Harness the Power of Integrated Solutions
OverviewSince 1998, Wen Consulting has been in the forefront of providing integrated solutions to financial services organizations in Asia and the Middle East. Strong domain expertise and cutting-edge technology with a clear, defined focus on financial services are the driving forces behind our success in delivering solutions that benefit our clients. We continually listen to our clients and customized our products and services to help them reach their goals. We closely track the latest developments in the industry not only in the countries we operate in but also in developed regions like the U.S. and Europe. This has enabled us to design and develop solutions that enhance significantly the performance of our clients.
Our MissionAt Wen Consulting, our mission is to deliver solutions that improve significantly the performance and professionalism of financial services representatives. We accomplish this mission by providing consultancy, training and technology that meet our customers’ changing needs. A long-term relationship with our clients is the driving force behind all that we create. Our state-of-the-art software, unequaled training program, and expert advice and support are all designed to ensure that our clients remain loyal partners. We firmly believe that our products and services give our clients the competitive advantage to increase bottom-line results today and in the future.
Our Integrated ApproachAt Wen Consulting, we have developed a set of integrated solutions to enable our clients to deliver financial advisory services competently, professionally and profitably. Our programs provide the seamless integration of the three critical components of expertise, process and systems necessary for financial services professionals to successfully serve their clients. They are designed specifically to increase representatives’ sales and help them build trust with their clients through their value-added services.
Process-DrivenEstablishing an organized and logical set of procedures is essential to the development of a self-sustaining financial advisory practice. Well-designed processes enable a financial services business to deliver professional advice with consistent quality. This systematic approach allows the business to replicate its success continuously and effectively.
ExpertiseOur consultants are equipped with broad-based financial services expertise combined with in-depth knowledge of specialized areas to provide value-creation advice to our clients. They are experienced practitioners, many of whom are MBAs, CFPs, CLUs, and Master Degree financial planners—people with many years of operational and field experience in the financial services arena. They have accumulated many years of experiences in the financial services industry in fields of life and property/casaulty insurance, bancassurance, retail and private banking, takaful and independent financial advisory.
TechnologyWe develop cutting-edge IT solutions to support processes to achieve maximum results for our clients. With our team’s indepth knowledge of enterprise, network, security and infrastructure solutions, we maximise value from systems deployment, ensuring that both new and legacy applications are smoothly integrated and that your infrastructure and application systems are scalable and reliable.
The NBFS System is a process-driven software that integrates financial needs analysis with product sales. Beginning with the right positioning, the adviser helps the client to prioritize goals, gather data, analyze needs, identify shortfalls, evaluate options and recommend products in a natural, seamless flow. The NBFS System improves productivity and enhances the professionalism of financial representatives in the following ways:
1. What We Are:Positions the representative as a planner, adviser, coach and solution provider rather than as a product pusher
2. Financial Priorities:Helps the adviser to gather data effectively by giving clients a good reason to commit to a tedious, and time-consuming process, and obtaining the right information at the right time in the sales process.
3. Financial Fact Find:Helps the adviser to gather data effectively by giving clients a good reason to commit to a tedious, and time-consuming process, and obtaining the right information at the right time in the sales process.
4. Needs Analysis:Analyzes data instantaneously and present findings, particularly shortfalls, in a graphical format so that clients understand their financial situation.
5. “What If…”:Alternatives illustrate to clients how unanticipated events can impact on the best laid plan and how the client can prepare for them.
6. Options:Provides clients with options to solve shortfalls in order that they can make an informed decision.
7. Financial Choices:Multiple needs analysis plus a wide array of products provide ample choices for the client.
8. Recommendations:Presents products graphically: explain clearly how they work, demonstrate benefits and ensure advisers highlight product limitations
9. Action Plan:Field-proven sale concepts to motivate clients to take immediate action and avoid procrastination to improve their financial life.
Integrating financial concepts, data gathering, needs analysis and product recommendations in the sales process enable the NBFS System to:
1. Build trust and credibility with clients
2. Match selling approaches to the buying phase of the client
3. Shorten the sales process
4. Facilitate fast-track training of financial representatives
5. Comply with high standards of market conduct
6. Provide flexibility to cater to the different levels of planning
needs of the client
Sales Performance Management
The SPM System is a complete sales management package that combine the essential components of sales planning, activity tracking, leads management, corporate account management, sales meeting reporting, training and development tracking, licensing requirement and record management.
