Assessment Task 1

BRIEF REPORT

Communications & Relationships Report

Grow Wealth Management

Introduction

Started Grow Wealth Management is interest motivated to engage with strict adherence even if the
situation often offers temporary benefits for the client. The guiding principles are set with the aim of
upholding the company's reputation and dignity and treating it as absolutely valuable. The company's
affairs get the highest priority from all the staff.

Not only does their reputation affect if someone is their customer, or not. It also decides if they are proud
to be part of this organization. The Code of Ethics is intended to guide employees of the company to
abide by the prudential principles of conduct, manner and ethics. This is in line with the company’s vision
and principles to accomplish the mission and objectives and seeks to improve the ethical and open
mechanism in managing the company's affairs. Each employee in Grow Wealth Management is prepared
to fulfill the responsibilities.

Apart from the ethical standards contained in the code, different laws and regulations influence every
business they do. Compliance with the law is compulsory for all, and is not subject to market or
individual decisions.

Mission & Vision

 Be a rising partner for our clients, guaranteeing their funding and superior experience.
 Maintain a meritocracy ethos in the company's DNA;
 Be sustainable and guarantee their respected shareholders a return on investment.
 Make continued efforts to grow our culture.
 To be the most favored provider of financial services in developing, maintaining and optimizing
value for the stakeholders and thereby rising together.

Executive Summary

Rumblings of a revival in the wealth management sector have been ongoing for some time. Compression
of fees (and now zero-commission trading), the proliferation of model portfolios, and the imminent Great
Wealth Transfer are changing the world where individual and combined financial advisors work and
function. When advisors rack their brains for ways to distinguish and appeal to a new generation of
clients, an old-fashioned approach might be the answer: be a better communicator.

Our survey reveals company contact days are counted on quarterly statements only. Individuals, who
currently employ the services of a financial advisor or wealth manager, were asked about their advisers'
communication styles and how they would prefer to communicate with them.
The findings have led us to the following insights:

 Clients do not feel engaged-Most survey respondents, including nearly half of high-AUM
respondents, argue that they rarely hear from their advisor and more than a quarter believe their
advisor is "very rare" to contact them.

 Customer wants personalized communications- From the advisors' market perspective to

portfolio-specific updates, when customers hear from their advisers, they want content that is
hyper-relevant to them.

 Communications strategies key to success- Clients responded resoundingly that the frequency and
style of communication between their consultants directly affects their confidence in a financial
plan, their likelihood of retaining a consultant and their willingness to refer their consultant to
family and friends.

Findings

A company typically reaches customers via local advertising, banners, direct business through e-mail,
phone calls etc. Customers can also connect with them via calls, e-mail and app to provide feedback.
Markets are now customer-oriented and so companies need to behave customer-oriented. That is why
corporations still look forward to demanding customers. To maintain a good customer relationship, it is
required to modernize the facilities, update the system, provide immediate feedback, friendly actions etc.

In Develop Wealth Management, there are customer service officers to address problems with clients and
maintain a partnership for the company's goodwill. A further critical problem is demand. Promotion is
created automatically by advertising a product. A marketing officer is responsible for setting the need for
more customers. To make a client know that Grow Wealth Management is the best for him/her, they
make sure that every amenity has to be offered.

Why Communication is Important

Communication at an organization is extremely contextual, and culturally oriented. Roles and roles in
sales, operation, and development are achieved by contact. A company primarily focuses on forming
relationships and interacting with internal corporate leaders and outside audiences interested. A company
is looking for people who can position orders, listen carefully, take feedback, and get along with
customers and co-workers and present ideas in an accessible manner. Effective communication also
requires personalized influence. Managing the output of a business depends on the interrelationship
within a business. Therefore boundaries between different parties can be crossed and have an overall
impact in the business by. Using communication therefore will lead to expected success.

