MLC Advice Business School Supporting your success in start-up How to build a successful financial planning practice, attract new clients and manage all aspects of your business. If you’re thinking of starting up or have recently set up your own business, make sure you register today for MLC’s Advice Business School. When The program runs in Melbourne and Sydney (venue details are available on request) There are a number of key areas that are important to focus on when starting your own business venture. May 20–23, 2013 (Sydney) The MLC Advice Business School can help you learn the additional skills you need to manage your business successfully. October 21–24, 2013 (Sydney) We focus on: • Developing a business vision and plan • Managing your finances and business funding • Finding clients and building a client base • Setting up business systems and processes • Developing your skills and building a team. Our four day dedicated program offers you a unique opportunity to learn from practice management experts and become a part of Australia’s leading network of like-minded future business owners. August 19–22, 2013 (Melbourne) Location Melbourne and Sydney To find out more and to register your interest, please contact Leah Mallett on 0416 232 312 or email advice.business.school @mlc.com.au. Alternatively, visit mlc.com.au/abs Day one agenda Time 9.30 – 10.30 Session Welcome and introduction: Leah Mallett 10.30 – 10.45 Break 10.45 – 12.30 Business Planning – Setting the strategic direction for your business: Practice Development Manager At any stage of the business growth cycle, it’s critical that your have a strategic plan to set the direction of your business so you focus on your key goals and shape your businesses’ future. In this session, the speaker shows you how to develop a structured business plan to keep you accountable to the strategic direction of your business. 12.30 – 1.00 1.00 – 2.00 Lunch Governance: David Fotheringham, Seaview Consulting This session makes you think about the various roles within a business, and looks at your role and responsibilities as the director of your business. 2.00 – 3.00 Business structure: David Fotheringham, Seaview Consulting This session takes you through the various business structures to help you determine which business structure is suitable when considering your asset protection, expansion and eventual succession. 3.00 – 3.15 Break 3.15 – 4.15 Sourcing clients through referral partners: MLC Accountant Solutions Consultant This session takes you through the strategies involved in developing and formalising a referral partnership. 4.15 – 5.15 Managing your cashflow: Practice Development Manager Spending time working on your Business Plan is crucial. This time is set aside for you to start building and evolving your Business Plan. 5:15 – 5.30 Business planning time: Participants Spending time working on your Business Plan is crucial. This time is set aside for you to start building and evolving your Business Plan. 5.30 – 6.00 Break 6.00 – 9.00 Dinner with business owner: Guest speaker (Cafe Sydney) The dinner on the first evening allows you to start networking with fellow participants. We’ll introduce you to a successful business owner who’ll share their start-up journey with you. They’ll share insights in relation to their own business model, the challenges they’ve faced, what has worked for them and what they think will help you in your own path to success. “The Advice Business School for me was one of the most important things that I did starting out in business.” Sean Atkins, Founder of CLARITY Financial Planning Day two agenda Time 9.00 – 9.30 Session Summary and reflections: Leah Mallett This session allows you to share the key learnings from the day and night prior. 9.30 – 10.30 Buy or build: Malcolm Arnold and Brett Sambrook, MLC Connect for Growth Sourcing clients is one of the greatest challenges when setting up and growing a financial planning practice. In this session, we’ll discuss the key considerations when deciding whether to buy a client base or build your client base from scratch. 10.30 – 10.45 Break 10.45 – 11.45 Financing options: Sharon Lincoln, NAB Business Banking In this session, a NAB banker will talk to you about what banks will lend to start-up practices, what they are looking for when lending money, and why businesses succeed or fail. 11.45 – 1.00 FoFA and your business: FoFA Project Team What should you do to prepare for fee disclosure requirements? How do you demonstrate if you’ve met your best interest duty? What are you required to do to meet opt-in requirements? As July 1 fast approaches, this session will confirm what’s required of your business under the Future of Financial Advice (FoFA) reforms. You’ll gain a clear understanding of your responsibilities, guidance on how to prepare, and the resources available to support you. 1.00 – 1.30 Lunch 1.30 – 3.00 Building my business: Business owner guest speaker This session looks at what it takes to be a successful business owner. An adviser from MLC’s licensee network will present in this session and provide you with an opportunity for informal discussion during the presentation. 