FEATURE DOL READY?
Many experts say that client relationship management (CRM) software is at the center of any sales system that requires consistency, scalability and transparency. It can also be a portal for the future. That is how Andrew Unkefer, president of Unkefer & Associates, and his technology vice president, Gregg Griffin, see the evolution of CRMs. They expect that someday prospects and clients will be able to log into an advisor’s CRM for a number of tasks and services. For one thing, a client might be able to meet virtually, Griffin said. “I could see my CRM having a consumer portal where we could set an appointment and look at each other in a tiny little box on the screen while we complete the data,” he said. “Maybe we’ll come back with another meeting and show them the recommendation and the stress test on their risk level and things like that.” Consumers are already used to portals for their finances, whether it’s a bank or investment institution. Advisors might be concerned that companies could lure potential clients away with robo-systems, but Unkefer said he sees how advisors could make such systems work. • Consumer access: Clients would be able to see what insurance and investments they have in place. Instead of digging information out of their own filing cabinet if they need it, they would be able to log into the advisor’s system. • Performance monitoring: Clients could see how their investments are performing. • Cost control: If clients can find answers to common questions in the portal, advisors and their staff will not have to provide the answers. • Client training: Clients might be able to learn how to plan for college and retirement financing along with other important subjects. “We won’t have to stop everything we’re doing and then do a private presentation for them,” Unkefer said. “Those sorts of things are exactly what you want the consumers to do when they engage in your platform so that they can gain knowledge, they can gain more value and that makes the relationship far more sticky.” Unkefer added that the access also builds a client’s confidence and a sense of trust. And not only does the access save resources for the advisor’s practice, it also allows the advisor to redirect effort to what really matters. “That’s the stuff the bank got right,” Unkefer said. “I mean if you’ve got a big enough account, your bank still tries to get in front of you a lot.” He said these are just some of the things advisors and clients might be able to do in the near future. But a centralized system has to come first. “Without capturing that data,” Unkefer said, “you’ll never be able to do any of those things.” — Steve Morelli
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InsuranceNewsNet Magazine » November 2016
what they've got now before I start talking about what they should do. It's a second opinion. I'm using Morningstar, primarily, to do that and then I make it pretty by putting it into PowerPoint.” The second meeting is for further clarity and maybe some potential solutions. He presents the PowerPoint on a 32-inch TV in a conference room. But it is not a closing meeting. “If you're competing against somebody else, the incumbent, you could be driving a humungous wedge between them and that relationship,” Holland said. “If they're not really happy and they're not sure why, they feel like they're lagging. You can give them clarity on what's going on.” Holland enters notes from that meeting and consults with his planning department. That resulting plan may include a mix of investments, insurance and maybe a reverse mortgage, he said. After each meeting, it is critical to enter notes into the CRM as soon as possible. “Maybe somebody wants to get out and play golf,” Holland said, “but you have to put your notes in.” During the third appointment, Holland presents the recommendations, which include an income plan and asset reallocation. He explains the details, answers questions and presents the plan in a wirebound color binder organized in sections. “That does so many different things,” Holland said. “One, it gives them something to review. It also takes care of compliance because if I've got an annuity brochure and the statement of understanding for the product, that all gets bound into that presentation.” He tells them to take the plan home to review it and says, “I expect you to have at least 10 questions. Let's get back together and we'll talk about what I've presented.” At the fourth meeting, he expects questions but he does not move to a sale. “I might be throwing it back up on the machinery to change the plan,” Holland said. “They might say, ‘We love everything you're doing here, but we think we want to have more like 60 percent in annuity, as opposed to 40 percent,’ or ‘We decided we want to hold on to a little more cash. What would that do to the plan?’” He will make adjustments and perhaps set up another meeting. But even then, there is no paperwork. That’s a separate meeting. “I never ever have paperwork ready