This webinar presentation provided an overview of the Netwealth platform for financial advisers, including its key features and functionality. It discussed Netwealth's market-leading adviser and client portals, mobile access, transaction capabilities, reporting functions, and research and insights available. The presentation also introduced Steve Crawford, founder of The Advice Movement, who would be speaking about attracting, retaining and advising Gen X and Y clients. It provided details on how to earn CPD points for attending and noted the webinar was being recorded.
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Attract, retain and advise Gen X&Y clients
1. Attract, retain and advise
Gen X&Y clients
Presented by
Steve Crawford
Founder
The Advice Movement
5 June 2019
2. | netwealth2
1 CPD point available
• Must have attended for
>30 minutes
• CPD details will be
included in the post-
webinar email
This webinar is being
recorded
• Slides will be sent to you
after the webinar via email
Enter your questions in the
chat
• We will get to them at the
end of the webinar
Posting to social?
• Make sure to use
#netwealthinvest or tweet
@netwealthInvest
Housekeeping
3. | netwealth
As a specialist platform provider, Netwealth provides
financial advisers with a wide range of financial
products & services to help manage their clients’
investments and superannuation.
• Ranked #1 for overall functionality
• Ranked #1 for overall satisfaction
• Awarded best reporting
• Awarded best client portal
• Awarded best transaction tools
*InvestmentTrends Platform Competitive Analysis & Benchmarking Report (Dec 17)
3
See wealth differently
A little bit about Netwealth
4. | netwealth
Key features of our platform
Market leading adviser portal Market leading client portal
• Rated No.1(1) for functionality
• Intuitive design and useability
• Quick access to information and clients
• Sophisticated portfolio tools
• In depth business and client reporting
• Rated No.1(1) for functionality
• Intuitive design and useability
• Can be white labelled for adviser groups
• Allows consolidation of all accounts
(1) Investment Trends: December 2016 Platform Competitive Analysis and Benchmarking Report
Mobile access
• PC, tablet and mobile access
• Adviser and client versions available
5. | netwealth
Key features of our platform
Innovative transactional capability Comprehensive reporting
• Online domestic & international trading
• Online fund switching
• Sophisticated rebalancing technology
• Automated account and cash settings
• A wide range of business, client &
portfolio reports
• Interactive and static reports available
• Can be white labelled
Research and insights
• Engaging investor and adviser insights
• Articles, webinars and white papers
• Wide range of investment research
• Managed funds and equities
10. GenY – 25 to 39 GenY – 40 to 54
Source: https://communityrising.kasasa.com/gen-x-gen-y-gen-z/
11. What’s the size of the opportunity?
By 2021…. GenY will make up 50% of the
Australian Workforce
By 2025….this goes up to 75%
(Kronos and Galaxy Research 2016)
12. What they don’t want - Top 10 Reasons for not seeking financial advice
GenXY believe
Financial
Advice = Super
& Insurance
Product Advice
Source – ING Direct - The Truth
about Gen X and Gen Y – Jan 2016
14. LendEDU survey Mar 2018
• 45% of customers would use Amazon
as their primary bank account;
• 49% would use Amazon for savings
accounts;
• 50% would use Amazon for personal
loans; and
• 30% would even use them for a
mortgage
Who are they thinking about getting advice from?
15. So if it’s not just about Risk & Super, what
would an appealing ‘Advice’ offer look like?
17. What do they want from you? –
Expected outcomes from working
with Advisers?
Goals & Savings
Source – ING Direct - The Truth about Gen X and Gen Y – Jan 2016
The Home & Lifestyle
Source – KPMG – Banking on the Future – Feb 2017
18. So how do you build an offer
that they actually want to ‘buy’
19. Solutions (Technology & Experiences)
Products (Add in Goal Planning +
Money Coaching)
Services (Plans and Packages)
“VALUE STACK”
COST ($, Time,
Customer Experience)
Your
“Value
Stack”
1
W
I
N
Hint – you’ve got to think like a ‘Brand’ they would consider buying… combine great
Products, Services & Solutions
19
How do you “Win” the GenXY Value Challenge?
