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Before we get started This information has been prepared by Netwealth. Whilst reasonable care has been taken in the preparation of this presentation using sources believed to be reliable and accurate, to the maximum extent permitted by law, Netwealth and its related parties, employees and directors and not responsible for, and will not accept liability in connection with any loss or damage suffered by any person arising from reliance on this information. Netwealth Investments Limited (Netwealth) (ABN 85 090 569 109, AFS Licence No. 230975) is a provider of superannuation and investment products and services, and information contained within this presentation about Netwealth’s services is of a general nature which does not take into account your individual objectives, financial situation or needs. Any person considering a financial product or service from Netwealth should obtain the relevant disclosure document at www.netwealth.com.au and consider consulting a financial adviser before making a decision before deciding whether to acquire, dispose of, or to continue to hold, an investment in any Netwealth product.
Housekeeping
1 CPD Available
Webinar is being recorded
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Enter your questions in the meeting chat section of Teams webinar • We will get to them either during or at the end of the webinar
Affluent 30
45
Emerging Mass Market Population 5.3m Wealth1.1t Age 30
Age
Mass Market
Meet the Advisable Australian by age and wealth
Established Affluent Population 2.8m Wealth 4.1t Age 60
Emerging Affluent Population 1.9m Wealth1.8t Age 30
60
75
Established Mass Market Population 8.0m Wealth 2.3t Age 61
Today’s speaker • Dean Holmes • Founder of the Wealth Network and TWN Partners • Dean helps advisers start, grow and evolve hyperefficient financial planning businesses
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| netwealth
Welcome
G’day – Dean Holmes
The Wealth Network
Our Client Partners
Time for a 30” stretch
Let’s start by painting a picture of our industry today
Our Industry is facing a demand vs supply challenge
Source: Netwealth. The Advisable Australian Report 2021
Defining a profitable business
1 advisor $1m Revenue 40% Profit
It starts with your business strategy
1 3
2
Tools and Frameworks Value Creation
Value Capture
Marketing Plan
Business Ecosystem
• Product
• Pricing
• Analysis
• Focus
• Extras
• Customer
• Planning
• Leverage
• Measurement
• Quality
• Value Pyramid • Quality is key
Loyalty/Advocacy
Time for a 30” stretch
Tool 1 – Client Value Creation and Value Capture
Client Ecosystem – Established Affluent
Value Creation and Value Capture
Value Creation
Your Products and Services
Examples: Advice, Saving client time, reducing their anxiety, etc
Value Capture
How you benefit from the value created Examples: Fees, Trust, Positive client feedback, retention, referrals, growth
The Value Pyramid Fundamentals - Profit
What valueFundamentals will you create- for these clients? Profit
Let’s apply this to our Established Affluent Clients Cash Flow Advice
Tax
Private Schools
‘ESG Invest
Private Assets
Client Needs Existing Advisers
Business Advice
Legal Aged Care
Property Reno
Value Creation - SOA
•
Our key product offering is the Statement of Advice.
• •
58% prefer F2F for important advice related matters. Top 2 aspects of advice offer is quality and breadth of services.
• •
•
Make the Statement of Advice FREE. Create Value by explaining the process and outcomes Move into the life changing category
Value Capture - Price
• We just charge 1% of FUM
• •
Over 70% want to pay fixed fees 20% want to pay on an ad-hoc basis
• • • •
Fixed annual fees renewed annually What Value add services can you provide? Capturing value beyond fees (Retention Referrals) Think holistically about price
How will you meet the needs of your clients?
Value Creation
Your Products and Services
Examples: Advice, Saving client time, reducing their anxiety etc
Value Capture
How you benefit from the value created Examples: Fees, Trust, Positive client feedback, retention, referrals, growth
Value Pyramid
Time for a 30” stretch
Tool 2 – Marketing Plan
Client Ecosystem – Established Affluent
Marketing Plan Framework ANALYSIS
PLANNING
MEASUREMENT
CLIENT
Client Avatar
Retention
Competition
The 4 P’s Product, Price, Promotion and Place.
Acquisition
Collaborators Context Company
Source: Adapted from Harvard Business School, Framework for Marketing Strategy Formation, 2019
Profits
Consider this scenario
Time for a 30” stretch
Tool 3 – Business Ecosystem
Business Ecosystem
From Financial Planner to Business Owner
Defining and Designing a Business Ecosystem Identify all elements of your client needs Identify all elements of your business needs Create a relationship and shared understanding of your business with all partners
Building and Growing your Business Focus
Leverage
Outcomes
• Business Strategy
• Expertise of Partners
• Confidence
• Marketing
• Existing Processes
• High Quality work
• Business Development
• Shared knowledge
• Team Redundancy
• Client Relationships
• Cost Savings
• High performance
• Operational Cadence
• Superior Service
Building ONE Team
Let’s Review the 3 Tools Value Creation
Value Capture
Marketing Plan
Business Ecosystem
• Product
• Pricing
• Analysis
• Focus
• Extras
• Customer
• Planning
• Leverage
• Measurement
• Quality
• Value Pyramid • Quality is key
Loyalty/Advocacy
3 Steps you can do in an afternoon
FIND the VALUE you can create for clients using the Value Pyramid
BUILD your Marketing Plan and COMMUNICATE your VALUE clearly
IDENTIFY gaps in your BUSINESS ECOSYSTEM & solutions to fill them.
Any last questions?
Your Advisable Australian Resources Your Advisable Australian Resources www.netwealth.com.au/web/insights/the-advisable-australian Read the full report The Established Affluent 2022 Report
The 6 Dimensions of the Advisable Australian Discover the dimensions
Read the full report The Emerging Affluent report
Advisable Australian Masterclass Series – Coming up Thu 17th Feb at 1pm Setting up your advice practice for HNW clients Tue 22nd Feb at 1pm Building strategic relationships for a pipeline of new, affluent clients Thu 24th Feb at 1pm – Super, SMSFs and technical strategies for HNW clients
Disclaimer This document is for general use. This information has been prepared by Netwealth. Whilst reasonable care has been taken in the preparation of this presentation using sources believed to be reliable and accurate, to the maximum extent permitted by law, Netwealth and its related parties, employees and directors and not responsible for, and will not accept liability in connection with any loss or damage suffered by any person arising from reliance on this information. Netwealth Investments Limited (Netwealth) (ABN 85 090 569 109, AFS Licence No. 230975) and Netwealth Superannuation Services Pty Ltd (ABN 80 636 951 310), AFS Licence No. 528032, RSE Licence No. L0003483 as the trustee of the Netwealth Superannuation Master Fund, is a provider of superannuation and investment products and services, and information contained within this presentation about Netwealth’s products or services is of a general nature which does not take into account your individual objectives, financial situation or needs. Any person considering a financial product or service from Netwealth should obtain the relevant disclosure document at www.netwealth.com.au and consider consulting a financial adviser before making a decision before deciding whether to acquire, dispose of, or to continue to hold, an investment in any Netwealth product.