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Practice Builder Financial Modules
Marketing Module automate your marketing to prospects, centers of influence, media and your existing clients. Practice Builder Financial Marketing Module is a fully automatic, turnkey Nurturing System. Qualify prospects and retain clients with sequences for lead incubation and ongoing customer retention. We have established seven sequences ready for your specific needs - based upon categories of persons you would like to send mailings to. Naturally, you may edit these sequences, such as to alter dates, text, eliminate some items or add letters of your choosing. Principles of Marketing Module
Automated Process
Estate Campaign financial advisors should be attracted to the estate planning market. There are many sources of remuneration for the financial professional engaged in this field:
This explains why you want to talk to prospects. But how do you get them to want to talk to you? Certainly they are not eagerly sitting by the phone, awaiting a call from someone to discuss death-oriented planning. In fact, far more persons are willing to start talking about retirement income, than estate planning, even though the latter represents a greater problem and harbors a deeper underlying sense of inadequacy. To prepare a prospect or a client referral who doesn't yet know you, or even an old client who hasn't made any recent purchases, is a daunting task. These affluent persons are contact resistant. Some are even cocooning through the use of phone answering machines or voice mail. But they do have needs, and estate planning is definitely not a "do-it-yourself" project. We have developed an Estate Planning Campaign targeted for the affluent individual. The letters reflect subtle language and the article selection are based on what might arouse their interest, without being too pushy. The idea is to nurture these prospects with letters and articles, interspersed with your newsletters (if you send them) and phone calls. You want to build a "Top of Mind Awareness" and link you and your firm with the solution to three critical concerns: simplifying estate administration, reducing taxes and transfer costs and increasing net spendable income. You can gradually phase in carefully selected lists, or simply start adding local names of persons living in affluent areas or who contribute large amounts to charities. The Estate Planning Marketing Campaign includes a letters and specially edited articles. However, you can remove or replace any of the articles or letters. The manual explains how to make substitutions. A Phase-In chart describes how you might acquire a batch of names, but gradually ramp up the marketing so the phone call burden is not abrupt. 80 Week Sequence Includes:
There are lots of "millionaires next door" but you may never acquire them as clients without the new Practice Builder Financial Estate Planning Campaign! E-Mail Marketing Module enable e-mail delivery of all Automatic Marketing materials to any selected Client/Prospect. Allow for flexibility while building on the fundamental principals of Practice Builder Financial Marketing by choosing from home or business e-mail addresses. For many technologically proficient Clients/Prospects, e-mail is the preferred method of communicating. While recognizing that e-mail delivery of materials designed to maintain and strengthen "top of mind awareness" misses some of the additional sensory inputs of regular mail, in some cases it may be the only vehicle that delivers to the Client/Prospect.
In the prospecting stage, it may be necessary to employ varied approaches to penetrate and deliver your marketing message. E-mail marketing allows for this additional approach.
How E-Mail Marketing Works
Outlook Synchronization Module gives you the power of synchronization as it permits two or more computer programs to exchange data. This can be extremely beneficial because it eliminates duplicate manual entry and avoids having different data stored on the same client or prospect. The power of synchronization is that it permits two or more computer programs to exchange data. This can be extremely beneficial because it eliminates duplicate manual entry and avoids having different data stored on the same client or prospect.
Many Practice Builder Financial customers have told us they like using Microsoft Outlook because it is part of the Microsoft Office Suite that provides common data exchange and similar functions for Outlook, Word, Excel, Internet Explorer, Access and PowerPoint, etc. Outlook and Internet Explorer have far overtaken Netscape as an Internet browser and e-mail manager. Because there are so many Outlook users, nearly every Personal Data Assistant (PDA) such as Palm Pilot and most portable computers, such as those using Windows CE, will all exchange data with Outlook.
For those not yet using a PDA/Outlook sync the process is pretty simple, and fully supported by the various PDA vendors. Their hand-held units comes with a small cradle that links to the desktop unit using either a cable with a USB, serial or parallel cable, and a small cradle for the hand unit to rest in. A small software module provided by the PDA performs that sync function.
Practice Builder links with Outlook which links with your PDA. You can now carry your Practice Builder client and prospect data in your pocket. If you make changes in the data from your PDA, you simply sync back with Outlook (which updates both databases) and then sync Outlook within your desktop computer with the Practice Builder program.
Now all three databases have the same information. The most recent entry (such as home phone number) made from any of the programs is the one retained.
