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- 1. Enter slide master view to edit Leadership Excellence Project Team August 20, 2015 Advisor Onboarding: Annuities, Life and Retirement
- 2. Enter slide master view to edit • Project Overview • Internal Research: Current State • External Research • Pain Points • Recommendations • Questions Agenda 2
- 3. Enter slide master view to edit Project Overview
- 4. Enter slide master view to edit 4 • Minimize lost productivity of wholesalers • Capture more repeat business from advisors • First 90 days critical Business Need
- 5. Enter slide master view to edit 5 • Current onboarding state: Annuities, Life and Retirement • Quantify • Cross-sell opportunities • New vs. repeat advisors • Onboarding recommendations Project Deliverables
- 6. Enter slide master view to edit 6 • External and internal teams • Product line teams • Recommendation teams Project Approach
- 7. Enter slide master view to edit 7 Cross-Selling Advisors 73% 24% 2% No Cross-Sales Annuity & Life Annuity & Retirement Life & Retirement All Three
- 8. Enter slide master view to edit 8 Active Advisors – New vs. Repeat 2712 2977 2555 4139 1381 1154 624 0 500 1000 1500 2000 2500 3000 3500 4000 4500 2012 2013 2014 Jul-15 New Repeat
- 9. Enter slide master view to edit Research
- 10. Enter slide master view to edit 10 • Internal product line teams • Interviewed SMEs and additional internal contacts provided at project kick-off meeting • Internal product line teams created current state process maps • LEP team compiled pain points venn diagram Internal Research
- 11. Enter slide master view to edit 11 • Retirement • Efficient retirement plan conversion process • Life • Beneficial quarterly marketing materials • Annuities • Excellent new business to wholesaler communication • All Product Lines • Valuable Securian Advisor tools • Benefits of Geopointe in Salesforce • Efficiency of e-app What’s Working?
- 12. Enter slide master view to edit • Deliverable Overview • Market Research Findings • Additional SME Interviews External Research
- 13. Enter slide master view to edit 13 Securian’s Annuity Appointment Email New Advisors
- 14. Enter slide master view to edit 14 Athene’s Annuity Appointment Email New Advisors
- 15. Enter slide master view to edit 15
- 16. Enter slide master view to edit 16 LPM Client Experience Consultant
- 17. Enter slide master view to edit 17 • Advisor Interviews • Competition • Expectations • Touch points • Peer Company Key Findings • People, process, and tools used varies across peer companies • Conclusion • Enhance communication • Improve first point of contact materials • Continue promoting competitive advantage External Research Cont.
- 18. Enter slide master view to edit 18 Pain Points Retirement Life Annuities · Marketing to wholesaler communication · Emails to advisors are not customer-focused · Compensation timing · Not feeding DST · Licensing/ Appointment process · E-app is under-utilized · Underwriting process is too long · Advisors are unaware that UW information is online· Lack of defined onboarding process · No centralized contact center · Website and training tools · Lack of recognition · Emails to advisors · Branding
- 19. Enter slide master view to edit 19 • Licensing • Compensation timing • DST Vision feeds Pain Points Currently Being Addressed
- 20. Enter slide master view to edit 20 Pain Points for Future Consideration • Life Underwriting • Marketing/wholesaler communication
- 21. Enter slide master view to edit 21 • Email communication with advisors • Lack of recognition • Central point of contact • Lack of onboarding process • Lack of training Pain Points Addressed by Recommendation
- 22. Enter slide master view to edit Recommendation
- 23. Enter slide master view to edit 23 • Consistent experience for the advisor • Streamline branding and messaging across business units • Unified messaging: phone calls, emails, mailing, advertising • Training and education • Automate targeted advisor communication • Develop communication/action based messaging through data/metrics • Automation ensures timely deployment of communication • Opportunity for wholesalers to reach out to advisor Enhanced Communication Tactics & Strategic Development