3.00 – 3.15 Break 3.15 – 4.30 Building my business: Business owner guest speaker This session looks at what it takes to be a successful business owner. An adviser from MLC’s licensee network will present in this session and provide you with an opportunity for informal discussion during the presentation. 4.30 – 5.00 Building your plan: Leah Mallett This session follows on from the strategic direction session from day 1. You’ll start to capture the outcomes and priorities that will build and evolve your vision for the business. 5.00 – 5.30 Business planning time: Participants “A 9 out of 10 rating. The course content, structure and exposure to successful business owners was excellent. It was relevant, realistic and practical. I’d definitely recommend to anyone starting up their own financial planning business.” Andrew Keay, Founder of Blackford Hill Day three agenda Time 8.30 – 9.00 9.00 – 10.30 Session Summary and reflections: Leah Mallett Developing your Client Value Proposition: Practice Development Manager Your Client Value Proposition (CVP) is what differentiates your business from your competitors. In this session, we discuss the importance of having a CVP as well as working on your business’ elevator pitch, otherwise known as your ‘value story’. 10.30 – 10.45 Break 10.45 – 12.15 Marketing and online presence: MLC Marketing This session helps you identify your target client and consider the appropriate marketing channel and mix to reach them. You’ll gain an understanding of the various channels that may be appropriate for your target clients and hear some examples of how other advice businesses are using marketing strategies effectively to grow their business. 12.15 – 1.00 1.00 – 2.30 Lunch Building an investment philosophy for your business: Benn Furlong and Business Development Manager, MLC Sales Having a clear and consistent approach on how you articulate your investment philosophy is critical for both clients and referral partners. It also enables you to generate efficiency within your business. In this session we’ll help you to develop your ‘investment story’ as well as look at your implementation options. 2.30– 3.45 The Forgotten Art of Prospecting: Gareth Smith, Vue Consulting You can’t sell to an empty chair. As a result, prospecting and lead generation in Professional Services is often the critical success factor of the business. In this session, you’ll be taken “back to the future” to remind you what prospecting is really about. You’ll examine case studies which helps develop an ineffective adviser into a relaxed, confident and successful prospector of new business. 3.45 – 4.00 Break 4.00 – 5.30 Driving client engagement: Gareth Smith, Vue Consulting Client engagement is one of the great buzzwords in Professional Services. In this interactive presentation, the Consultant examines revealing industry survey data on Client Engagement. You’ll have the chance to compare your understanding of critical services elements with those elements shown to directly engage clients throughout your client experience. You’ll leave this session with ideas in four critical services areas which you can immediately implement or improve upon in your business, to better engage your clients. 5.30 – 6.00 Break 6.00 – 9.00 Dinner with business owner: Guest speaker Continue networking with fellow participants. We’ll introduce you to another successful business owner who’ll share their start-up journey with you. They’ll share insights into their own business model, the challenges they’ve faced, what has worked for them and what they think will help you in your own path to success. “I’m not actually one of those people who always wanted to own their own business. I probably wasn’t serious about it until after I’d been to the MLC Advice Business School. It cuts right to the skills you need to run a good business, so it’s perfect for someone like me who wants to turn their advice skills into a good business of their own!” Catherine Robson, Founder of Affinity Private Day four agenda Time 8.30 – 9.00 9.00 – 10.30 Session Summary and reflections: Leah Mallett Pricing: Lena Ridley, Practice Development Manager Developing sustainable and profitable pricing in a fee-for-advice environment is essential to business viability. In this session, you’ll learn about the different ways to charge your clients, how to arrive at your end price and how to pitch your fees. 10.30 – 10.45 Break 10.45 – 12.00 How to introduce insurance into your practice and why: Business Development Manager, MLC Sales Insurance is a key part of most advice businesses and having a consistent approach is critical from a business and client perspective. In this session, you’ll learn how to effectively position insurance with your clients and develop a consistent approach to insurance in your business. 