Transcript Slide 1

Russell University
Practice Management
Delivering WOW
General Description
Processes and Procedures
Disclosure
Note: This timeline may need to be adjusted to accommodate your firms'
policies and procedures for compliance review/approval of client facing
documents.
The content of this material is intended for use by advisors. You should check with your firm to
determine whether or not you are appropriately licensed/credentialed to engage in the activities
discussed.
Russell Investment Group is a Washington, USA corporation, which operates through subsidiaries
worldwide and is a subsidiary of The Northwestern Mutual Life Insurance Company.
Copyright © Russell Investment Group 2007. All rights reserved.
Russell Fund Distributors, Inc. member FINRA, part of Russell Investment Group.
RFD 07-7177
First Used: Nov 2007
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WOW Procedures

Prototype Package
 Discovery Agreement
(abr. = DA)
 Client Engagement Roadmap (abr. = CER)
 Goals-Based Reporting
 Market Commentary/Performance Reporting
 Mutual to-do’s for Advisor/Client
 Education piece

Execution Step-by-step
 Package breakdown
 Time line
 Quality assurance/assignments
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Suggested Assignments

Legend suggests assignments

May not be appropriate for everyone

Optimize for your organization
Suggested Assignment
= Advisor
= Staff
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Meeting Package Construct
WOW Meeting Package
Discovery
Agreement
Client
Engagement Goals- Based
Road map
Reporting
Market
Commentary
Performance
Reporting
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Other
To-do
Items
Education
Piece
Discovery Agreement
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Discovery Agreement
1
Meeting notes from previous quarterly
meeting are used in conjunction with
previous follow-up email and Client
Engagement Roadmap. Any changes in
Discovery Agreement?
2
Changes in client’s fact-facts are collected
from appropriate, alternative methods in a
way that does not subtract from the spirit
of the meeting above.
3
A draft of the Discovery Agreement is
updated by the Advisor using resources
noted above, planning tools and
experience to adjust client goals if
changes are needed.
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4
5
6
Advisor and staff review, modify and
prepare a final draft of the Discovery
Agreement for client to review for
upcoming meeting.
A copy of the Discovery Agreement is
mailed to the client (in a package with the
CER) approximately two weeks prior to
the meeting for client comment and
review.
A copy of the Discovery Agreement is
placed in the “Meeting Package” in
readiness for the meeting to be held in
two weeks.
Client Engagement Roadmap
Client
Engagement
Road map
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Client Engagement Road Map
FINANCIAL PROFESSIONAL USE ONLY
Mail Package
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Mail Package
1
Advisor composes a handwritten note
comprising sentiments of anticipation of the
meeting, a description of the documents and
an invitation to add agenda items or note
changes in the client’s situation.
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2
Staff mails package approximately ten
days before the meeting to allow for
receipt, review and comments if
applicable.
Goals-Based Reporting
Goals-Based
Reporting
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Goals Based Reporting
1
2
Staff personnel gather client information on
the results, changes and balances for the
last quarter. Information in entered into
Goals-Based Reporting documents.
A report comparing current results against
the client’s specific long-term objectives is
prepared for inclusion in the Meeting
Package.
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3
Advisor reviews the Goals-Based
Report for applicability and relevance to
meeting agenda.
4
Staff members include approved GoalsBased Report in the final meeting
package prior to meeting day.
Market Commentary
Market
Commentary
Performance
Reporting
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Market Commentary
1
2
Staff and Advisor gather information that is
specific to client situation or general topical
information of interest to all clients for review
by Advisor for final inclusion in Meeting
Package.
Advisor selects appropriate items for
upcoming meeting. Instructs staff as to
selection, order and preparation.
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3
Staff compiles for Meeting Package and
assembles, collates and duplicates
materials.
4
Materials included with other previously
described reports into final Meeting
Package.
Education Piece
Education
Piece
Client
Engagement
Roadmap
Education
Selection
Materials in
Meeting
Package
2
3
1
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Education Piece
1
2
Advisor, with view to upcoming Client
Engagement Road Map items, selects
appropriate Education Piece for
inclusion in Meeting Package.
Staff constructs and assembles the
Education Piece with firm customization
(logo and attachments).
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3
Education Piece is included in Meeting
Package binder or other placement for
final review prior to meeting date.
Other To Do’s

Advisor prepares:
 Advisory firm tasks to be accomplished

With accountability

With due dates
 Client tasks to be accomplished

With proposed due dates

What follow-up will look like
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Client
Engagement
Road map
Pre-meeting Timeline
Client file is pulled
for WOW meeting
cycle
Four weeks
prior to meeting
Available meeting
dates are given to
Advisor for client call
Notes from last meeting
Three weeks
prior to meeting
Discovery Agreement
Prepare
File
Processing
begins
Client Engagement Road Map
Update
Goals-Based Reporting
Other Reports
Determine Ed Piece
Two weeks prior
to meeting
Advisor calls
client to set
meeting date
Discovery Agreement
Client Engagement Road Map
Handwritten note
One week prior
to meeting
Meeting Date
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These items are mailed to
client in advance of meeting
for review and comments
Advisor & staff review final
meeting package, take
comments from client and
assure quality of materials
Advisor
prepares
handwritten
note for
mail
package
Meeting Date Checklist
Reception
Prepare welcome sign,
review digital pictures,
drink preference
Advisor
Inspection of facility,
meeting room inspection,
water, mints
Package and
materials
 Advisor reviews materials
 Schedule is cleared
 Any other participants notified
Staff
Electronics and computers
checked for smooth
operation and proper files
Follow-up actions
Advisor & staff review
meeting notes, prepare
updates for DA & CER,
notes to file
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Confirm to Advisor facilities
and equipment ready
Advisor & staff prepare
follow-up email for client
with updated docs and
action items
Checklist - Detail
Days
Item or action
Assign
Prior
Item or action
Initials
-20
Pull file for quarterly meeting
-19
File to Advisor for review
-17
Advisor updates Discovery Agreement
-17
Advisor updates Client Engagement Road map
-17
Staff updates Goals-Based Reporting
-15
Staff prepares Mail Package draft of CER/DA
-11
Mail Package is sent two weeks prior to meeting
-11
Staff prepares other reports for Meeting Package
-8
Advisor phones confirms receipt of Mail Package
-7
Staff assembles draft of Meeting Package
-5
Advisor/staff review Meeting Package (signoff)
-2
Pre-meeting review of Meeting Package and facility
0
Meeting takes place
Advisor - meeting notes and action items
0
Review email is composed for client immediately
Email sent to client
+1
File, documents and actions reviewed and assigned
Is gift or other item appropriate?
+1
Next meeting tentatively scheduled
Follow up activities on calendar
+2
File is closed
Days prior to meeting (-) & days after meeting (+)
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Advisor phones client for appointment
Advisor/staff select/prepare education
piece
Other agenda items – comments –
changes?
Assign
Initials
Done
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