- 24. Enter slide master view to edit • Strategic Development for Wholesalers • Corporate Executive Board Sales Leadership Council • Insights, based on research into the best practices of top sales organizations • Membership features: • Peer Benchmarks • Diagnostics • Live/Online Learning Events • Key topics: • Inside Sales • Channel Partners • Key account management 24 Enhanced Communication Tactics & Strategic Development
- 25. Enter slide master view to edit 25 • Formal recognition upon key activities or sales • Strengthens wholesaler/advisor relationship • Improves brand awareness • Create benchmarks to trigger opportunities for recognition • Advisor’s appointment • First Sale • Recognition process becomes consistent • Distinguish Securian from competitors • Encourage repeat sales Formal Recognition Process
- 26. Enter slide master view to edit 26 • On-going training and development • Writing: Customer Focused E-Mail • Customer Service Excellence • Reinforces service culture and promotes a united experience across all business units Customer Centric Communication
- 27. Enter slide master view to edit 27 • Conduct user research • Institute centralized ownership structure • Refresh look and feel – corporate branding initiative • Enhance New Advisor section Re-design SecurianAdvisor.com
- 28. Enter slide master view to edit 28
- 29. Enter slide master view to edit 29
- 30. Enter slide master view to edit 30 SecurianAdvisor.com: Tell a Friend Subject: Visit Securian Careers I was browsing the Securian Careers web site and thought you would be a good fit to be a financial advisor. Go to www.securiancareers.com and check out current opportunities with the Securian Financial Network.
- 31. Enter slide master view to edit 31 • Facilitates consistent, best-in-class onboarding experience • Central point-of-contact for the Company • Sets expectations for Securian processes and timelines • Collaborates with wholesalers and the home office (licensing, marketing, new business, etc.) • Identifies and implements onboarding best practices • Provides targeted training on SecurianAdvisor, cross- selling, and other company resources Advisor Training & Onboarding Specialist
- 32. Enter slide master view to edit 32 Grade Level: 14-16 Annual Salary Load per ATOS: $116,300 Report to National VP’s Advisor Training & Onboarding Specialist
- 33. Enter slide master view to edit 33 • Wholesaler -> Advisor • Handoff of Advisor Welcome Packet • Introduction and explanation of ATOS role • ATOS proactively reaches out to Advisor via (TBD) method of communication • ATOS conducts Onboarding Education Process Advisor Welcome Process
- 34. Enter slide master view to edit 34 • Advisor Welcome Packet • Cover Page • Brief Securian Story • Brief overview of advisor onboarding process • Presale, Point of Sale • Post Sale, Ongoing • Brief information about other product lines Nationwide and SFN Experienced Advisor Transition Guide examples on pg. ___ Welcome Packet
- 35. Enter slide master view to edit 35 Securian’s Story
- 36. Enter slide master view to edit 36 Brief Overview
- 37. Enter slide master view to edit 37 Pre-Sale & Point of Sale
- 38. Enter slide master view to edit 38 Post-Sale & Ongoing
- 39. Enter slide master view to edit 39 Active Advisors – New vs. Repeat 0 1000 2000 3000 4000 5000 2012 2013 2014 Jul-15 New Repeat
- 40. Enter slide master view to edit 40 Active Advisors – New vs. Repeat 0 1000 2000 3000 4000 5000 2012 2013 2014 Jul-15 New Repeat Est. w/ 80% retention
- 41. Enter slide master view to edit Questions?
Notas del editor
- One thing we looked at was the cross-selling opportunities from active advisors in Salesforce since 2012. This chart breaks down the advisors into five categories: Those that only sold one product Sold Annuities and Life Sold Annuities and Retirement Sold Life and Retirement Sold all three Most commonly, our advisors only sell one product. Those that do cross-sell usually sell annuities and life. This is consistent with commonly held expectations, since retirement advisors are often very specialized, dealing almost exclusively with retirement plans.
