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Create a strategic roadmap for 2020 and beyond

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Create a strategic roadmap for 2020 and beyond

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Learn from Brad Fox, Managing Director at SmartBrave Consulting, as he guides you through the process of creating an effective strategic roadmap to not just future-proof your business, but a strategy to thrive in 2020 and beyond.

Learn from Brad Fox, Managing Director at SmartBrave Consulting, as he guides you through the process of creating an effective strategic roadmap to not just future-proof your business, but a strategy to thrive in 2020 and beyond.

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Create a strategic roadmap for 2020 and beyond

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  5. 5. Crafting the 2020-2024 Strategic Plan for Your Practice Brad Fox SmartBrave Consulting E: brad.fox@smartbraveconsulting.com
  6. 6. 5 Key Learnings for today 1. The importance of thinking strategically and how to do it 2. The forces that practice owners must consider in forming their plan 3. The essentials to a good strategy 4. How to win supporters to your plan 5. Courage to act
  7. 7. Strategic planning challenges you to let go of things that have been successful in order to find what will be successful in the future
  8. 8. Strategic planning challenges you to let go of things that have been successful in order to find what will be successful in the future
  9. 9. A strategic change is needed when there is a Paradigm Shift Paradigm Shift A significant change in the way an individual or a group perceives something, and the old paradigm is replaced by a new way of thinking Exposure to new information or experiences may make you realise your belief or perspective is incomplete, or wrong Business Paradigm Shift The methods by which your businesses goals will best be accomplished in the future are significantly different from how they can be achieved today
  10. 10. Principles of Change Three conditions must be met before a person can change: • The person perceives a need to change • The person perceives that he or she has the capability to change • The person is ready to change • (usually happens when there is more pain to stay the same rather than to try and change) Perceived Need Perceived Capability Ready to Act
  11. 11. Pick the Trends What will successful businesses look like in 5 years time? Define Your Vision Identity + Purpose + Strategy Change Analysis What do we have to change to achieve our vision? Win Supporters Give your team and stakeholders ownership in the strategy Build the Plan Define and prioritise the important actions to take; celebrate wins Focus Courage Coping Competence Confidence Insight and Context 7-Step Strategy Master Plan
  12. 12. The forces practice owners must consider Insight and Context
  13. 13. Insight: Forces of Change Here are some of the forces that you may need to consider: • Education Standards – costs and timing to complete • Supply of key staff – advisers and paraplanners • Cost to your practice of a user pays environment – no more subsidies • Client service packages – tiered and profitably priced • Non-traditional advice and revenue streams • Sources of new prospects • Brand and reputation management • Consumer expectations of value • Remediation projects • Process improvement • Need for strategy – it isn’t easy • Need for leadership and vision
  14. 14. Insight: Forces of Change Top 5 Forces that will Change Your Business FORCE (Paradigm Shift) IMPACT (How will you have to change) 1. Removal of Grandfathered Commissions (excluding life insurance) What % of your revenue is at risk? How can you engage those clients (if they are ideal clients for your practice) and implement a fee structure? What communication strategy will you have to these clients in the next 12 months? 2. Active regulation of advice fees being paid from superannuation How will this affect your current collection of fees? How will you transition existing clients to more fees paid from cashflow? What new services will be required to show value? Will the advice be tax deductible? 3. Client/Prospect expectations from Financial Advice are changing fast Financial advice has to change to stay relevant as society is changing. How can your service offering be reinvigorated, repackaged or reinvented? Can your practice capitalise on the societal shift toward spending on wellbeing? 4. Fees for No Service Risk – need to engage every client annually (and profitably) What is the appointment capacity of your practice? How many clients can you serve in a year, and at what level of engagement? Should you change your service packages? Should you offer transactional advice? How much do you need to charge per client? Do you need to sell C’s and D’s? How can you increase capacity (hiring; process change; tech etc)? 5. Threat that Risk Commissions are banned or further reduced How reliant is your practice on new risk commissions? Can you experiment with a combination of an advice fee and commission for risk advice? If you are heavily insurance-focussed, can you expand to other advice areas?
