Advice Management Analysis Programme For Growing Life Risk Revenue
FOR FINANCIAL PLANNERS • MORTGAGE & FINANCE BROKERS • ACCOUNTANTS
DO SOME OF THESE APPLY TO YOUR BUSINESS?:
- Are you an advisory practice looking to start, develop or grow your life risk revenue?
- To-date, has your business been solely focussed on wealth management, mortgage or tax and general accounting?
- Do you want to incorporate life risk insurance, estate planning and business continuity planning into your offering?
- Not sure you have the skill set, robust process or discipline to make this happen?
- Maybe you are too busy running the business you have but know you need to do something now, not later?
- Want and need to move your business from commission based revenue to fee based revenue but not sure how to?
- A-MAP is a practical work tool to assist you in achieving these goals and outcomes
WHAT IS A-MAP?
The Risk Store’s Advice Management Analysis Process is a gap analysis methodology and self-help process for helping advisory businesses incorporate or improve the revenue performance of their life risk insurance, personal estate and business continuity planning service offering.
It can be delivered either on-site face-to-face or remote via Web conferencing (Webex, Go2Meeting etc)
The initial delivery can be conducted over half, one, two or three days, depending on the size of a practice or licensee. This can easily be broken down into hourly remote online sessions to be time and cost effective for you.
It promises to assist in delivering real revenue outcomes for an advisory business, but only if the analysis is embraced, recommendations adopted and workbook tasks are completed by the business owner and staff. So you need to be committed to the project, take ownership and be prepared to change!
WHO CONDUCTS IT?
The analysis will usually be conducted by Pete Wincott with assistance of his technical business partner, Sue Laing, who both have a demonstrated and extensive expertise in marketing, business management, advising adviser practices and in building effective client advice tools and systems in the life risk space in Australia and New Zealand.
CAN IT APPLY TO MY PRACTICE or BUSINESS?
Possibly. Ideally, we suggest we have an informal chat over the phone first to establish the fit. We don't want to waste any more of your time than is necessary if it turns out A-MAP isn't for you.
A-MAP is designed to enhance those advisory practices (Planners, Mortgage Brokers and Accountants) whose life risk insurance, estate and business continuity planning activities have ‘room for growth’: in revenue, client value proposition and centres of influence. If you are not sure if your practice is a candidate for A-MAP, then it probably will benefit from the templated assessment that the analysis lays over all the elements of the advice delivery and client relationship management processes. Give Pete WIncott a call to discuss first on 0416 009 403 | contact via email
WHAT WILL WE GET?
The process has four key stages:
- Report (A-MAP Workbook)
- Self-help Implementation and Review
Assessment of all material used in the practice to ‘communicate’ the life risk message and deliver the advice (e.g. from brochures, website, social media channels through to fact finder and advice/SoA templates). General suggestions are provided rather than a word-by-word rewrite or edit (this can be done but involves additional cost accordingly)
This stage can be done off-site or on-site and an allowance of between half a day and one day is allowed in our fee.
On-site analysis of the team structure, administration processes and advice delivery mechanisms. This includes an assessment of the extent of ‘cross- selling’ and database farming that is currently being undertaken. We also look into how you are utilising various marketing tactics available to you and how you are developing your COI and referral partnerships.
One day is allocated to this key phase and is allowed in our fee, however for larger practices and licensees, two or even three days may be required and fee quoted accordingly.
A report summarising the required enhancements. This can:
(i) using the A-MAP workbook supplied, be constructed by those in the practice by a process of ‘ghosting’ all the assessment during the one day onsite and taking all notes of suggestions, or
(ii) be compiled by The Risk Store in which case an additional fee will be quoted and applied accordingly.
This flexibility allows for the practice to select the most cost effective outcome. Depending on the style of the practice, the first option may also represent an excellent means by which strong engagement may be achieved from the team responsible for driving and/or building the required and agreed changes and enhancements. This is The Risk Store’s preferred and recommended option.
Finally, all of this time, effort and cost is of little value if implementation and ongoing review is not actioned or avoided by the practice management. We leave you with a comprehensive workbook documenting the areas requiring your attention, action, resources and dates. We recommend this is reviewed at least monthly to achieve desired results. We can facilitate this remotely via web conference to keep all involved 'motivated' and 'on task'.
WHAT IS ANALYSED?
There are up to 30 overall elements of practice ‘tasks’ and practice documentation that are reviewed during the process, ranging from the marketing ‘pieces’, through to maximising centres of influence relationships, to the construction of budgets around the life risk advice delivery expenses and revenue. The 30 overall elements can be summarised as belonging to four main generic areas recognisable in any financial planning advice practice, mortgage and finance lending business or general accounting practice:
- Positioning as well as marketing life risk advice, estate and business continuity planning
- Skills and Tools
- Back office infrastructure
WHAT DO WE DO WITH THE RESULTS?
The results of the analysis will in all likelihood trigger a need for the provision and utilisation of tools that are currently ‘residing’ within The Risk Store’s website libraries. This is not surprising given that it was practice ‘diagnostic’ consulting that led to the building of those tools over the past decade +.
It is therefore expected that a participating practice’s adviser(s) / owner(s) will be or will become a member of the store so they can legitimately access these tools. There will be suggestions made as to other sources of useful material.
WHAT’S THE FINAL OUTCOME?
So, with a combination of these and other ready-built tools and actual practice system alterations and enhancements, the practice will build a more robust life risk advice process designed, via both direct and indirect means, to increase revenue with the same resources.
WHAT ABOUT OUR PRACTICE'S INTELLECTUAL PROPERTY?
All IP encountered remains confidential to the adviser practice. This is one of the benefits of this service: as all recommendations are able to be followed through by the business and are not built by The Risk Store from scratch, there is no chance of any future A-MAP clients benefiting from any IP taken from previous practices analysed. This serves to protect all The Risk Store’s clients’ unique methodologies. However if templates accessed via The Risk Store are used in future building of new/changed processes, then it must be acknowledged that all risk store members have access to those same templates and tools. (Most of our members do alter these templates and tools to their own ‘flavour’.)
WHAT WILL OUR FINANCIAL INVESTMENT IN A-MAP NEED TO BE?
Cost is relative to the scope of work required. (We provide written quotes after receiving a verbal brief before starting any work.) For most practices A-MAP will cover half a day reviewing all the marketing material and the full day on-site or equivalent via staged remote web meetings, at the end of which the practice has a fully completed workbook-based plan to continue with. The fee for this is AUD$5,000. This fee represents the income from only 2 or 3 average life risk cases. Ongoing facilitation can be purchased in blocks of AUD$1,000 = 5 hours.
Travel & accommodation expenses if required, quoted and invoiced at cost. (we try to avoid these expenses for you if we can)
All prices quoted will have GST added. 50% deposit required in advance.
Practices with different systems across multiple locations: please contact The Risk Store to discuss fees.
CONTACT US TO DISCUSS YOUR NEEDS - NO OBLIGATION
Email us a note using this contact form link
Call Pete Wincott on 0416 009 403 or Sue Laing on 0412 265 822