22. YOUR GOAL PLANNING SESSSION GUIDE
• Step 1– Identify your strongest Values
• Step 2 – Make your Wish List more real by moving it to your Goals Board
• Step 3 – Prioritise your Goals by desired timeframe & importance
• Step 4 – Link your Goals back to your Values
• If in doubt… be optimistically positive about your goals
• After you’ve finished your Goals Board we’ll
• show you how we can help you develop your Money Management Plan
and Goals Action Plan
• explain our options for ongoing Coaching Support
• And How we work with your Financial Adviser
We should be able to do all this in 60-90 minutes
23. IT’S TIME TO IDENTIFY YOUR TOP SHARED VALUES
It just makes sense that before you start choosing which
goals to put on your Goals Board – you identify what is really
important to both of you – individually at first and then also
where you share values.
Doing this will help you to pick the goals that matter the
most…and are also the ones that you are most likely to
achieve.
Values Game Rules
Choose your own values first (Top 5)
Next find your shared values
Consolidate your list to your chosen Top Shared Values
24. Self-Esteem Non-Conformity Purpose Order Responsibility
Stability Health Growth Leisure Risk
Generosity Fame Self-Control Tradition Industry
Rationality Family Achievement Wealth Safety
Autonomy Independence Change Comfort Simplicity
The VALUES GAME – Find your Top 5 Shared Values
25. 25
Short Term
(next 7 years)
Medium Term
(7 years to Retirement)
Long Term
(Retirement)
Want to
Haves
Must
Haves
Your Retirement
Fund (Super &
Financial Assets)
provides enough
income to enjoy a
comfortable life in
retirement
New Home Furnishings
& Interior
$ 100k
When (ASAP)
(Values)
Canada Holiday
$ 20k
When (Jan 2020)
(Values)
Second Car
$ 60k
When (ASAP)
(Values)
Pork Chop & Cupcake
$ 3k
When (Late 2019)
(Values)
Start our Family
$ 12 months
When (2020)
(Values)
New Home (Gods
Country)
$ 1.6mk
When (Now)
(Values)
27. OUR MONEY MANAGEMENT PROGRAM
Your Experience Wealth Money Coaching Team
Experience Wealth Money Coach – our job is to help you get the
most / best results from your Money Management Program. We
help you set up your budget based on your lifestyle and goals.
Money Tracker – is the online secure solution that enables us
to show you your Money Results using real numbers in real
time
Banking Partners – we’ll work with your banking relationship, or
one of our hand picked partners that will help you get a bank
account and card structure to help you hit your spending and
savings targets
Money
Management
Program
Budgeting
BankingReporting
28. YOUR MONEY MANAGEMENT PROGRAM - BUDGETING
Scenario1: After your InvestmentProperty purchaseof $750,000with Spendingincreasedby $1500per month
Disclaimer: The Peer Group data from this Budget Tool was produced by Experience Wealth Pty Ltd and should be used as an guide only. Peer Group data is taken from actual results of clients spending over the period from July
2017 - June 2018. All clients are aged in their 20's, 30's and 40's and data should not be used as a guide for other age ranges. 'Savings' includes Principle repayment amounts on loans and purchases of assets.
Budgeting Objectives over your first 12 months on the program
1.Acceptance (You’re in charge of your money, not the other way around)
2.Awareness (First 3 months on the program)
3.Improvement (Months 3 – 12)
4.Performance (12 months and beyond)
29. YOUR MONEY MANAGEMENT PROGRAM - REPORTING
Your ‘Money Tracker” Reports
Support Tools - Your Money Tracking Software & Money Coach
Stage 1
Stage 2
Stage 3
Stage 4
Weekly
- Mini Updates
- Spending Snapshots
Monthly
- Income & Expenses
- Budget vs Actual
Quarterly
- Quarterly Trends, YTD
Results and Peer Group
Comparison
Yearly
- Using previous 12
months results to reset
Budget for next 12 months
31. Building an ‘XY’ brand is so much
more than changing your logo and
getting an Insta account…
It’s about understanding what
they really need:
• Goal Planning Session
• Money Management Program
• Action Plan for
starting/expanding their
family
• Action Plan for navigating
Childcare/School
• Action Plan around Property –
getting into it and paying the
mortgage off
• Then offer traditional Financial
Planning services as an add on
Your Products
32. Building an ‘XY’ brand is so much
more than changing your logo and
getting an Insta account…
It’s about understanding how
they want to buy your
products:
• Your ‘plans and packages’
need to be clear and easy to
understand
• Not everybody wants a long
term financial relationship
with you, but most will..