Simplicity is maintained because we do not try to exchange all data - just the contact information and notes made in either Outlook Contacts or in the Practice Builder Memo box. Review the list of 38 data fields that are exchanged. Seminar Module are you conducting seminars as an effective way to generate new business? Seminars get you in front of new, qualified prospects as well as established clients. Multi-session seminars or workshops are great for building trust and confidence in the presenter. However, producing seminars is also a very demanding and time-consuming process. It is difficult to remain in contact with each individual at all the various stages of interest. Good prospects "fall through the cracks."
Maximize the effectiveness of your financial seminars or workshops. Automate sending letters and articles in Practice Builder to facilitate ongoing communication to your seminar attendees. There are two reminder letters before the first seminar, supplemental articles after each session and five follow-up items after the seminar or workshop is concluded. For multi-session workshops (such as SMMS, FSSR or Emerald) the Seminar Module will send a letter and article after each session. This keeps attendee enthusiasm at a peak. Copy can relate to either a prior workshop topic or a future session.
At what point does the frustration of follow-through outweigh the benefits? How many prospective clients are slipping through the cracks? How can you portray a professional image without increasing your personal workload?
Automatically increase your effectiveness with those who may express an interest but fail to register, register and fail to show up, attend but neglect to make an appointment, and even those who schedule an appointment and change their minds!
The Seminar Module also includes powerful administration, due diligence and marketing features:
By pairing up the Seminar Module with the Marketing Module of Practice Builder - you will achieve the ultimate automated system. The Marketing Module will fill your seats with an increased percent of effectiveness while the Seminar Module elevates your closing ratio. By following up promptly and effortlessly, you reassure prospects that are procrastinating at retaining your services.
Considering Seminar production costs, wouldn't it be a mistake to NOT use this module? Business Planning Module is a separate component of the Practice Builder Financial designed for persons advising the principals of small, medium and large businesses and non-profit organizations.
The requirements of a consultant in assisting new and established organizations in planning for growth and obtaining capital are business acumen, counseling skills, numerical projection tools and text materials. The Business Planning Module provides the latter elements to support the financial advisor. Business Records Module assists your advising of the principals of existing small and medium sized companies, start-up corporations and even non-profit organizations. Key features include the following:
Opening New Consulting Opportunities
Start-up companies need documentation for their business, but many cannot get this done by local attorneys on a prompt and cost-effective basis. If you, as their business consultant, can provide this service they will become more dependent upon you. It also forces them to be in touch with you frequently as they make important business moves. This frequent contact (for which you are being paid) will trigger additional business opportunities for you. The preparation of corporate records is not the practice of law, although it is performed by many attorneys. Accountants and business managers frequently perform this task. Software and books with sample documents do not constitute the practice of law. However, the expression of opinion regarding legal issues relating to corporate operation involves legal advice and should be provided by a qualified attorney. The Business Records module was prompted by suggestions of a Columbus, Ohio financial planner who has developed a significant business base using this technique. In addition to over $25,000 per year in records preparation fees, he has sold significant amounts of insurance and fee-based planning engagements. Increase Your Fee Revenue Helping businesses get their records establishes earns fees. There is an initial set-up fee as well as an annual records maintenance fee. Occasionally there will be extra fee, such as if you are requested to attend board meetings. While this swiftly developed into a nice, predictable source of income for the Columbus planner, the greatest reward has come in the additional consulting and product sales. He has placed a lot of term life insurance to cover business loans, later converting the coverage to whole life and funding agreements. Preparation for IRS Audit The first item the IRS generally asks for during a corporate audit is the Corporate Records and Minute Book. They will then check for authorization by the board for certain expenses such as club payments, vehicles, employee benefits and executive perquisites. If there is no authorization the expense is frequently disallowed, thus causing taxes, interest, and penalties. If the expense is the attributed to the owner/executive there will also be personal tax, interest and penalties. Separate Records for each Customer The Business Records screen permits the user of this Module to insert custom documents, just as do the other Practice Builder sections. When you produce an edited record for a client corporation (or partnership), it will be created in a separate file, which can be transported to a word processor. However, you will find it easier to do the editing inside Practice Builder Financial, and those files can then be easily backed-up.
Marketing Support for the Advisor There are marketing guides for the financial advisor as well as suggested fee schedules and engagement agreements. The Checklist of documents and the Listing of Corporate Record keeping responsibilities are very strong motivators for the client to retain your services to help in record preparation.
