Practice Tools Summary
John Sample
GCG Financial (Colorado)
Years In Business: 4

Key:  Current Score   Current Overall Score   Next Level
2/24/2006 4:58:52 PM
 Lifecycle Stage Pts. Overall Practice Average Client Acq. Client Mgt. Sales Process Case Dev Time Mgt. Comm -unication Education Financial Mgt.
Prime Performer
BVx 2.5 4
   739
- Target Zone

 430
- Emerging
 700
 489
 835
 551
 736
 467
 800
 500
 622
 305
 725
 400
 820
 412
 668
 313
1000
950
BVx 2.0 4
Mature

BVx 1.5 4

900
850
800
750
700
650
BV         4

Emerging

600
550
500
450
400
350
300
Developing 250
200
150
Formative 100
50


  Personal & Professional Practice Change Indicators
 Vision 47% 97%
 Accountability
 Team
30% 87%
 Business
 Environment
50% 85%
 Balance 40% 100%
  Negative Unsupportive Neutral Positive Insistent
 Overall Practice
 Change Indicator
42% 96%

Practice Tools Plan
John Sample
GCG Financial (Colorado)
Years In Business: 4

2/24/2006 4:58:52 PM
Overall Practice Tools Score
(average of 8 business system scores)
Current Score Target "next level" Score
430
Emerging
4 Years In Business
739
Maturity
(+309)


Est. Revenue Increase: $100,000 - $150,000
Est. Cost to Implement: $30,000 - $50, 000

Jerry, to grow to the next level you need to gain an average of 309 points. Spread across the 8 business systems, the point total to work with is (309 x 8), or 2472 activity points.

This plan provides a breakdown of the recommended action steps to get you to the "next level". The recommendations are based on best practices in each of 8 business systems. Be sure to schedule a teleconference with a company consultant and your coach to discuss how to take the first steps to work your plan. The discussion will focus on these recommendations and the specific resources you can tap into for assistance.

Practice Tools System Score Target
Score
Action Step Point
Value
Client Acquisition   489
Emerging
700
Early Maturity
1.1  Referral-gathering: Have a referral process that provides a steady stream (a predictable weekly amount) of referrals from a variety of sources, client and non-client, while using other prospecting sources as well.

(+11)
1.2  Warm leads: People who know you, or you’ve been introduced to should be 75-89% of your first appointments.

(+13)
1.3  First-time Fact-finds (discovery interviews): Achieve 3 first-time fact-finds on average each week.

(+13)
1.4  Introducing Yourself & What You Do: Have a set polished, simple, verbal and/or visual presentation to use in any social or business situation. It should describe what you do, why you do it and encourage the prospect to want to talk again.

(+13)
1.5  Prospect Management: Use a contact management system to track prospects and any contacts made with them. Collect the basic facts about a prospect with some additional personal information.

(+20)
1.6  Markets: (groups of people with common interests, similar needs and communication links) Establish defined markets and begin to get inside of them using a tactical plan.

(+21)
1.7  Prospect Tracking: (A prospect says “not now” but meets your target client profile). Put the name on the calendar to call back in several months and post any notes to the file/contact management system.

(+7)
1.8  New Prospects: Obtain 6-10 new prospects (from all sources) on average each week.

(+33)
1.9  Client Acquisition Team: You need a dedicated Marketing Assistant who also may be involved in other administrative work, too.

(+19)
1.10  Calendar: Your calendar and contact management system may be separate, but should synchronize.

(+7)
1.11  FF Ratios: First-time fact-finds should result in 90%+ asks-to-buys.

(+54)
1.12  Purchase Ratios: Congratulations, you’re a prime performer!

(+0)
Client Management   551
Late Emerging
835
Late Maturity
2.1  Client Segmentation: Finish segmenting clients into tiers (such as A,B,C), with specific criteria for each tier.

(+50)
2.2  Client Reviews: Try to schedule reviews with top-tier clients, and offer reviews to other tiers. Have a structured process for reviews.

(+17)
2.3  Client Contact: Use a disciplined, structured series of contacts with top-tier clients to ensure they have reason to refer you to others, do more business with you, and/or know that you care. Keep client contact mostly proactive in nature, but include some passive contact (such as newsletter & birthday card). You should also have a structured series of contact for middle-tier clients.

(+33)
2.4  Best Clients: Ensure your best clients know what you do, (definitely and in detail) your vision, approach, products and services, and the type of people you’re looking for.