- We also wanted to quantify, based on the data available in Salesforce, the new versus repeat advisors. This chart breaks down the Active advisors in a given year by those who were new that year and those who had activity in prior years. This does not consider activity the advisors might have had prior to 2012, since life and retirement data wasn’t in Salesforce until 2012. ‘Active’ means they brought in new premium, either on a new account or new premium on an existing account. This is consistent with how wholesalers measure new sales, and with similar reports currently being generated from Salesforce. Could limit this to look at only advisors who brought in new accounts (exclude advisors with activity on existing accounts), however it would probably be easier to pull this kind of information directly from the administration systems. This data shows us two things: 1) our repeat advisor base is growing, averaging about 70% of the prior year’s total active advisor pool. For example, 2014 had 2977 repeat advisors, which means we retained at least a portion of the 1381 new advisors added in 2013. We appear to be on track to grow the repeat advisor pool again in 2015. 2) Our total active advisor pool is staying relatively level, which means there is room for improvement. Two main ways to grow the number of active advisors and, ultimately, sales: 1) one way is to increase the number of new advisors added each year. 2) another way, and the focus of our project, is to increase our advisor retention by enhancing the new advisor experience such that they will want to sell with us again, and sell more of our products. So now I will hand it over to Libby to start talking about what we found in our research.
- Advisor Interviews In order to gain insight of Securian’s advisor onboarding process, the LEP team conducted interviews with new and experienced advisors who are currently appointed with Securian. Key findings included: 1. When compared to Securian’s competitors, there is a perception that Securian is behind on showing appreciation and acknowledgement for sales made. 2. Advisors have an expectation that wholesalers will support advisors in regards to providing useful marketing materials for the products the advisor sells. 3. As it relates to touch points, advisors would like to see wholesalers reach out on more social areas not just providing help when needed. Peer Company Interview Key Findings In order to compare Securian’s advisor onboarding process with others in the industry, the LEP team conducted interviews with employees from key competitors supplied by the project sponsors. Key findings included: 1. Multiple competitors assign a specific wholesaler and/or underwriter to an advisor to direct specific questions 2. Multiple companies have a “service team” or a “sales desk” available for questions about any part of the onboarding process 3. The onboarding process varies by the advisor’s experience and/or relationship with the company 4. Training sources vary. Sources include: wholesalers, underwriters, vendors. In most cases, the wholesaler conducts training 5. Other companies are finding new ways to improve their onboarding process and experience as well Conclusion "The message was simple and consistent in that the general feeling is much of the competition in the industry does not have a formalized on boarding, to this, the space is wide open to proceed to the head of the class. "
- Pain Points Inconsistent brand and message across communication channels Low utilization of targeted communication (ex. personalized messaging) Limited use of professional resources for new insights and strategic development Consistent experience for the advisor Streamlined branding and messaging across business units provide “one voice” to the advisor, resulting in a more enjoyable advisor experience, more cross-sale opportunities, and higher likelihood of repeat sales. An assortment of interactions such as phone calls, emails, mailings and advertising need to communicate this unified message and experience. It is essential for each business unit to ensure a consistent and seamless experience for the advisor. Automate targeted advisor communication Advisors are flooded with product information, specific processes, and regulations. It is imperative advisors feel like Securian is “easy to do business with.” Partnerships with advisors are strengthened through personalized targeted communication. Develop targeted communication and action messaging through data and metrics tracked in SalesForce. Automation of the data and processing is necessary to ensure the timely deployment of targeted communications, such as email or a postcard. Samples of automated targeted communication topics: Report Card Updates Check-ins with high/low producing Advisors Opportunities for Recognition Education/Training Opportunities Webinar and Business-Building activities These opportunities provide additional platforms for wholesalers to reinforce their relationships with advisors, further reinforcing the Securian brand and solidifying relationships.