Communication Methods

Focusing on customer engagement is essential to long-term success of any company. Good contact at the
early stages of the relationship ensures the product or service of an organization meets the customer's
unique needs. In a customer service environment, it's important to have good communication skills to
show clients that you understand what they really want. Using the communication skills helps the clients
understand, appreciate and maintain a relationship with one and his business. Three things are most
important and essential in any form of contact process. They are: transmitter, (mediate) channel, and
receiver. There are two basic communications types: verbal and non-verbal.

 Verbal communication-verbal communication seems to be the most obvious of the various

communication types.

 Non-Verbal Communication-Non-verbal communication provides some insight into a word

choice of a speaker.

 Visual Communication- Using communication 7C's, that's when you're straightforward, succinct,
factual, right, consider the speaker, full and courteous, with your message, you 're going to be an
efficient communicator and be more productive in your interaction with people.

Concept

The concept of the report is to analyze the process of communications between Grow Wealth
Management and its clients. This article is about how the company manages customer relationships,
advertises customer service and handles adverse conditions. Maintaining good contact with customers
results in sustainably profitable business. In the past, there had been not as much competition. As a result,
corporations dominated the market and clients were not given priority. But now businesses are busy
meeting consumer demand with growing competition, as consumers have a wide variety of options before
them. But advertising alone isn't enough for the survival of the company. Maintaining healthy
relationships is extremely necessary too.

Advice to Advisors

Just like dieting, a new communication approach takes on continuity. One day of healthy eating does not
redefine your wellbeing, and a quarter of better interactions will have no lasting impact either. By
identifying and keeping to their ideal cadence, advisors will hold themselves accountable to follow
through on contacting clients more frequently. A goal cadence, for example, may be a bi-weekly blog
post, a quarterly newsletter for customers, and a customized email sent to many high-value customers
each month. The advisor-client communication status quo indicates that the counselor does not routinely
involve clients. That is a problem, and an opportunity. This contact gap can be seen as an incentive for
advisers to differentiate themselves. Consultants can effectively offer a superior level of service and stand
out from rivals by developing new contact points and staying top-of-mind with consumers. — If you
encounter a customer it's an opportunity to show them your value. Customers' growing appetite for using
channels such as text messaging and social media also creates new avenues for consultants to explore and
find a channel-mix that works best for their customers.

Surveyed clients said the most important thing is being heard in choosing a financial planner, and making
their preferences known. It sounds like one of the fundamental necessities of being a successful
counselor. The more you can understand your customers ' expectations and their means to achieve those
expectations, the better prepared you will be to lead them along with their financial success and prepare
for protection. If advisors concentrate on communicating with their clients, they can then explain how
they support their client's goals, and eventually have a better customer experience.

Framework for Financial Advisor Communications

The following Consumer Relations Model acts as a guide when advisors develop or revisit their
communications strategies. The system adopts a process oriented approach to communication and
classifies client interaction into four styles.

Scheduled Ad Hoc

BROADCAST / SCHEDULED BROADCAST / AD HOC

Communication occurs at scheduled intervals and Communication is instigated by firm or market

is distributed to many, or all clients and prospects. events and is sent to all firm stakeholders

PERSONALIZED / SCHEDULED PERSONALIZED / AD HOC

Communication is a 1-to-1 or 1-to-few effort and Communication is sent to one or a few

may be employed for key accounts and prospects individuals, often during important periods in the
advisor-client or advisor prospect relationship

Communicating with Stakeholders

Operating closely with stakeholders – influential people related to the project whose opinions and actions
would have a direct effect on the results of the project – is crucial to any project manager. Establishing
ground rules for effective stakeholder communication will save time, remove obstacles and ultimately
complete the project on time and within budget. There are several forms of communication you can
implement when communicating with stakeholders within the company.