  15. 15. Pick the Trends What will successful businesses look like in 5 years time? Define Your Vision Identity + Purpose + Strategy Change Analysis What do we have to change to achieve our vision? Win Supporters Give your team and stakeholders ownership in the strategy Build the Plan Define and prioritise the important actions to take; celebrate wins Focus Courage Coping Competence Confidence Insight and Context 7-Step Strategy Master Plan
  16. 16. Pick the Trends: What will the most successful practices be doing 5 years from now? 1. All clients re-sign every year (No more opt-in) • annual engagement agreements • most fees collected monthly by DD from their cashflow 6. Video conferencing accounts for 70% of appointments • advisers now average 25 appointments/week • average appointment time down to 30 minutes 2. 80% of clients use the practices’ branded software • receive notifications of transactions thru the app • client provides data into the app at least monthly 7. Practices are larger • average is 6 advisers rather than 3 today • CEO; effective use of outsourcing; pool of graduates. 3. A new revenue stream from Transactional Clients • single-event advice priced to be profitable to the practice; valuable to the client • maintain regular communication and be there for their next advice need 8. Practices stick to their niche • all ongoing service agreement clients are “ideal clients” • reciprocal referral arrangements for non-ideal clients between advice practices • conversion of prospects is one-third of what it is today 4. Level commission on life insurance • insurance advice has an upfront fee (non refundable) plus level commission on successful implementation 9. Technology is pivotal to compliance • file notes are all created using voice to text • SOA compliance checked with AI driven reg-tech solution • Practice tech-stacks expand as wholistic solutions fail to scale 5. Wellbeing Advice has replaced Goals Based Advice • Advice is now centred on each client’s life achievements and relationship with money • life and career coaching are part of the service offering 10. Growing. FAST. • There are less practices and less advisers. Smart, brave decisions have improved service delivery. Clients pay more. • Profitability is back to 35-40% EBIT
  17. 17. Change the things that matter
  18. 18. Pick the Trends What will successful businesses look like in 5 years time? Define Your Vision Identity + Purpose + Strategy Change Analysis What do we have to change to achieve our vision? Win Supporters Give your team and stakeholders ownership in the strategy Build the Plan Define and prioritise the important actions to take; celebrate wins Focus Courage Coping Competence Confidence Insight and Context 7-Step Strategy Master Plan
  19. 19. VISION = IDENTITY Who are we? PURPOSE Why are we here? STRATEGY What are we going to do? + +
  20. 20. VISION = IDENTITY PURPOSE STRATEGY+ + Highly trusted, innovative, community connected people That consistently makes a positive impact on the life of every client By educating them about money, decision making, lifestyle choices, and keeping them focused on getting the most from their life + + Hard working, life insurance experts Ensuring our clients have the protection they and their family need and can afford Through proactive reviews, health improvement, and personal claims management + + Safe and conservative investment focused experts Helping HNW clients grow and maintain intergenerational wealth whilst minimizing tax Through the use of trusts, active asset allocation using index funds/ETF’s and direct held investments. + +
  21. 21. VISION = IDENTITY Who are we? PURPOSE Why are we here? STRATEGY What are we going to do? + + NowFuture
  22. 22. Pick the Trends What will successful businesses look like in 5 years time? Define Your Vision Identity + Purpose + Strategy Change Analysis What do we have to change to achieve our vision? Win Supporters Give your team and stakeholders ownership in the strategy Build the Plan Define and prioritise the important actions to take; celebrate wins Focus Courage Coping Competence Confidence Insight and Context 7-Step Strategy Master Plan
  23. 23. What do we have to change? Characteristic Describe the change Priority Order Brand/Identity Culture/behaviours of our team Our advice/practice philosophies Client service/Value proposition Ideal Client Fee model/Revenue Mix Scale of our practice Talent/Skills/Education of our team Location/s Use of technology Communications/Marketing COI’s/Networks Other
  24. 24. Pick the Trends What will successful businesses look like in 5 years time? Define Your Vision Identity + Purpose + Strategy Change Analysis What do we have to change to achieve our vision? Win Supporters Give your team and stakeholders ownership in the strategy Build the Plan Define and prioritise the important actions to take; celebrate wins Focus Courage Coping Competence Confidence Insight and Context 7-Step Strategy Master Plan