(+33)
2.5  Client Management Team: You need one FULL-TIME, dedicated assistant who handles most client contacts.

(+17)
2.6  General Client Management: Ensure it is mostly proactive.

(+17)
2.7  Client Information: Get to know a lot of non-business information about top-tier clients (demographics, family, key relations, hobbies, sports, preferences). Enter this information into your contact management system and use it in the service process.

(+33)
2.8  The “Next Sale”: Have a pretty good idea of what your top clients might purchase, based on conversations and notes.

(+34)
2.9  Value of a Referral: Know what each referral is worth to you financially and trace the referral tree that leads to & from particular clients and Centers-of-Influence.

(+17)
2.10  Client Records: Ensure they are compliance-proofed, easily accessed and provide demographic and marketing information, in addition to the account/product specifics. (3 of the 3 elements)

Your answers were:
- are compliance-proofed.
- are easily accessed.

(+33)
Sales Process   467
Emerging
736
Maturity
3.1  Initial Contact: During your first contact with the prospect always stick to a rehearsed, structured language/track.

(+33)
3.2  Appointment Confirmation: Include a reminder call or note.

(+17)
3.3  Initial Interview: Consistently cover 4 of the 5 areas.
1. Make it truly a dialogue. Draw out the prospect’s wants & needs.
2. Explore what you do and why.
3. Set expectations for your relationship.
4. Discuss compensation.
5. Lead naturally into the fact-finding.

Your answers were:
- is truly a dialogue. The prospect’s wants & needs are drawn out
- explores what I do and why.
- leads naturally into fact-finding.

(+17)
3.4  Fact-Finding & Feeling-Finding (Discovery Interview): Consistently cover 4 of these five elements.
1. Use a consistent fact-finding tool, with triggers to ensure that you ask the feeling questions.
2. Gather all necessary information to run illustrations, planning software, asset allocation models and other case development resources.
3. Dialogue. The prospect does most of the talking.
4. Anticipate underwriting and/or issue complications.
5. The meeting generates a good number of referral names to feed the prospect later.

Your answers were:
- I use a consistent fact-finding tool, with triggers to ensure that I ask the feeling questions.
- I gather all necessary information to run illustrations, planning software, asset allocation models and other case development resources.
- We dialogue. The prospect does most of the talking.

(+17)
3.5  Post Fact-Finding (before the presentation): Send the prospect a thank-you letter that highlights outcomes of the fact-finding interview, along with next steps. This “bridges” the two interviews. Confirm the presentation appointment.

(+50)
3.6  Presentation and Close: Have a crisp, clear, uncomplicated presentation. It should be rehearsed and anticipate most of the prospect’s questions. You know when to ask for the business and are usually successful.

(+33)
3.7  Post-Sale Business Submission: Establish a tracking system for submitted business.

(+17)
3.8  Delivery: Ensure delivery includes at least 4 of these elements.
1. A formal, face-to-face delivery agenda
2. An agenda that reinforces what the product is for
3. Plant the seeds to address the next sales opportunity
4. Get referrals
5. Cover service expectations for the new client.

Your answers were:
- My agenda reinforces what the product is for.

(+34)
3.9  Sales Process (all or some of the steps): You need a full-time Assistant who helps with some of these steps.

(+17)
3.10  Sales Statistics: Establish a method to rack a few key statistics and track those thoroughly.

(+34)
Case Development   500
Late Emerging
800
Late Maturity
4.1  Case Analysis: Have a standard template that fits most of your proposals. It should be flexible for unique situations. It should include asset allocation models, hypotheticals and illustrations.

(+50)
4.2  Consultation: When necessary, invite other Advisors to help share, develop and sell a case. Do this both with experienced and new Advisors.

(+75)
4.3  Case Development: You need a dedicated Sales Assistant whose primary job is to help you with case development functions.

(+50)
4.4  Case Analysis Software: Describe what’s needed to move the software programs to Very Good from Good. Explore how to implement those changes.

(+25)
4.5  Your understanding and ability to use the available software for case preparation: Describe what help you need to move from Good to Very Good.

(+25)
4.6  Case Preparation: Use internal resources that are provided by the Firm, company and other Advisors. Access some additional, outside resources as needed.

(+75)
Time Management   305
Early Emerging
622
Early Maturity
5.1  Calendar: Use a calendar system that has a number of different components (such as PDA, Outlook and database) that synchronize, but may be not fully integrated.

(+30)
5.2  Working Your Calendar: Use a calendar that is interactive with you and your assistant who access it in real time.

