Wealth Management Implementation Checklist

Evolving from portfolio management to comprehensive wealth management is a geometric increase in complexity, in both design and implementation. We believe that one potential remedy might lie in the simplest of techniques. The humble checklist. First introduced decades ago by the U.S. Air Force flight checklist have enabled young pilots, barely out of flight training to fly multi-million dollar aircraft in often extremely challenging environments. In the same way we hope our wealth management implementation checklist can help you ensure that your clients arrive to their destinations safely and on time. Walk your prospective client through your comprehensive engagement process. Deep discovery, strategic planning overview portfolio management, administration, communication review structure, and client appreciation opportunities. Conduct an in-depth quantitative analysis and qualitative insights to ensure the successful discovery process.

The goal here is to offer your clients a better understanding of their comprehensive plan, and how you will guide them on their wealth planning process. Place emphasis on developing strategic and tactical solutions and make the process your own. Make sure to include any tax mitigation strategies, stock options, retirement plans, and benefit packages. And highlight any unique aspects of your investment framework which differentiate your recommendations.

Another thought is to look for the trends in your book, look at gender, age, professions, whether they are retail or institutional. Do you like the trends that you're seeing in there? Or is there an area or two that you would like to grow? Maybe there's some areas you wanna get rid of. Often the best way to gain new clients is to ask existing clients for referrals, or actually we like to call them introductions. Many advisors, they really just don't enjoy asking for these introductions. Our Compelling Conversations and Building Your Referral Pipeline tools can be quite helpful with this. Now, other pieces of your marketing plan should include your communication plan. It's a plan for when, why and how you are communicating with your different level of clients. Also, and this is really important, resources. What and who are the resources you're going to apply towards your marketing plan? Who on your team is in charge of your marketing? You must assign this to someone or it will get lost in the noise of the day-to-day business. Here's another important thing to consider when it comes to your marketing plan and that is budget. You should determine the budget you're willing to spend on your marketing and stick to it. For example, some advisors take a percentage of their revenues and they create their marketing budget that way. Oh and take advantage of any marketing resources that your firm may provide. I would bet my life there are many that you are simply unaware of. And the last thing that you should do to build your plan is to create a monthly tactics timeline. This can include initiatives like public relations, advertising, drip campaigns, client events, social media, and so, so much more.

Create a written investment proposal to include cash management, tactical (meaning one to three years), and strategic (meaning four to ten years) asset allocation solutions. Here's where you can include portfolio construction and investment vehicle decisions, along with preliminary manager selection recommendations. Additionally, you can provide fee or cost analysis, along with a stress test of the portfolio to show any potential effects of market movement.

This is where the prospect has become your client, and you're facilitating the transfer of assets, setting up online accounts, updating the cost basis, electronic funds transfers, bill pay, and electronic delivery of statements. It's also where you assign an initial segmentation and service level category to them in your client relationship manager system. Critical here, is that you can't miss a step in this process. So, a codified onboarding process that your whole team can access, will help to ensure the smooth transition that's expected.

Having a consistent, proactive, and scheduled communication strategy is critical to ensuring that the client that you have worked so hard to get feels as though their relationship with you is professionally carried out and valued. How this is achieved is through a combination of periodic portfolio reviews, both in-person and virtual, depending on theirs and your preferences. Quarterly strategic calls, market updates. Again, depending upon the level of service you assigned to them will determine how personalized the interaction will be. Here's also where you need to coordinate with other financial consultants: CPAs, estate attorneys, insurance professionals, and bankers, just to name a few.

In creating, developing, and executing on your total client experience, appreciation for your clients and, and to an extension, the people they care about directly shapes how they feel about being a client of yours. Invitations to educational seminars, market commentaries by portfolio managers, and client appreciation events lead to opportunities for memorable experiences. Recognizing and bringing attention to significant events in the lives of your clients and their family members and/or passions and causes that are important to them deepens the relationship. The more you know and care about them, the more they trust you.

Thank you for your time. I hope you found it informative. If you have any questions, or for more information on this or other programs from Invesco Global Consulting, please reach out to your senior advisor consultant. Thank you.