learning will provide you with valuable insights into the advice community as advisers collectively share their client experiences of where they have gone above and beyond to gain a positive outcome for their business. Groups of up to four will rotate every 10 minutes to share experience of client referrals. Take part in this collaborative exercise that will strengthen the way you position your service.

PREWORK: Prepare a 3-minute example of a successful client referral and why it worked so well.

Communicating the value of advice and managing expectations around what advice is worth has long been an ongoing industry challenge.

Meanwhile, research continues to show clients wanting clear communication, help in making key financial decisions and to be able to have confidence that the advice they're being given is quality advice.

In this session, we'll explore the key to delivering against expectations efficiently, including:

• How to connect with the value of advice for clients at an emotional and empathic level, and ensure engagement is tied to a clearly-defined end game
• The role nailing your client experience can play in delivering a service proposition that encourages engagement, retention & mutual respect
• How to leverage technology and systems and client-centric approaches that enable your business to evolve more efficiency, faster

This unique peer-to-peer learning will provide you with valuable insights into the advice community as advisers collectively share their approach to providing a more personal client experience. Groups of up to four will rotate every 10 minutes to help you grow strategies to provide a more bespoke offering. Take part in this collaborative exercise that will enhance your approach to delivering an excellent customer experience.

PREWORK: Prepare a 3-minute example of a client touch point in your practice that has helped to make them feel unique.

Steve has seen first-hand the advisers that are excelling at satisfying customers and displaying value. They all have something in common: through the pandemic, they saw satisfaction from their clients skyrocket due to communication, stepping up engagement strategies and providing support to their clients that really needed help. This session explores best practice case studies of those who have come out on top during a time of crisis:

• The need for advisers to assist clients and create a positive impact on their mental health
• New advice industry norm for client communication including when and how you communicate
• Key steps for client retention and growth of your practice through increased engagement