Sales Planning breaks down agreed-upon annual sales target into monthly, weekly and daily goals. These goals are further converted to activities – quantifiable inputs that the sales person can easily worked towards. Sales Planning also has a time resource management tool to help managers plan their time effectively.
With multiple access facility for different level and type of users, the Activity Tracking Module integrates advanced mobile technology with web-enabled, browser-based functionalities to produce an effective sales monitoring tool. The system facilitates convenient, instantaneous recording of sales activities by using a mobile phone that updates information on the internet server which can be readily accessed by the sales manager.
The system provides invaluable information to the sales manager on the performance of the sales person: how hard the sales person is working in prospecting for names and making the necessary number of calls; how effective the sales person is in making appointments over the phone, presenting concepts/products and closing the sales.
With these inputs, the sales manager can better help the sales person improve bottom-line performance.
Sales Meeting Reporting tracks the effort made by the sales manager in improving the performance of the sales person: Joint sales calls, coaching meeting and sales meetings. It reduces paperwork and provide easily accessible information to the sales manager. The SPM System also enables senior management to monitor the regularity and quality of sales managers in supervision their charges. Inputs from coaching sessions are aggregated to identify the most pressing areas of concern in the development of sales people.
Leads Generation enables the company to track the conversion of leads from different sources by the sales person. It is a more efficient method of allocating leads, and measuring the success of marketing campaigns and the diligence of the follow-up actions by sales people.
The Training and Development module records the number of hours of training and the type of program attended by the representative, accounting for both skills and knowledge components. The system matches the actual no. of hours completed with the pro-rated required no. of hours and notify the manager and the representative periodically.
Corporate Account Management tackles the more complex issues of B2B sales: What is the client's perception of your service or product? Who are the buying influence (economic, technical, user and coach) and are they covered? How do your product/service impact on the organizational goals? What are the red flags? What is the next action plan?
Licensing Requirement ensures that the representative passed the necessary examination before selling a particular line of product.
Record Management keeps track of the personal and past employment details of the representative. This includes both complaints and compliments from customers. Any letter of warning/suspension issued or awards/contests given by the company are recorded here.
RecruitmentWith high-quality graphical and computer-animated presentation, the agency manager uses Integrated Recruitment Presentation to demonstrate to the candidate the professionalism of the career and how he can help the candidate succeed. At the same time, providing a vivid and realistic idea of the sales process will let the candidate assess for himself the suitability of the career-allowing the candidate to make an informed choice.
Integrated Recruitment Presentation addresses three key
themes that are the primary concerns of most candidates:
1. Can I succeed in this career? 2. Can you, the manager, and the financial advisory firm, help me succeed? 3. Is this career worth pursuing?
The design and development of Integrated Recruitment
Presentation are based on the following factors:
1. The contents and methodology adopted are based on field-tested experience in the recruitment and selection of quality candidates. 2. The modular structure give the manager the flexibility to present the career either linearly or the specific section that concerns the candidate. 3. Integrated Recruitment Presentation is developed in a multidisciplinary interactive platform fusing cutting edge multi-media technology with award winning designs.
The role of the market conduct function is to ensure that the sales forces comply with the sound practices of market conduct without affecting adversely overall sales productivity.
In a broad sense, we help companies takes on the function of understanding the requirements of the Financial Advisers Act (FAA) and related regulations and industry practices, and setting up the systems and procedures for frontline representatives to ensure compliance. More specific areas are:
Advisory and Sales Practices
- Setting up of well structured systems and processes to ensure that proper fact-find and needs
analysis are conducted on all occasions before making any recommendation.
- Ensure that electronic financial planning tools are properly designed, developed and used. - Putting in place safeguards for sales conducted with clients: - who have difficulty understanding financial products - using CPF for investment - during seminars and promotional events - using gifts - Review of basis for recommendations made by representatives - Disclosure of information to clients using checklists and guide for clients - Institute clear procedures to ensure that representatives should not make any switching
recommendations unless they are satisfied that the recommended switch will be beneficial
- Introduce mystery shopping and client callback exercises to actively gain feedback on the
sales processes, quality of advice by representatives and effectiveness of controls implemented
by the company.