(+60)
5.3  Delegation Skills: Find resources to grow from being a Fair delegator to a Good one.

(+30)
5.4  Service Calls (from lower-tier clients): Reduce the amount of time service calls take up on average to 10-24% of your work day.

(+30)
5.5  Model Week: Have a plan that allocates your weekly time for such things as personal time, prospecting, case prep, administration, study, telephoning and other business activities. Stick to it most of the time.

(+50)
5.6  Personal and Work Time: Achieve a balance between personal and work time that you can successfully maintain. Address this issue with members of your Accountability Team.

(+50)
5.7  Face-to-face Time: Spend 15-19 hours on average per week with clients, prospects, centers-of-influence and other business-builders.

(+30)
5.8  Time Wasting Activities: Reduce time wasting activities to between 20% - 29% of work time.

(+25)
5.9  Telephone Interruptions: Get an assistant to screen most business calls and send through any that might be sales related. You help handle some incoming phone calls.

(+50)
Communication   400
Early Emerging
725
Maturity
6.1  Staff Meetings: Hire staff, meet and/or have weekly, person-to-person strategy sessions & talk daily about high priority matters.

(+50)
6.2  Performance Review of Staff: Set expectations, hire a full-time staff member.

(+25)
6.3  Staff Selection Skills: Find resources to grow from Fair to Good.

(+25)
6.4  Staff Supervision Skills: Find resources to grow from Fair to Good.

(+25)
6.5  Business E-Mail and Mail: Hire staff to start filtering out the junk and you may sift through the rest.

(+50)
6.6  Internet: You and your staff should begin to use the internet efficiently and effectively for research and to proactively search for information about your top-tier clients and search for top prospects. Little online time should be wasted.

(+25)
6.7  Firm and Home Office Personnel: You and your staff should work to achieve excellent relationships with these key support people.

(+25)
6.8  Centers of Influence: Treat COI’s as mid-tier (B) clients for service and “touches.”

(+25)
6.9  Key Community Contacts: Integrate them into your contact management system and provide a certain level of “touches.”

(+50)
6.10  Quality of Your Client’s Experience: Ensure your clients usually get a consistent, professional experience in interactions with you, your team and Firm.

(+25)
Education System   412
Emerging
820
Late Maturity
7.1  Professional Designations: Finish getting the professional designations for your practice.

(+20)
7.2  Global & National Economy: Become comfortable discussing the economy, both national and global. Have strong strategic viewpoints that you share with clients and integrate into their planning.

(+45)
7.3  Study Groups: Participate in multiple, inter-disciplinary study groups. Some should be industry-specific, while others are with fellow professionals outside of the financial services industry. These groups should be geographically local in scope.

(+45)
7.4  Sales Ideas: Consistently find new sales concepts and ideas to keep your interviews fresh. These are usually from financial services publications & media, as well as from Firm and company sources & materials.

(+25)
7.5  Joint work: Experience joint work as an excellent source of learning new sales techniques and product knowledge, as well as a great way to teach others what you know. You learn and you earn.

(+20)
7.6  Mentoring: Get a good mentor arrangement for yourself and mentor another Advisor.

(+65)
7.7  Staff Training: Get an effective training process for your staff to learn how to perform their job duties, using both in-house and external resources. Try to share what you know when there’s an opportunity. Ensure that someone else can usually fill in when a staff person is missing, even if support isn’t quite as good.

(+45)
7.9  Developing a New Market: Establish a systematic approach to develop and penetrate markets.

(+45)
7.10  Continuing Education: Make continuing education worth your time and money.

(+15)
7.11  Industry Achievement Level: MDRT, Chairman’s Club or an industry/company equivalent becomes a significant motivator. Seek to qualify annually and regularly go to the meetings.

(+25)
7.8  Staff Growth: Encourage your staff to get licenses and professional designations.

(+58)
Financial Management   313
Early Emerging
668
Early Maturity
8.1  Compensation: Understand & monitor all elements of your compensation (for example, commissions, renewals, assets-under-management, fees, bonuses, 1099).

(+34)
8.2  Business Budget: Keep a detailed business budget that is used as a spending guideline.

(+34)
8.3  Bonus and Incentive: Have your team keep track of progress toward bonus points and achievement levels.

(+33)
8.4  Staff Incentives and Pay: Ensure that staff is compensated heavily on incentives, with minimal emphasis on hourly rates or salary.

