The accounting, legal and banking professions are changing rapidly because of competitive pressures from service consolidators and technology advances. These groups have responded to these changes by looking for opportunities to extend or add additional services to their current service set. Ultimately, the professions hope to add synergistic services that surround their customer with value. In doing so, the accounting, legal, and banking professions can leverage their exisitng relationship, grow the value of every customer, and strengthen the client relationship.
Wealth Management services are a natural area that firms should develop. State regulations and national associations have opened the doors for accounting, legal and banking professions to receive compensation for wealth management services-related business. Those firms who are successful at this service will take a giant leap forward in staying competitive in the future professional services marketplace.
Unfortunately, many of the firms that attempt to launch this service are not reaching the potential it offers. In fact, many accounting, legal, and banking professions spend a tremendous amount of time and money only to drop this service in a few short years out of frustration.
The challenge that accounting, legal, and banking professions face, is to develop, and maintain the skill that is required to succeed at wealth management. In most cases this is grossly underestimated and the accounting, legal, and bankng professions find themselves without the time or the payoff to become skilled at a professional level, thus contributing to the type of results listed above.
Successful firms are approaching the wealth management services business with the understanding that it requires the basics if any new business to be successful: skilled people, effective marketing, proven process, integrated systems, and the right technology.
JTF Private Wealth Management has a turnkey business model which can provide these key ingredients for your firm. This service is called the "all-in-one-program." This program helps accounting, legal, and banking professions succeed at wealth management services by providing these key ingredients and managing them on a daily basis. The result is the movement towards the creation of "Family Office" services that is provided by accounting, legal, and banking professions, which are best positioned to offer their clients a family office platform.
Unlike any other organization promising results and compensation to firms by creating an alliance program, JTF Wealth Management offers the accounting, legal, and banking professions the unique ability to own the business but outsource many of the functions. The accounting, legal, and banking professions maintain control but delegates the operational duties.
JTF’s proprietary profiling tool is the starting point for all Alliance firm engagements. Used both as an analysis and prospecting tool it allows you to quickly evaluate potential partner firms. Firms provide detailed information ranging from firm and client demographics to goals and expectations.
After a commitment to work with JTF, the first step is a client segmentation exercise designed to better identify the prospects for financial planning services. The report provided identifies A, B, and C clients and an explanation of potential revenue growth by client segment.
Alliance Marketing Plan
John Thomas Financial uses the information gathered from the profile and segmentation to build a marketing plan for the introduction of Wealth Management Services and products to the firm’s clients. Each plan is unique to the firm and includes detailed examples and forms each element of the plan. All program pieces outlined in the plan are backed up by proven pieces and extremely detailed "how to" instructions on using each part of the plan.
Office Setup and Financial Planning Day
John Thomas Financial goes onsite to the firm’s offices to aid in the set up and implementation of wealth management program components, including back office and compliance operations. A financial planning day is incorporated as an introduction to the firm’s new revenue producing program.
180 Day Review Roundtable
John Thomas Financial’s experience shows that periodic review, reinforcement, and revision, adds to the success of the program. At the end of the first six months, John Thomas Financial revisits the firm for a roundtable discussion on the successes and strengthen any potential weaknesses.