12.00 – 12.30 Growing your business through the Risk Specialist Network: Olivia Romano, Risk Specialist Network There are currently over 200 businesses in MLC’s Risk Specialist Network (RSN), a network for thought-leading risk advisers. Each business is supported with services such as end-to-end processes and advanced technical training. The RSN helps to assist the growth of advice businesses by providing advice and coaching in relation to developing and implementing strategic risk advice (including personal and business succession advice). 12.30 – 1.00 1.00 – 2.00 Lunch Personal values: Lance Walker Our personal values are what ultimately drive our actions. The better you can understand a person’s values, the better your client relationship and planning will be. This session outlines this relationship as well as how you can integrate this into your financial planning business. 2.00 – 4.30 Business success roadmap: Lance Walker Building on the personal value session, this session looks at your own personal definition of business success. It also teaches you how to have a values-based advice discussion with your clients. 4.30 – 5.30 Wrap up: Leah Mallett The week concludes with a session that brings together the key learnings and take-outs for the week. We’ll revisit the Business Plan that you’ve worked on over the week to get a clearer picture of what it takes for you to build a successful financial planning business. “There were things I hadn’t thought about and didn’t realise were so important. The PDMs that were presenting the information were the same guys that attended my business planning, and are now supporting me to make my business successful.” Tony Bingham, Co-Founder of Godfrey Pembroke Sydney-Alberta Office Introducing our key speakers Leah Mallett (Facilitator) Leah is the Head of Advice Programs at MLC and will be facilitating the four day program. She has over 11 years experience in the financial services industry, particularly within wealth management. Leah has worked with advice businesses within the MLC Advice Solutions licensee channels since February 2002, in various lead generation, practice development and implementation, and adviser support roles. Leah specialises in and is passionate about helping start-up businesses achieve their business goals, build and deliver valued advice to clients, run efficient and profitable business models, and employ and retain great talent. Malcolm Arnold Malcolm Arnold is Head of Client Succession at MLC. He is responsible for the management of MLC’s buying and selling of client registers through the Connect for Growth program. This program helps advisers transition to retirement, as well as helps new and growing practices to build their businesses. Malcolm has over 20 years experience in the financial services industry. He has held various management roles in the areas of credit risk, corporate and business banking, retail banking, and training and skills development. Having been involved in numerous transactions for acquisitions, Malcolm has extensive knowledge of the transactional process between businesses and licensees, as well as succession planning strategies. Lance Walker Lance is the Advice Delivery Lead for the Future Advice Technology Offer (FATO) Project. He has over 40 years of extensive financial services experience in various roles including operational management, sales management, practice management, product development, business development, marketing and corporate/workplace advising. Lance’s personal passion is advice delivery and enablement, and enhancing the client experience. Bob Neill Bob is a Director of Seaview Consulting, providing advice to businesses with a focus on growth and sustainable value. He is a Chartered Accountant and a member of the Institute of Company Directors. Before joining Seaview Consulting, Bob was National Manager of MLC’s Adviser Business Centre. Bob is a sought after speaker at conferences, and commonly addresses practice management, valuation and transaction management issues. This page has been left blank intentionally MLC Advice Business School Important information Published by MLC Business Development a division of GWM Adviser Services Limited, ABN 96 002 071 749, AFSL No. 230692, 105–153 Miller Street, North Sydney NSW 2060 Australia, a member of the National Australia Group of companies. To find out more and register your interest, call Leah Mallett on 0416 232 312 or email [email protected] mlc.com.au/abs 68542M0413