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Preparing for Summit 2022 'Masterclass'

Welcome to IFA-Australia’s Summit 2022. The theme for the day is ‘Masterclass’. The broad format for the day is below.


In our usual day to day, we are immersed in the business of talking to clients, solving their problems, and generally getting caught up in all of the various processes and people we pull together to get results for clients. But from a ‘big picture’ point of view, if we ‘step out of the simmer pot’ for a moment, we can ask ourselves what it would take to get better results – both for our clients and for ourselves too. To put that in perspective, if you unpack a financial planning business there appear to be eight ‘make-or-break’ puzzle pieces that make up the overall picture …


1. Your vision: what is the purpose of your business?

2. Your metrics: what does success look like?

3. Your value promise: what problems do you solve?

4. Your ideal clientele: who is this for?

5. Your pricing: how do you make it great value?

6. Your profits: discovering best practice.

7. Your succession: will you ever retire?

8. Your progress: how will you track your plan?


That’s a lot to unpack and repack in one day so we’ll be keeping the format flexible to ensure we have the freedom to dig deeper where we feel we’d like to go as a group. But for you to get the most out of the day, we’ll be asking everyone to bring with them this homework to share in the ‘metrics’ session: your CONVERSION ratios (click HERE to download the homework sheet). This is the ratio of initial calls to initial appointments to being hired to do something transactional (a ‘customer’) to being hired ongoing (a ‘client’). Here’s how …


1. Do you keep a record of the initial enquiries you’ve received and called back? Put that number into the ‘initial calls’ box (refer attached pdf).

2. Look at your calendar so far in 2022 and count how many initial appointments you’ve held. Put that number into the ‘initial appts’ box.

3. How many of those appointments went through to become initial clients – ie they hired you to do something (eg an SoA). Put that number into the ‘customers’ box.

4. How many of those customers went on to become ongoing clients? Put that number into the ‘clients’ box.


Another important piece of information you will need (and you’re welcome but not obliged to share) is how much fees you’ve earned so far this year from customers, and from there to clients. What’s possible, in terms of conversion rates? What do those processes that yield the best conversion rates have in common? What are you missing or absolutely need to keep?


We look forward to seeing you next week! The agenda for the day is:

FROM

TO

DESCRIPTION

0930

1000

Registration

1000

1010

Welcome & opening

1010

1130

Session 1

1130

1145

Break

1145

1315

Session 2

1315

1400

Lunch

1400

1515

Session 3

1515

1530

Break

1530

1645

Session 4

1645

1700

Conclusions & closing

Don't forget, PIFA Symposium welcome drinks start at 6pm in the Mosaic Lounge.


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