• Your fee model has to align
with how they want to pay
• Less conflicts = more
referrals
Your Services
33. Building an ‘XY’ brand is so much
more than changing your logo and
getting an Insta account…
It’s about bringing your
Products and Services to them
on their terms:
• Social stalking – be authentic
and consistent
• Make it easy for them to find
out that your not full of sh*t
• Getting started – Calendly +
Zoom = right place, right
time
• Bring some old school
concepts to life using new
school tech
Your Solutions
34. To help you get started on your
GenXY offer now – download our
Goal Planning Session template at
http://bit.ly/TheAM-
GoalPlanningSession
37. | netwealth37
1 CPD point available
• Must have attended for >30 mins
• CPD details will be included in the
webinar resources email
Webinar recording and slides
• These will be included in the
webinar resources email
Thank you
38. | netwealth
Is this the end for SMSFs?
• CPD Portfolio Construction webinar
2019 AdviceTech research report
• Discover the latest technology trends in advice
• Available tomorrow
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Registration links will be in the follow-up email
You may be interested in
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Disclaimer
This information has been prepared and issued by Netwealth Investments Limited (netwealth), ABN 85 090 569 109, AFSL 230975,
RSE L0000192). It contains factual information and general financial product advice only and has been prepared without taking into
account your individual objectives, financial situation or needs. The information provided is not intended to be a substitute for
professional financial product advice and you should determine its appropriateness having regard to your particular circumstances
and seek any independent financial or other professional advice you may require.The relevant disclosure document should be
obtained from netwealth and considered before deciding whether to acquire, dispose of, or to continue to hold, an investment in
any netwealth product.
While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), no person,
including Netwealth, or any other member of the netwealth group of companies, accepts responsibility for any loss suffered by any
person arising from reliance on this information.
Notes de l'éditeur
My job today in 60 minutes is to convince you that with a little bit of a Re-Boot………
With some new materials to put into a Re-Build….
And the tools to help you Ramp Up your activities and engagements…..
That you can have an XY Advice offer that tap you into the biggest opportunity in advice leading towards 2020 and beyond.
My job today in 45 minutes is to convince you that Gen X & Y now represent such a significant part of the ‘advisable’ population that they can no longer be ignored by the Advice community.
My argument is that even as we approach the year 2020, the vast majority of the Advice community don’t understand what types of advice (Products) GenXY want from them – nor do the understand how they want to buy it from them initially and on an ongoing basis (Services) or even the ways the want to get that advice from them (Solutions)
But it’s not too late… you can have an XY Advice offer that will help tap you into the biggest opportunity in advice leading towards 2020 and beyond. All you need to do is know where to start.
I could give you stats about how many GenXY’s are in Australia… but let me you the opportunity using different numbers…
Everybody wants to tap into this opportunity but the problem is (according to ING) that somewhere between 84% and 90% and XY’s either don’t have a Financial Adviser – or have somebody else as their primary source of financial advice.
So let’s look into this a bit…..why aren’t they seeking advice from financial advisers?
Orange – My financial situation doesn’t warrant it
Pink – not convinced of value a financial adviser can add
Yellow – Not trusting of a financial adviser
Green – get around to it when older
Now let’s take a look at the KPMG research from just this year…. Less than 12% of their “Investments” are in traditional Financial Planning Wealth Products
Let’s put the two together…. “My situation doesn’t warrant it…plus all my money is in Savings Accounts or my property”…
The wash up of this I think is that because all the adds they see on TV are either from the Industry Funds……talking about Super…or from the Banks with lines like “Super, Insurance, Advice”
that X & Y think Advice = Super…
Now that isn’t necessarily and issue…..or is it?
Everybody wants to tap into this opportunity but the problem is (according to ING) that somewhere between 84% and 90% and XY’s either don’t have a Financial Adviser – or have somebody else as their primary source of financial advice.
So let’s look into this a bit…..why aren’t they seeking advice from financial advisers?
