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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 KRISTA SHEETS Accelerating Team Performance to Maximise Client Relationships Why Building a Team is Critical to Creating Value in Your Business
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Who is Paragon Resources? Founded in 1994 in Atlanta, Georgia to help investment advisors build and manage successful businesses. We are a practice management training and consulting firm specifically focused on ROP – Return on People. Our clients are brokerage firm leaders and successful $1MM+ teams focused on fee-based asset management and wealth management services.
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Value Defined
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Developing Themes of Successful Advisors Working ON the business not just doing it Build the team and it shall come Client Advocacy vs. Client Acquisition
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Business Optimization Less Effort Good Results Great Results More Effort
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Practice Management Vision Business Obesity Systems = Capacity Resource Utilization Workload Capacity Gap
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 The Building Blocks of Business GRINDMIND FIND
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Practice Management MarketingSales Wealth Management Portfolio Analysis Investment Management Research Portfolio Reviews Client Service Relationship Management Administration & Operations What are the Core Functions of Your Business?
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Teams are the Solution 3 Types Vertical Horizontal Hybrid Which one is right for you?
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Results-Driven Team Defined
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Formula for Team Success Complementary Behaviors (DISC) (HOW) + Compatible Motivators (Values) (WHY) = Results-Driven Team
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 5-Star Service Turns Clients into Advocates LTV = Real Profitability Referrals define your success Organic growth Consistently exceed expectations Service drives sales Actions speak louder than words
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Design a Service Menu Results of Designing a Service Menu: Not all clients are created equal, but all deserve SOME level of service Keep your clients ENGAGED PROACTIVE communication strategies Show your clients you APPRECIATE them ATTRACT ideal clients by delivering a memorable client experience
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Service by Segment How? Assess your clients: Client scorecard Define ideal client Classify each client Develop opportunity and elimination lists Determine your core, standard service ingredients then your signature ones
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Why Define Your Ideal Client? Helps you make wiser decisions on where or where NOT to spend your efforts Allows you to target your marketing messages which leads to results Leads to win-win relationships Focuses you so you say no to the wrong business
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Define Your Ideal Client Factors to Consider Quantitative Influence Qualitative From: Know Service, Authors: Dale and Sheets Know WHO Your Ideal Client is and WHAT they need and want
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Differentiating Standard vs. Signature Service Standard Service elements to MEET expectations Typically more reactive Examples: mailing statements, issuing checks, returning calls within x hours Signature Service elements to EXCEED expectations Typically more proactive Examples: offering holistic advice on more than just insurance or investments; serving clients their favorite beverages; inviting a client and spouse to dinner; personalizing their appreciation items
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Connect with Your Clients Communication #1 complaint by clients: “I don’t hear from my advisor enough.” Type, purpose, frequency, and method Appreciation Show them you care Notes, cards, gifts, and events personalized to them Environment Give them a memorable, enjoyable experience What is it like to do business with you? Conduct a client experience exercise
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Commit and Act! Engage in the right activities with passion and results will follow Never stop learning Take baby steps – one idea at a time Invest in your team – they are integral to your ultimate success Simplify the complicated Behavioral change is difficult, be consistent – you can’t “fly-by-the-seat-of-your-pants” anymore Patience – anything worth it, takes time!
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Paragon Resources © 2008 Paragon Resources, Inc. | www.ParagonResources.com | 770.319.0310 Contact information: Krista S. Sheets ksheets@ParagonResources.com www.ParagonResources.com US: 770.319.0310 | Skype: paragonresources
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