Practice Management
The Art of the Answer
Invesco Global Consulting teamed up with RFP expert Marina Edwards providing strategies to win RFP opportunities for retirement plans.
July 16, 2024
Invesco Global Consulting
Macro four-room business analysis
No team nor its members is likely capable of turning failure into success — either individually or collectively. However, by putting in the proper structure, systems, roles, and responsibilities, there is potential to turn "good to great," to coin a phrase. This step is built to allow prospective teams and team members to "look under the hood" of their prospective partners' businesses with the goal of ensuring that the practices meet their standards of structure and performance.
| FP1 | FP2 | FP3 | |
|---|---|---|---|
| NEW BUSINESS DEVELOPMENT | |||
| Revenue quintile | |||
Asset quintile |
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Client acquisitions (number of client and average assets) |
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Client attrition (number of clients and average assets) |
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Number of boards and/or service organization memberships |
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WEALTH MANAGEMENT (% OF HOUSEHOLDS) |
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Book affluence level (% over 1M) |
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Personal insights and/or behavioral finance questionnaire completed |
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Percentage of clients with a comprehensive financial plan completed |
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Plan implementation: Households with 4+ products and services |
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Percentage of fee-based revenue |
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Average fee basis point |
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CLIENT SERVICE |
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Qualitative and quantitative client segmentation completed |
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Service stratification completed (personalized, customized, and generic) |
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Exceptional semiannual client recognition event |
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Comprehensive annual review that provides philosophical framework, historical context, goal mapping, and tactical adjustments |
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PRACTICE MANAGEMENT |
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Number of households per relationship manager |
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Scheduling, meeting notes, personal client data and insights, and all important team member and client events captured in our CRM |
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Daily huddles |
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Weekly strategy meetings |
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Semiannual developmental meetings |
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Resources and toolkits
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Weekly strategy meetings may help financial professionals enhance and refine their practices.
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