Commercial Opportunities across Elevation

Commercial Opportunity

Where can I find the opportunity data?

How to act upon the opportunity?

Estimated Opportunity Value

prospects  intend to use the adviser's services in the future

(First impression review)

"Client answers" tab

Ensure the adviser is aware of the feedback

Being aware that the prospective client intends to become a client can be useful as this isn't always clear from the meeting.

The adviser should act on this and help the client with the next stage of the service process.

Financial advice: £7,500

Estimates:

Taking steps to help prospective clients come to a decision on whether to become a client results in a new client 50% of the time.

Lifetime Value of one client assumed to be £15k.

So £15k x 50% = £7,500

Mortgage advice: £300

Estimates:

Taking steps to help prospective clients come to a decision on whether to become a client results in a new client 50% of the time.

Lifetime Value of one client assumed to be £600.

So £600 x 50% = £300

Protection advice: £300

Estimates:

Taking steps to help prospective clients come to a decision on whether to become a client results in a new client 50% of the time.

Lifetime Value of one client assumed to be £600.

So £600 x 50% = £300

prospects  will "maybe" use the adviser's services in the future

(First impression review)

"Client answers" tab

Ensure the adviser is aware of the feedback.

Being aware that the prospective client will "maybe" become a client can allow the adviser to take steps to help them make a decision.

The other responses in the First Impression review can guide this.

For instance, they often show that the prospective client isn't sure exactly what the adviser would do to help (financial advice), or that they're not convinced the adviser has the right level of expertise (mortgage advice).

Advisers can act on this, getting in touch to clarify any concerns, and help the prospective client to come to a decision on how to proceed.

Financial advice: £7,500

Estimates:

Taking steps to help prospective clients come to a decision on whether to become a client results in a new client 50% of the time.

Lifetime Value of one client assumed to be £15k.

So £15k x 50% = £7,500

Mortgage advice: £300

Estimates:

Taking steps to help prospective clients come to a decision on whether to become a client results in a new client 50% of the time.

Lifetime Value of one client assumed to be £600.

So £600 x 50% = £300

Protection advice: £300

Estimates:

Taking steps to help prospective clients come to a decision on whether to become a client results in a new client 50% of the time.

Lifetime Value of one client assumed to be £600.

So £600 x 50% = £300

clients would appreciate help from their adviser and/or their firm in helping their family prepare for the future

column BM 'How do you plan to help others in your family prepare for their financial future?'

Ensure the adviser is aware of the feedback

The adviser can use the feedback to raise the topic with the client in their next conversation, letting them know they would be happy to help other members of their family. How best to proceed depends on the specific situation, but asking for an introduction to the other family member can be a good next step.

Financial advice: £1,875

Estimates:

25% of these opportunities result in a conversation with a family member who may be a suitable client. 50% of those conversations result in a new client.

Lifetime Value of one client assumed to be £15k.

So £15k x 25% x 50% = £1,875

clients are not sure if they need help from their adviser and/or their firm in helping their family prepare for the future

column BM 'How do you plan to help others in your family prepare for their financial future?'

Ensure the adviser is aware of the feedback

The adviser can use the feedback to raise the topic with the client in their next conversation. As the client is not sure on how best to help their family, it can be best to start with an open conversation on the family's situation, which may lead to an initial meeting with other members of the family.

Financial advice: £1,125

Estimates:

15% of these opportunities result in a conversation with a family member who may be a suitable client. 50% of those conversations result in a new client.

Lifetime Value of one client assumed to be £15k.

So £15k x 15% x 50% = £1,125

clients said their adviser has not asked them to recommend them to people they know

"Client answers" tab

Ensure the adviser is aware of the feedback

Asking client's to recommend significantly increases the likelihood that they will do so.

For tips on how to ask clients for recommendations, refer to these help docs for Mortgage advisers and Financial advisers

Financial advice: £1,875

Estimates:

Asking to recommend leads to 1 additional recommendation per client per year. 25% of those recommendations get in touch. 50% of those that get in touch become a client.

Lifetime Value of one client assumed to be £15k.

So £15k x 50% x 25% = £1,875

Mortgage advice: £150

Estimates:

Asking to recommend leads to 1 additional recommendation per client per year. 50% of those recommendations get in touch. 50% of those that get in touch become a client.

Lifetime Value of one client assumed to be £600.

So £600 x 50% x 50% = £150

Protection advice: £60

Estimates:

Asking to recommend leads to 1 additional recommendation per client per year. 20% of those recommendations get in touch. 50% of those that get in touch become a client.

Lifetime Value of one client assumed to be £600.

So £600 x 20% x 50% = £60

clients would appreciate help getting insurance to cover their mortgage payments

column BL 'Would you consider taking out an insurance policy to help with your mortgage payments, in case your circumstances change and you are no longer able to pay?'

Ask an adviser who is able to advise on protection services to get in touch with the client, referencing their feedback and offering support.

Mortgage / Protection advice: £150

Estimates:

25% of those clients ultimately take out protection.

Lifetime Value of one client assumed to be £600.

So £600 x 25% = £150

If they answer "Yes and my adviser is arranging it for me" we do not included this in the value calculation.

clients would like the adviser to contact them to discuss their protection needs within the next 1-2 years

column AO 'When would you prefer to review your protection needs'

and

column AP "How would you prefer to kick-off the next review of your protection needs?"

Remind the adviser to reach out to the client at the appropriate time

Mortgage / Protection advice: £300

Estimates:

50% of those clients ultimately take out protection.

Lifetime Value of one client assumed to be £600.

So £600 x 50% = £300

clients do not have a life insurance, critical illness or income protection policy

column AU , AV and AT in the review export

This could indicate that a client isn't sufficiently covered for one of the risks.

Ensure the adviser is aware. The adviser can then consider whether it is appropriate to reach out to the client to discuss protection for risks they do not have cover for.

Mortgage / Protection advice: £75

Estimates:

50% of those clients are contacted, 25% end up taking out a further policy.

Lifetime Value of one policy assumed to be £600.

So £600 x 50% x 25% = £75