The Advisor Brief
ALL THE RELEVANT STUFF WITHOUT THE FLUFF
Advisor Centric, Client Focused
Dear IFG Affiliates,
The team has been busy the past few months putting the final touches on our company’s refreshed five-year strategic plan. There are several exciting initiatives we will be announcing along with some organizational changes that will better support our advisors' growth, efficiency, and succession opportunities.
The revised plan will have a foundation focused on four pillars:
Advisor Engagement, Business Development, Supervision, and MyRemoteFA.
We will share more details on our strategic plan and organizational changes that will support it shortly.
As we shift the focus to Advisor Engagement we will be also be hitting the re-set button on our own IFG Advisor Council making sure the structure is conducive for the collection of meaningful feedback. The current Advisor Council Members have provided much needed feedback during the Signator transition to Royal while enjoying advanced notice on many important announcements. I want to personally thank those who have taken the time to contribute. As a direct result, we have been instrumental in advocating positive change at the AG level. We will be reaching out to current members of IFG’s Advisor Council with details and a more formal agenda requesting participation for 2021 shortly. We hope this group would also have at least one in person meeting for 2021 around ConnectEd.
We look forward to continuously making Innovative Financial Group the destination of choice for Independent Advisors.
Stay healthy, stay safe and do good.
If you missed the Supervision update video with Brian and Travis please take a look as we have added it to the newsletter for this month!
While I can appreciate that we all experience challenges in dealing with our partners at the Home Office from time to time, I think it is important to give them credit when it is due. As announced by Jamie Price on 2/9 (attached), they have listened to the feedback from advisors that the paper confirm and prospectus charges were too onerous a burden to tackle right now, and have thus delayed the implementation of these new fees. Some of our own advisors here at IFG were among the first and most vocal advocates for this delay. While the reprieve is well deserved, it is important to note that this is only a delay, and these charges will ultimately be implemented at some point. In order to avoid the stress of having to reach out to all of your clients at once, it may be a good idea for you to discuss going paperless, or confirm which clients are currently paperless, in each regular interaction with your clients. If you chip away at the issue slowly, you may be able to resolve it before the fees are even implemented.
Do you have an effective client segmentation model? Over the last year, the MyRemoteFA® team has been working on not only improving our process, but also ensuring that our process is consistent and repeatable. Along those lines, we have implemented a segmentation model that aligns with our client base. When evaluating your client base for segmentation, you should incorporate more than just AUM or Revenue. Some additional items you should evaluate is likeability of the client, future potential value, center of influence, referral source and time usage. If you take the time to segment on these additional factors, it will lead to you spending more time with the clients you enjoy working with and will ultimately help you with referral opportunities from your ideal client base. If you have any questions or if you would like to learn more about the MyRemoteFA® client segmentation model, please click this link to schedule a call with Sean Bove, CFP®.