- Utilize professional resources, such as the Corporate Executive Board (CEB) to improve strategic development of sales teams. The Corporate Executive Board Sales Leadership Council provides exceptional insights -- based on solid research -- into the best practices of top sales organizations across the country and around the world. CEB provides members with strategic guidance and tactical tools. A sampling of membership features includes: Peer Benchmarks Live and Online Learning Events Diagnostics Proven Best Practices Advisory Support A sampling of key topics: Inside Sales Key Account Management CRM Channel Partners The Group Division holds memberships with CEB in both the Sales Executive Council and the Marketing Leadership Council. Contact Paula Bilitz, Director- Group Marketing, to arrange a call with a CEB representative.
- Pain Points Inconsistent recognition process Disproportionate attention given to key advisors to the neglect of some Lack of brand recognition Formal Recognition Process The development of a formal recognition process for key activities or sales by an advisor strengthens relationships and improves brand awareness. These elements are essential for achieving repeat sales. Examples of formal recognition can occur at an advisor’s appointment with Securian and after the first sale. Recognition includes personalized ‘thank you’ messages and a Securian-branded gift. To reinforce the Securian’s personal touch and service culture, subsequent benchmarks trigger additional opportunities for automated communication. Currently, Wholesalers show advisors gratitude at their discretion, offering a personal touch, but leads to inconsistent recognition. A formal process to acknowledge key activities will distinguish Securian from competitors, encourage repeat sales from advisors, and improve brand recognition. Advisors have a choice on who to do business with and once they have made a choice they need to be continually reminded that they made the right choice. One way to affirm their choice is through a formal recognition program which is consistent and automated. After an advisor becomes appointed, completes their first sale, and various other subsequent benchmarks would automatically trigger a form of recognition. The recognition could be in the form of a postcard or Thank You card or an actual Securian-branded gift, all of which would look as though they come from the wholesaler. The wholesaler will be aware of the recognition. This automated recognition will free up more time for the wholesaler and also solidifies that the business and the advisor matter to Securian.
- The level of support and service provided through marketing communications should be topped only by the level of care and support an advisor or client receives in working directly with a Securian associate. To continually ensure a customer centric focus, Securian associates who communicate directly with advisors and clients, must enroll in T&D courses, specifically, Writing: Customer Focused E-Mail and Customer Service Excellence. Supervisors and Managers should encourage or require routine training. If associates have completed all the training, Supervisors and Managers should cover the topic in team meetings: discuss articles about great customer service, talk through a tough customer call or experience with the team and brainstorm ways to resolve, play a game or activity around the topic of customer service.
- Pain point: Wholesalers and advisors have difficulty locating key information on SecurianAdvisor.com. A redesign of SecurianAdvisor.com must provide a flexible and streamlined user experience. Conduct user research to determine what is currently used, what is underutilized or missing, and in what ways users interact with the page. Institute a centralized ownership structure to ensure material placement is appropriate, effective, and relevant. Update look and feel of site to fall in line with corporate branding initiative for a consistent client experience. Enhance the New Advisor section and application process to create an engaging marketing campaign.
- Let’s walk through an example of what an advisor’s current experience looks like when considering doing business with Securian. Home page of SecurianAdvisor.com
- Example of application
- If the advisor is impressed with Securian, they can “tell a fried” via email Point being we have an incredible story to tell and people love doing business with Securian. This online experience does not adequately portray the level of service and care advisors get when working with Securian. Both stories need to align: our web story and our actual live experience.
- As we saw in the beginning, and as our research confirms, there is plenty of opportunity to implement advisor onboarding best practices that will set us apart from our competitors and allow us to grow our advisor pool. Here’s an idea of what this could look like. . . (click to next slide, which adds line)
- Currently, we are averaging about 70% retention, as measured by the number of repeat advisors out of the total prior-year advisor pool. A modest increase in retention to 80%, while still putting on the same number of new advisors each year, would have gotten us to almost 2,000 more active advisors by 2015. Note- to estimate 2015, I assumed the number of new advisors to be put on this year is approximately twice the number of new advisors as of July. Let’s take advantage of these onboarding improvements so we can grow our advisor pool, share our story and our promise to pay with more customers, and build more secure tomorrows.