{"content":[{"text":"•","bbox":{"left":0.117647,"top":0.090834,"width":0.008296999999999999,"height":0.017076999999999995}},{"text":"Reducing production goals to align with diminished sales opportunities. Implementation tips: reductions \n are significant (e.g., 75%+) but only affect goals, not compensation plans. \n Changing the timetable of incentive payouts to assist families that have spouses who have lost work. \n Engaging third-party motivational speakers to produce videos with customized messaging (e.g., “adversity \n as opportunity”). \n Providing confidential Q&A channels for employees to ask questions of management teams. \n Changing the topic of conversation: less COVID, more “strengthening the business”. \n Shortening the length of “all hands” meetings, e.g., 15-20 minutes only, to maintain high participation rates \n and avoid burn out. \n Preemptively addressing sensitive issues such as expense reductions.","bbox":{"left":0.147069,"top":0.091815,"width":0.763212,"height":0.17046500000000003}},{"text":"• \n •","bbox":{"left":0.117665,"top":0.124777,"width":0.008297000000000013,"height":0.034501000000000004}},{"text":"• \n • \n •","bbox":{"left":0.117665,"top":0.17599,"width":0.008332999999999993,"height":0.052079000000000014}},{"text":"•","bbox":{"left":0.117701,"top":0.244781,"width":0.008296999999999999,"height":0.01707699999999998}},{"text":"A “new normal” requires new best practices. First up: get better at video and digital delivery. \n What worked in the past may no longer be appropriate (or at least sufficient) for the current environment. \n Adoption of digital servicing tactics and video conferencing were early wins. Firms are now focused on how to:","bbox":{"left":0.088297,"top":0.278728,"width":0.792345,"height":0.04991699999999999}},{"text":"•","bbox":{"left":0.117683,"top":0.345089,"width":0.008297000000000013,"height":0.01707700000000001}},{"text":"Improve remote client meetings: At least one firm enlisted its most tech-savvy employees to create a series \n of well-received video tutorials about running high-quality remote client meetings. The tutorials cover \n topics such as how to plan for video meetings, tips on making video conferences more interactive, and \n tactics for sharing documents. Key goals: give advisors more confidence doing video, improve consistency, \n and share success stories.","bbox":{"left":0.147087,"top":0.346069,"width":0.7619580000000001,"height":0.08228499999999994}},{"text":"•","bbox":{"left":0.117665,"top":0.444797,"width":0.008297000000000013,"height":0.01707700000000001}},{"text":"Boost service digitization: For example, firms are promoting broader use of e-signature and trying to reduce \n the number of checks by using wires to manage money movement. Digitizing the loan underwriting \n processes remains a work-in-progress. Firms are making advances with more common types of loans (e.g., \n home equity) and are experimenting with scanning and PDFs.","bbox":{"left":0.147069,"top":0.445778,"width":0.757629,"height":0.06591899999999995}},{"text":"Looking Ahead to Growth and Sales","bbox":{"left":0.088235,"top":0.528263,"width":0.259359,"height":0.01976699999999998}},{"text":"First quarter financial results will be solid for many; uncertainty has firms revising forecasts for the coming \n months more frequently. \n Some wealth managers are reporting solid (or better) financial results thanks to existing pipelines and lag effects. \n Conversations with prospects who were already in the pipeline have been similar to typical sales conversations, \n but as firms exhaust past efforts and new sales opportunities wane, revenues will slow down in the second quarter. \n There is a lot of uncertainty about how to refill pipelines and initiate sales conversations with new prospects.","bbox":{"left":0.088235,"top":0.559481,"width":0.820741,"height":0.09991800000000006}},{"text":"Tactic: To set appropriate expectations amidst so much uncertainty, firms have revised their sales assumptions and \n increased their forecasting frequency (e.g., moved to monthly).","bbox":{"left":0.088235,"top":0.675764,"width":0.8174510000000001,"height":0.033035999999999954}},{"text":"Service is the new sales. \n Rather than “business development as usual”, firms are coaching their teams to focus on service, a strategy that \n many expect to yield longer-term sales, retention and referral dividends. Regular communications and check-ins – \n both scheduled and unscheduled – with clients and prospects are imperative for sales and service teams. Stuck at \n home with ample free time, many clients are eager to talk to their advisor.","bbox":{"left":0.088181,"top":0.725095,"width":0.8139480000000001,"height":0.08295299999999994}},{"text":"Beyond existing clients, reports of firms successfully engaging “new new” prospects or acquiring new relationships \n are uncommon. Current sales opportunities tend to be more limited or opportunistic:","bbox":{"left":0.088163,"top":0.824413,"width":0.817309,"height":0.033037000000000094}},{"text":"•","bbox":{"left":0.117567,"top":0.87374,"width":0.008296999999999999,"height":0.01707700000000001}},{"text":"SBA loan programs created sales opportunities for both commercial banking and wealth management \n businesses (see below).","bbox":{"left":0.146989,"top":0.874721,"width":0.733604,"height":0.033036000000000065}},{"text":"WISE l 2","bbox":{"left":0.869216,"top":0.939605,"width":0.042557999999999985,"height":0.01490199999999997}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}