Use for Your Corporation If you have been keeping good records in your business, you will find this module to be a very valuable tool, simplifying your minute book maintenance.
If your corporate records are not up to date (and many aren't) then this is an essential tool. Sooner or later you will be audited, and when the IRS auditor attempts to match your expenditures with the authorizations, you'll be in trouble. You need to get this module and put it to use immediately. In fact, the cost is less than a stationer's standard corporate record book. Ask to view the Business Records Module, during our live Web Demo. Compliance Module was developed for the Registered Investment Adviser, the financial planner who practices under a broker/dealer's RIA, or those who are considering practicing as an investment advisor. Practice Builder Compliance Module reflects all of the recent developments at the regulatory level including the new proxy voting rules, the new custody rules, the new Code of Ethics rules, and more:
Compliance System Testing Step-by-Step SEC Rule 206(4)-7, requires all RIAs to develop a Compliance System Test, which must be completed no later than April 4, 2006. For example, all registered investment advisers must have a written compliance manual, develop system to test their compliance, make sure they are operating properly, detect weaknesses in these systems, and explain what remediation efforts are being employed. Practice Builder Compliance Module provides step-by-step instructions for the new requirements as set forth by SEC Rule 206(4)-7 that are due April 4, 2006. Order now to get step-by-step instructions, policy guidance and sample documents that you can edit/adapt and employ for your practice. Your Best Practices may not be enough unless you are compliant with the new regulations. Details and Samples of online filing
Special Client Letters
As a feature of the Practice Builder’s letters screens, there is an area reserved especially for compliance-related letters. These may also be edited. All compliance material produced for a client is automatically posted in the unique Practice Builder Summary of Activity as an additional component of compliance, due diligence and liability risk reduction.
Quick Review and Custom Edits
Each item in the Compliance Module is separately identified on a screen, and may be instantly viewed or printed. As with all other items in Practice Builder each entry may be easily edited, either temporarily or permanently. A number of the administrative forms (which are identified on the screen) should be slightly customized by the Investment Advisor.
Records and Checklists
Of particular value are detailed materials for record keeping. Each of the 17 forms of required records are clearly described, with sample formats where indicted. The module has an excellent discussion of the retention requirements with meaningful suggestions to avoid future liability.
Performing Your Internal Audit
The monitoring system for Registered Investment Advisers is controlled by Compliance Checklists. A Master Checklist for the firm and an Individual Checklist may be used to assure that requirements are kept for each client. Each item may be customized for your firm. A master checklist of these records can be used for an internal review in preparation for an SEC or state securities department audit.
Evaluating Your Clients
To help avoid complaints and litigation there is a self-administered Client Evaluation. The answers indicate the potentially litigious client and how you should deal with that person - continue or terminate the relationship. Dismissal procedures are included.
SEC Releases and the Investment Adviser Act
These items are critical to compliance, but not easily obtained by the practitioner. Even the SEC cannot furnish copies of their official Releases which affect the investment adviser. Practice Builder has reproduced all of them, for the user's retrieval and review.
Understanding Compliance Issues
It is hard for a practitioner to see compliance issues from the viewpoint of regulators or plaintiff attorneys. Special files provide a window to these pertinent issues:
The principal author of the Compliance Module is Jeffrey B. Kelvin, JD, LLM, CLU, ChFC, who is well known in financial circles. Having served as professor of taxation at The American College, he is president of Financial Planners Assistance Corporation, an organization which processes the registration of 3,500 investment advisors and broker/dealers. Kelvin is the author of The Registered Investment Adviser's Guide to Surviving an SEC Audit. The RIA Guide to Insider Trading and Securities Fraud is in its third printing. Kelvin has also addressed the IARFC, ICFP and securities dealers on compliance. The module even includes procedures for how you might access Kelvin's organization if you have a special concern, potential claim or regulatory threat.
Administrative forms and software packaging were provided by Edwin P. Morrow, CLU, ChFC, CFP®, RFC®. Morrow has written and lectured for national conferences of the IAFP, ICFP, IARFC, FPA, American Society and MDRT on the issues of professional liability and risk management for financial planners and life insurance agents engaged in sophisticated practice. As a result of these appearances and articles, he has spoken to hundreds of planners who have related their experiences with incidents involving compliance, audits and real or threatened legal action.
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