What Level Are You?
Level Four®'s mission is to help our advisors take their practices to the next level. We will analyze and determine where your strengths and weaknesses lie in the three main components of a successful financial practice: operations, marketing,and sales. Once we’ve finished our initial analysis, we’ll utilize targeted business coaching programs to help you improve in the areas your business is weaker in while preserving the strengths your firm already possesses. With programs tailored specifically for your business, we can help ensure efficiency in improving both the satisfaction of your current clients and your ability to attract new business.
A firm can fall within one of Four Levels within each key component of a financial practice:
Operations / Concierge
These firms have PROCESSES for all of their paperwork, administrative tasks, follow-ups, and client services. These functions are mainly handled by the advisor.
These firms have hired an assistant(s) and staff to handle operational, administrative, and compliance services. At this point, there is a PLAN to establish roles, goals, and accountability.
These firms have published operational plans with clear processes outlined. The registered representative has taken a backseat to the operations but still handles supervision and staffing needs. The objective is EXECUTION of their goals.
A Level Four operations department now possesses an office manager to handle compliance, administration, and operations. The firm leverages its strengths to others in the region and profits from its operational efficiencies. The leadership continues to focus on its future VISION.
Marketing / Business Development
These firms have PROCESSES for all of their marketing strategies and planning handled by the advisor. There is no client panel. The current goal is to develop a unique value proposition and focus on the practice’s differentiation in the marketplace.
These firms have a marketing assistant that works with the advisor on a marketing PLAN. The firm possesses one general client panel and has begun an active study of competing firms.
These firms have developed a published marketing plan and all marketing work is handled by the assistant. The firm now has a separate client panel for operations, marketing, and sales. The objective is EXECUTION of our goals.
A Level Four marketing department now has a designated marketing manager and eventually hires a marketing team under that manager. The advisor no longer handles marketing responsibilities. The leadership’s VISION is to become the “Financial Firm of the Future.”
Sales / Client Acquisition
These firms have all of their client acquisition efforts carried out by the advisor. A PROCESS has been created to have all clients segmented and different service standard is set for each class of clients. Time management is a key to broaden client base.
These firms have profiled their target client base and identified a sales process. While the advisor still handles sales supervision and client meetings, an assistant now aids with follow-up calls and paperwork preparation. The firm should begin to develop professional alliances, mainly with CPA’s. A PLAN is created to market, recruit, and develop these partnerships.
These firms have a sales team that consists of CPA’s, EA’s, financial advisors and risk management specialists. The goal is EXECUTION of sales meetings with financial advice being the key. These meetings include tax, business consulting, and financial advisory services.
A Level Four sales department now has a team addressing all sales functions. The firm now has a FAMILY OFFICE type offering where an affluent client or small business owner can access the team to optimize their financial health. The leadership is focused on the VISION and growth of the model.