(+17)
8.5  Business Checking Account and Line of Credit: Use a business checking account in your practice.

(+51)
8.6  Business Cash Flow: Develop a cash flow that is more than enough to meet business budget needs. Excess funds should provide a good income and perhaps some re-investment in your business. Any business debt is reasonable.

(+51)
8.7  Professionals: Retain two of these four - CPA, attorney, performance coach, financial planner.

Your answers were:
- CPA

(+17)
8.8  Products: Select products to use with your clients that have integrity and provide you with fair compensation both immediately and over time, so you become satisfied with the range of products you can access.

(+33)
8.9  Exit Strategy: Think about what your plan will be to sell your practice.

(+34)
8.10  Death or Disability: Be sure your staff can maintain the practice (but not grow it) until a determination is made about what to do by you or your heirs.

(+51)
Personal and Professional Vision   162
334
9.1  Self Promotion: Learn to describe clearly and concisely what you do for a living.

(B)
9.2  Client Promotion: Teach your top-tier clients to describe clearly and concisely what you do for a living.

(B)
9.3  COI Promotion: Teach Centers-of-Influence to describe clearly and concisely what you do for a living.

(B)
9.4  Community Promotion: Educate people you work with, or would like to work with in the community so they have a clear understanding of what you do for a living.

(B)
9.5  Promotional Material: You need at least 4 of the following.
1. Business card
2. “Canned” web-page set up by your company or Firm
3. Personalized web-page set up by your company or Firm
4. Brochure
5. CD or other promotional piece.

Your answers were:
- business card
- “canned” web-page set up by my company or Firm

(A)
9.6  Mission: Revise, memorize and use your mission statement.

(B)
9.7  Media: Use neither newspaper nor radio/tv ads.

(A)
9.8  Participating Media: Gain a newspaper column or a television/radio presence (e.g., guest on talk show, financial advice).

(A)
9.9  Community: Congratulations, you’re a prime performer involved in your community because you believe in the organization and causes. Exposure & contacts are secondary.

()
9.10  Goals: Combine your personal and professional goals into one set.

(A)
9.11  Minimum Goals: Strive to achieve the minimum goals set for a given year both professionally and personally. Use an Accountability Team.

(A)
9.12  Stretch Goals: Strive to achieve the stretch goals set for a given year both professionally and personally. Use an Accountability Team.

(A)
Accountability   37
109
10.1  Board of Directors: Begin to form a “Board of Directors.”

(A)
10.2  Shared Goals: Share your personal and professional goals with 2-4 people.

(A)
10.3  Sales Manager: Have regularly scheduled supervisory meetings with a sales manager or someone in that role.

(B)
10.4  Agenda: Ensure supervisory meetings with your sales manager (or whoever is filling that role) follow an agenda.

(B)
10.5  Coach: Find someone who provides you with useful feedback and strategic direction for your business practice on a paid basis.

(A)
Business Environment   62
105
11.1  Office: Work to achieve your own office in the Firm.

(B)
11.2  Expansion: Assess your future office space needs for your practice.

(B)
11.3  Assistants: Seek dedicated Firm resources for both administration and/or marketing support.

(A)
11.4  Service Support: Use dedicated Firm resources to handle your client service needs.

(A)
11.5  Marketing Support: Use dedicated Firm resources to handle your marketing needs.

(A)
11.6  Appointments: The percentage of appointments held in your office as compared to the client's office or home should be 50 – 74%.

(B)
11.7  Industry Achievement Level: You need an office strongly supportive of MDRT, Chairman’s Club or an industry/company equivalent.

(A)
11.8  Culture: You need a highly supportive culture in your office environment.

(A)
11.9  Energy: You need a high energy office environment.

(A)
11.10  Easy To Do Business: You need a structure in your office that makes it easy to do business in.

(A)
11.11  Current Technology: You need technology in your business environment that is state of the art.

(A)
11.12  Technology Support: You need technology support from your firm, company, or other resource provider that is highly supportive of your practice.

(A)
11.13  Technology: Maximize its use and ensure it’s adequate to meet all your service and marketing needs.

(A)
11.14  Technology Maintenance: You need a technology person who does most of the technology maintenance. You do some maintenance on your own.

(B)
11.15  Compliance: Congratulations, you’re a prime performer!

()


This Practice Tools plan can have a profound impact on your practice if you act upon it. You will be contacted shortly by a company consultant to schedule a teleconference with you and your coach to discuss the first steps in working your plan.
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