  25. 25. Win Supporters - MOSTLY 1. Messaging Clarity; Passion; Conviction, Consistency, Persistency 2. Offsite Remove all distractions; get them mindful 3. Straight talk No subtleties, but make sure it’s a two-way conversation. Usually needs an external facilitator 4. Translate Make sense of things; Share the changing paradigms; what happens if we don’t change 5. Lead Engage the Protectors; Inspire the Innovators 6. Yourself Role model what you expect from others
  26. 26. Be Culture
  27. 27. Pick the Trends What will successful businesses look like in 5 years time? Define Your Vision Identity + Purpose + Strategy Change Analysis What do we have to change to achieve our vision? Win Supporters Give your team and stakeholders ownership in the strategy Build the Plan Define and prioritise the important actions to take; celebrate wins Focus Courage Coping Competence Confidence Insight and Context 7-Step Strategy Master Plan
  28. 28. Build the Plan What do we want to achieve? By When? / / Why is this important to our strategy? How will we achieve it? Task to be done Resources Or Help Celebration Milestones Owner Consults
  29. 29. Focus Area 1. Future Proof RR What do we want to achieve? By When? 30/09/2020 We want to future proof our recurring revenue stream from the risk of legislative changes Why is this important to our strategy? Recurring rev is the lifeblood of our practice, and the driver of its valuation. We believe it is likely that legislative change will remove Grandfathered Inv and Super Commissions, and intro a ban on ongoing advice fees paid from superannuation How will we achieve it? Task to be done Resources Or Help Celebration Milestones Owner Consults Develop a client proposition for accum clients that take all fees as monthly direct debits. Focus on tax-deductibility benefits, growth in super balance, and reduction of debt. Package agreed by 21/12/2019 Accounting practice doing this already Marketing materials complete 15/2/20 Melissa Advisers Licensee Tier our client base and determine our targets (A & B clients) to switch to this prop – complete switches by 30/9/2020; sell our C and D clients X-Plan 1st 10 switches Sale by 31/3/20 Paul Advisers CX All new clients placed in this package from 1/4/2020; only accept new ideal prospects (A’s and B’s); Refer others out. Train Value proposition Each 5 new clients Kate Advisers Review and make changes if necessary in June 2020 Decisions 30/6 Paul Advisers
  30. 30. Focus Area 2. Ignite Organic Growth What do we want to achieve? By When? 01/07/2021 We want to reignite organic growth to achieve sufficient scale to restore our profitability to a 35% EBIT (now 22%) Why is this important to our strategy? We lost focus on growth during recent years of industry change and profits have fallen. New business growth is the preferred way to increase revenue rather than the risk of buying someone else’s book/business. How will we achieve it? Task to be done Resources Or Help Celebration Milestones Owner Consults Use a consultant to train our entire business on getting referrals including changing our systems to make activity habitual - start Jan ’20. Measure all related activity Consultant First training 3/2020 30% increase in mth-on-mth referrals CEO Licensee Develop three referral campaigns using social media marketing Marketing $30k budget Attaining min 80 leads per campaign. Convert 25% Sarah Licensee CEO Twice p.a. train our existing and new COI’s by presenting case studies of our successes with their clients – combine with a social setting One client to present/speak 2 leads per month per COI CEO Advisers Sarah
  31. 31. Pick the Trends What will successful businesses look like in 5 years time? Define Your Vision Identity + Purpose + Strategy Change Analysis What do we have to change to achieve our vision? Win Supporters Give your team and stakeholders ownership in the strategy Build the Plan Define and prioritise the important actions to take; celebrate wins Focus Courage Coping Competence Confidence Insight and Context 7-Step Strategy Master Plan
  32. 32. Focus • Don’t sweat the detail (until you need the detail) • To be clear is to be kind • Find a rhythm that works for your team • slow and steady, or project driven • square pegs in square holes • AVOID burnout and change fatigue • Be an optimist AND a realist • Develop a growth mindset that sees setbacks as temporary • Be prepared to pivot your plans • Report regularly on progress (and keep these sessions away from ‘business as usual’ stuff) • Reward effort, attempts, wins and lessons
  33. 33. Courage Coping Competence Confidence Focus
  34. 34. Are you Ready to Act? Perceived Need Perceived Capability Ready to Act
  35. 35. Pick the Trends What will successful businesses look like in 5 years time? Define Your Vision Identity + Purpose + Strategy Change Analysis What do we have to change to achieve our vision? Win Supporters Give your team and stakeholders ownership in the strategy Build the Plan Define and prioritise the important actions to take; celebrate wins Focus It takes courage to start, and confidence to stay focussed Insight and Context 7-Step Strategic Master Plan
  36. 36. brad.fox@smartbraveconsulting.com LinkedIn: www.linkedin.com/in/bradfox1/
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