In Practice October 22, 2012

Program Aims to Help Advisers Juggle Roles

OppenheimerFunds unveiled CEO Advisor Institute, a program designed to teach advisers to think like chief executives but continue to engage as trusted global advisers.
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The program is a business management and personal development structure, whose name reflects the dual responsibilities of practice management and delivery of meaningful and insightful financial guidance.

The CEO Advisor Institute combines business management, personal and professional development content, and investment thought leadership. The curriculum is designed to enhance the ability of advisers and their teams to address the complex challenges facing their wealthiest clients. According to a 2011 study conducted by Cerulli Associates, practice management was the second-most requested resource from advisers.

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OppenheimerFunds describes the program as combining right-brain creativity with left-brain analytics. “OppenheimerFunds is committed to delivering a consultative platform to help advisers achieve their business goals,’ said John McDonough, director of national sales. “To demonstrate that commitment, we have changed the formal titles of our sales force to senior adviser consultants and regional adviser consultants.”

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The program consists of three components:  keynote presentational content, a multimedia Web-based support structure and more than 100 OppenheimerFunds consultants. The current library has three modules:

  • Compelling Conversations are designed to help financial advisers with nine critical recurring conversations with clients and prospects. Each aims to crystallize the value of the adviser and help clients take the appropriate actions to pursue financial goals.
  • Building a Professional Practice delivers an architectural framework to help advisers build professional practices. The framework is built on the twin foundations of a comprehensive wealth management approach and an exceptional client service platform.
  • Building a Life on Purpose teaches advisers how to achieve work/life balance.

OppenheimerFunds’ field force has been immersed in CEO Solution, the internal component of the CEO Advisor Institute, for more than two years, in preparation for delivering a consultative platform for advisers while continuing to provide excellent product and investment insight.

The Institute, led by 25-year industry veteran Paul Blease, was developed in collaboration with Duke Corporate Education. Blease joined OppenheimerFunds in December 2011 as director of the CEO Advisor Institute.

Complexity is the single greatest challenge facing financial advisers today, according to Blease. “In the last two decades we’ve seen an explosion of new investment products and services, a proliferation of new technologies, and an unprecedented confluence of political, economic and financial challenges,” he said. “The CEO Advisor Institute helps advisers manage their sophisticated practices, and deliver meaningful advice and extraordinary service in order to separate themselves from the competition.”

More information is available at the CEO Advisor Institute.

Products October 22, 2012

Social Networking Still Needs Adjustments

A growing number of financial advisers are embracing social media to acquire and service clients, but perceive the return on investment as mediocre, a survey found.
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Phoenix Marketing International surveyed financial advisers in October to examine the use and impact of social networking to enhance client relationships, acquire clients, collaborate with other financial advisers, and work with asset management firms.

Recent findings show that over half (58%) of surveyed advisers use social networking in their advisory business, and about one-quarter of these adopters do so primarily to either acquire new clients or to enhance client relationships.

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Other primary goals for using social networking include promoting themselves or their firm (15%), professional networking (13%) and interacting with asset managers on fund offerings and performance (9%). Advisers cited asset managers in particular as needing improvement to disseminate information about products using social media.

Among the topics Phoenix covered were:

  • The extent to which advisers have adopted social networking for their advisory business. Adoption variation was considered by adviser’s role, assets under management, annual production, tenure, age and gender.
  • The devices and social networking platforms used by advisers in their advisory business.
  • The obstacles and concerns for integrating social networking as a business practice, and to what extent advisers are governed by a social networking policy or guidelines.
  • The most important purposes for which advisers use social networking.
  • Whether there are unmet business needs advisers hope to improve through social networking, and which social networking platforms are most likely to have increased usage in the near term.
  • The most important business goals advisers anticipate for social networking, and the return on investment (ROI) realized from social networking for achieving each goal.
  • Reasons social networking did or did not contribute to achieving each goal.
  • Perceived success specific asset management firms have with utilizing social networking for the benefit of their relationship with advisers and the purposes for which social networking would enhance interaction with leading asset managers.
  • Content advisers would like to receive for asset managers via social networking.

The report on how 200 advisers utilize social networking, their perceived ROI, and how well specific asset managers are providing information to advisers via social networks is available for purchase. This same report is included free of charge to subscribers of the semi-annual financial adviser study.

More information is available at Phoenix Marketing International.  

 

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