Changing the Guard

Time: 7:30 A.M. Reg/Breakfast | 7:45 – 9:00 A.M. Program

Speaker: Collette Fidrych, Practice Management Specialist, Invesco

More than one-third of financial professionals will retire in the next ten years, accounting for nearly 40% of the industry’s assets. Many of the acquiring and retiring financial professionals are unprepared for the comprehensive planning and communications needed to succeed. Over one quarter of those who said they planned to retire also said they did not have a succession plan. A research-based communication strategy designed for acquiring and retiring financial professionals Succession plans need a clear, concise, and consistent communications strategy to be successful. When potentially disrupting long-term client relationships, it matters what you say, when you say it and how you say it. Invesco Global Consulting teamed up with word specialist, Maslansky + Partners, in a comprehensive study with investors with the goal of gaining their perspectives and perceptions. How do they want (and not want) the retiring and acquiring financial professionals to communicate to them? What would cause them to leave? Most importantly, what would cause them to gain trust in the transition and the acquiring financial professional? Investors were highly sensitive to the acquiring financial professional’s title, credibility, and approach to serving clients. Words mattered to investors when deciding to stay or leave the practice in transition. The unique research generated highly actionable lists of “words to use,” “words to lose,” talking points, scripts and a communications timeline that are designed to be easily implemented by financial professionals into their succession plans.Learning Objectives:

As a result of this program, the participant will understand:

1. The 4 critical considerations in assessing the right acquiree or retiree for the practice
2. The key elements and questions to assess the condition of the practice in transition 3 stages of communication
3. “3 C” language principles and sequence for use in all communications
4. The emotional reaction investors had to conventional messaging on succession
5. How retiring financial professionals should write their farewell letters
6. How acquiring financial professionals should greet new clients

Meeting sponsors: Invesco and Allianz Life Insurance Company