Orange – My financial situation doesn’t warrant it
Pink – not convinced of value a financial adviser can add
Yellow – Not trusting of a financial adviser
Green – get around to it when older
Now let’s take a look at the KPMG research from just this year…. Less than 12% of their “Investments” are in traditional Financial Planning Wealth Products
Let’s put the two together…. “My situation doesn’t warrant it…plus all my money is in Savings Accounts or my property”…
The wash up of this I think is that because all the adds they see on TV are either from the Industry Funds……talking about Super…or from the Banks with lines like “Super, Insurance, Advice”
that X & Y think Advice = Super…
Now that isn’t necessarily and issue…..or is it?
My job today in 45 minutes is to convince you that Gen X & Y now represent such a significant part of the ‘advisable’ population that they can no longer be ignored by the Advice community.
My argument is that even as we approach the year 2020, the vast majority of the Advice community don’t understand what types of advice (Products) GenXY want from them – nor do the understand how they want to buy it from them initially and on an ongoing basis (Services) or even the ways the want to get that advice from them (Solutions)
But it’s not too late… you can have an XY Advice offer that will help tap you into the biggest opportunity in advice leading towards 2020 and beyond. All you need to do is know where to start.
So if 74% of GenY professionals use spreadsheets to manage their finances each month (spending two hours per month)…that tells us a couple of things.
They think it is an important job to do…but most acknowledge this time isn’t enough.
They might value someone or something helping them out with this job.
If you do the job properly, it can add value to them and lead to other products and services (mortgages, insurances, super etc).
If you don’t do it….then Pocketbook will…over 250,000 Australian users already….
If you think this is an issue now…..google KPMG EVA and see what they think the world of personal finance will be like in 2030…where we’ve all been replaced by Siri like AI that helps everyone make better financial decisions themselves.
Let’s head back to the research to see what our XY’s expect an Adviser to help them with….
3. Help me achieve my financial goals
4. Grow my investments (Investments)
5. Saving Money
No mention of Insurance at all….and “Grow My Investments” was a low expectation for both Generations.
So what goals are they working towards….no shock here according to KPMG……GenX it’s all about the Home…and GenY it’s all about Lifestyle because they think that Home Ownership isn’t realistic for them just yet.
Since we work exclusively with Xs and Ys we’ve known that Goals and Savings was the ticket to the game all along……
So I’d just like to share with you our Goals model and Spending & Savings Program that we built for this very reason.
My job today in 60 minutes is to convince you that with a little bit of a Re-Boot………
With some new materials to put into a Re-Build….
And the tools to help you Ramp Up your activities and engagements…..
That you can have an XY Advice offer that tap you into the biggest opportunity in advice leading towards 2020 and beyond.
My job today in 60 minutes is to convince you that with a little bit of a Re-Boot………
With some new materials to put into a Re-Build….
And the tools to help you Ramp Up your activities and engagements…..
That you can have an XY Advice offer that tap you into the biggest opportunity in advice leading towards 2020 and beyond.
Prior to the meeting you will get the CEM to load all “Wish List” goals into the Goals Details boxes on the left. If there are more than 6 goals on the Wish List to transfer leave the last one blank and Copy/Paste as needed.
During the meeting the client (or you) simply drags and drop the Goals Details to the appropriate area (want vs must) and timeframe (ST,MT or LT). The client then needs to drag and drop the relevant Goal Icon (there are 4 badges for each so they just drag one and there will still be 3 left underneath).
Once the client has added all Goals to the Board you need to get them to match the Goals back to the Values (if GTM you’ll need to switch screen so they can see / if live just leave the Values on the TV/iPad).
Once the Goals and Values are matched move to the next slide.
My job today in 60 minutes is to convince you that with a little bit of a Re-Boot………
With some new materials to put into a Re-Build….
And the tools to help you Ramp Up your activities and engagements…..
That you can have an XY Advice offer that tap you into the biggest opportunity in advice leading towards 2020 and beyond.
My job today in 60 minutes is to convince you that with a little bit of a Re-Boot………
With some new materials to put into a Re-Build….
And the tools to help you Ramp Up your activities and engagements…..
That you can have an XY Advice offer that tap you into the biggest opportunity in advice leading towards 2020 and beyond.
Don’t wait act now….
It can be done….
Choose your XY Champion in your business and give them the job of making it happen
Watch my on demand webinar on how to run a Goal Planning Session here
Grab our template Goal Planning Session slides here
Visit the website www.theadvicemovement.com to find out more about how our team of amazing coaches can help you build your own amazing GenXY offer
Thank you.
