A Typical Financial Advisor Business Plan

Only available on StudyMode
  • Download(s) : 6436
  • Published : February 1, 2013
Open Document
Text Preview
Typical Business Plan for a Financial Advisor

A.) Executive Summary:

The role of the wealth manager is not to simply sell a financial product to a prospect. Instead, a wealth manager’s first concern is developing a comprehensive understanding of the client, a client-centric approach to providing financial solutions. Next the wealth manager must match the right solutions to the client’s needs and desires and ensure he or she receives an exceptional service experience. After that, product and service sales opportunities will naturally follow. Making the transition is clearly a trade-off between short-term results and long-term success. Financial security through goals-based wealth management. As a wealth manager with Merrill Lynch, the emphasis would be on marketing and looking for ways to help clients with a broad array of financial capabilities. The objective is to help clients achieve their goals and dreams, whether it’s living in luxury, providing charitable contributions and/or leaving a legacy for family and friends; consult and advise clients how to best save and structure their investments to reach their goals.

1. What would your specific goals be for new assets under management?

a. Year 1 – 10 Million of Assets Under Management ( 10 qualified contacts per day, 1-2 new accounts per week ). b. Year 2 – 20 Million of Assets Under Management ( 20 qualified contacts per day, 2-3 new accounts per week ). c. Year 3 – 30 Million of Assets Under Management ( 30 qualified contacts per day, 3-5 new accounts per week ).

2. What would your value proposition be to a prospective client?

Financial planning will become a more important part of financial advisors' value proposition as regulators in key financial markets draft legislation that requires financial advisors to act as fiduciaries with all clients, and wealth management firms seek to differentiate financial advisors' offerings from those of online brokerages. Emphasis on the client, the benefit not the feature, reassuring discussion and clairity of market uncertainty, effective use of numbers telling prospective clients that our plan holders are able to enjoy the life that they planned- a client benefit focused statistic.

Five competencies, five chances to differentiate:

Provide customized financial planning advice to meet your needs in areas including cash flow management, tax efficiency, asset protection, superannuation and retirement planning, insurance, risk management and estate planning. Manage and administer individual investment portfolios according to individual client risk tolerances, preferences and directions. Protect and grow client's wealth by utilizing the best available and independently researched investment opportunities. Ensure no investment opportunities are missed, tax implications are addressed, and fees and costs are minimized Monitor investments closely on an ongoing basis. Obtain investment returns comfortably above market ( to at least cover management costs). Provide timely and accurate recording and reporting. To deliver caring, attentive and personalized service a Merrill Lynch Wealth Management Advisor must balance the customer value proposition with profitability, delivering the right offering to the right client segment at the right price.

a. Why should they do business with you?

Customers see their personal wealth management strategy as a lifelong endeavor that influences every financial and practical decision they will make from the immediate to distant future. Even customers who fail to grasp their bigger financial picture are driven by the need to plan for specific monetary events that will impact their lives. In both of these contexts, superior customer service, sound advice and an advisory relationship are valued features not easily copied by competitors.

The core of any successful wealth management offering is the relationship developed between the advisor and the client. Successful advisors...
tracking img