- Disclosure of remuneration for the financial advisory services provided to clients. - Design remuneration structure for representatives that balance the achievement of sales
targets and quotas with the need to provide quality advice and product recommendations.
- Ensure that referral activities conducted are in compliance with MAS Notice on Appointment
and Use of Introducers by Financial Advisers.
Training & Competency
- Design and develop a Training and Competency Plan that meets the needs of the financial
- Structured a training program that sets out the training needs of representatives and supervisors,
as well as the minimum training hours required per year and the required skills and knowledge in
conducting financial advisory services.
- Institute a system that tracks training courses attended and training hours attained by each
representative (Refer to SPM)
- Institute proper systems and controls to ensure that representatives who have not met the
relevant requirements under the Financial Advisers Act do not commence providing financial
- Implement measures to assess the competency level of representatives and properly document
- To ensure effective supervision, introduce measures to assess the ability of supervisors to
effectively supervise and coach their representatives.
Recruitment of Representatives
- Set out clearly recruitment criteria, and put in place adequate internal control systems and
procedures to ensure that persons they appoint to conduct financial advisory activities are
fit and proper
Complaints Handling Process
- Put in place adequate procedures and processes for handling complaints in an independent
and objective manner.
- Develop a robust compliance function with a compliance work plan that includes the roles
and responsibilities of the compliance unit and formalized work processes and tools to aid
compliance staff in carrying out their duties.
The objective of this two-day program is introduce participants to the spectrum of personal financial planning. The participants will learn the various elements of financial planning and how they have to be integrated into a cohesive format. This program is based on internationally recognized financial planning principles and the best practices of financial advisory services in Singapore and the US.
Why Financial Planning?
- Why most people need financial planning - The main reasons why people do not achieve financial independence. - How do people usually manage their money
Introducing The Financial Planning Process
1. Set goals and priorities 2. Gather data 3. Analyze situation 4. Recommend solutions 5. Implement plan; and 6. Review periodically.
- Managing income and expenses - Setting up a cash management system - Determining net worth
- Education goal e.g. local or foreign university - Determining capital required - Determining capital available - Various solutions to solve shortfall > Funding alternatives > Savings alternatives: Lump sum, level monthly savings,
inflated monthly savings, save-to or save-thru methods
> Product alternatives: bank deposits, traditional insurance,
investment-linked or unit-trust
Risk Management: Insurance
- The components of insurance planning: survivor needs,
medical and disability insurance
- Determining survivor needs > Replacement of income > Protecting accumulation goals e.g. education
FA Admin Portal
• Multiple Users System Access: Access control is designed to handle user access at the functionality level. • Comprehensive financial review to determine the financial needs of the client • Record management of investment and insurance products detailing basic plan, investment, riders, amount of coverage, issuer and all relevant data pertaining to a particular client. • Set up a comprehensive product codes for classifying and describing the various types of products for the various principals • Registration of new business tracking submission to principals, pending requirements, not taken, cancellation, payment details and final approval • Validate registry of new business transaction to ensure that the representatives who have not met the licensing requirements under the FAA do not sell the relevant products • Facilitate and record changes to products • Track movements of products pertaining to each client to detect churning activities • Receipt of commission payments from principals and payment of compensation to representatives • Generate accounting entries pertaining to commission payments • Generate production reports on the sales performance of representatives
• Enhance connectivity allowing some users to access information and others to both access and edit information • Expedite financial review with speedy calculation of financial value • Provide advisers with online access to product record ensuring better service to clients • Provide management with overall view of product portfolio • Facilitate better understanding of products and giving customer a an accurate overview of products • Provide information to advisers on the status of submitted applications • Ensure compliance with licensing requirements • Provide efficient after-sales customer service • Ensure compliance with anti-churning regulations • Facilitate fast and efficient payment of compensation to representatives • Facilitate the transfer of accounting information to accounting system • Improve the productivity of representatives