STRATEGY Challenge — Investment Advisor — $180M a.u.m.

“We want to create from scratch a completely new line of business that blends the features of two successful concepts — Family Wealth Management and the Family Office — while continuing to operate our original, conventional practice with no drop in production.”

Achievement

Aimed at High Net Worth Individuals and launched in Fall, 2005, this innovative business achieved three critical strategic goals:

1. Quickly grow a base of clients with a $5M minimum a.u.m.
2. Win the endorsement of senior management in the firm.
3. Continue the original conventional IA practice at its current high level of superior client service and production.

TEAM Challenge — Investment Advisor — $165M a.u.m.

"Re-design our three-person team (IA, Associate Advisor, Sales Assistant) so that administration rests squarely on the SA and lets our Associate prospect new business, meet with clients, and gather assets.”

Achievement

The IA and Associate now have a smooth-running practice, improved annual growth rate independent of market conditions, rational bonuses, and a clear set of roles and responsibilities for each team member. EYB Coaching brought the knowledge, skills and tools to:

1. Increase revenue attributable directly to the Associate Advisor’s marketing and sales activities.
2. Set formal business goals, hold periodic progress reviews, and conduct annual performance appraisals.
3. Link the yearly bonus to appraisal ratings.

PROCESS Challenge — Investment Advisor — $130M a.u.m.

“We need a process that allows our two-person team to complete all our tasks to everyone’s satisfaction so we no longer stay late at the office and/or work on the weekend.”

Achievement

Through a simple technique that allocates specific hours during the work day to recurring tasks and events, this client (and others) found they had from three to fifteen discretionary hours per week that previously were ‘lost.’ The EYB Structured Day permitted them to:

1. Increase prospecting to generate potential new business.
2. Eliminate late hours and weekend work to spend more time with their families.
3. Reach revenue targets in a 23-day (v. 30-day) production month

SALES Challenge — Investment Advisor — $85M a.u.m.

“I want to open a new $750K account but after one meeting I don’t know where I stand with the prospect. We’re meeting at her home tonight. How do I close this business?”

Achievement

In a single coaching session, this Advisor learned a selling skill called The Four Boxes. It is used to describe benefits based on a prospect’s needs and to gather ‘yeses’ throughout the presentation. As a result, she

1. Opened the new account the next day.
2. Set the stage to consolidate an additional $500K held elsewhere.
   

MARKETING Challenge — Portfolio Manager — $165M a.u.m.

“New regulations govern how I receive compensation. I have to convert all my clients who now pay commission to a fee-based method. I need a good letter to introduce the idea. Then I can follow it up with a phone call.”

Achievement

In a single coaching session, by brainstorming a first draft of the client’s letter, and editing it for maximum impact, a satisfactory version emerged that contained all the vital information and met the formal criteria for effective marketing writing. Did it work?

1. The rate of conversion to fees was in the high 90 percent range.
2. Existing strong client relationships appeared to strengthen.
3. A number of other producers in the firm adapted the letter for their own use.