Meeting Schedules- Stakeholder meetings are the most common type of communication for companies,
particularly because they can save time in transmitting the message to a large number of people. The best
way to express the message would be PowerPoint, Prezi or some of the mind mapping software solutions
that are available online. Operating in the same space with the stakeholders would avoid misinterpretation
issues. Beware however that scheduled meetings with that dispersed teams are becoming a thing of the
past. With growing online platforms ensuring real-time transparency, customers do not become passive
information consumers any more. No regular contact it can no longer be cut by offering periodic reports.

Newsletters- Using the already developed intranet or collaboration platform of the organization, you can
proactively work and produce a newsletter that will be sent to stakeholders at a given time frame.
Including even stakeholders that are not directly interested in your project can be fantastic. Keep in mind
that e-mail is a one-way contact channel and you can avoid it in case of issues that need immediate
feedback.

Summary Report- Usually project summary reports are sent within predefined (weekly, monthly) periods.
The protocol is already agreed here, so if your project is running on time and within budget you shouldn't
have any concerns. Backed by data and figures you will highlight the top-performing areas of the project
and convince stakeholders that you are in charge of the situation.

Conference Call Schedules- Conference calls are used the most often in situations where the topic is too
urgent for a conference. And if you feel like a problem needs to be overcome immediately, you can
schedule a conference call that can be organized in minutes / hours. Keep in mind that conference calls
are best for one way to communicate, so it will be a good idea to set an agenda before the conference call
begins.

Culturally Appropriate Communication

Communicating in a culturally acceptable manner involves finding a way of effectively communicating

which also respects and accepts cultural differences. Contact is a two-way process, and both parties need
to work together to ensure cultural appropriateness of contact. It's about finding, identifying, knowing and
working successfully within each other's cultural backgrounds.

Points to Consider

 Awareness of the effect of culture- For example, if anyone avoids eye contact when interacting
with you, maybe it's the influence of culture – not that they're rude, shy or unselfish. Recognize it,
understand it and talk. To ensure efficient and clear communication, you'll need to learn and
adapt.

 Awareness when you interact with others-Beware of assumptions. Culture offers valuable hints
but don't presume all people from a similar cultural context hold the same values and behaviors.
People are people and they ought to be treated like that. Start a conversation and learn what the
person believes and values.

 All cultures are equal- The culture you've been raised in is probably the one you feel most
comfortable with — you understand the rules. This does not mean it's the 'best' or 'only' way
people should act in. A 'different' culture is not a 'lesser' meaning.

 Nonverbal communication awareness- Up to two thirds of the meaning of a message can come
from nonverbal communication such as facial expressions, gestures, posture, voice tone, etc. Be
always open to nonverbal interaction, and how it is viewed by other cultures.

Roles

Name Role
Matt Davis Senior Advisor
Mark Smith Advisor
Sally Sands Administration Officer
Biba Santos Marketing/Client Service Officer
Alanna Parsons Operations/Finance Manager
Joseph Goodman Advisor
Derek Stokes Advisor

Code of Conduct

Professionalism & Integrity- Maintaining high levels of personal and professional conduct to meet
community expectations, positively reflecting on the financial advisory profession and serving as a model
for others. In all professional interactions, act politely with clients and business associates and do nothing
to undermine you, your job, the financial advisory profession or the AFA.
Ensure that your remuneration with your clients is equal in volume. Explain to customers in a clear and
transparent way all the remuneration you will receive for the services you offer to them so that the
customer completely understands and agrees with both the services they will provide and the amount you
will provide. Ensure the confidentiality and dignity of all company and personal details relating to your
customer's affairs by revealing it only to those who need it to serve your customers and track access.

Consent of Clients- Educate your clients on financial issues, and help them understand their decisions. To
assist them in practicing a clear and informed option in their financial decisions, present accurately and
honestly all of the information that is essential to customer decision taking. This means taking all
necessary steps to educate your customers today and tomorrow about their financial needs. It also
demands that the risks, implications and future consequences of their actions be explained to the clients.

Standards of Service- Provide competent support that is in accordance with the customers' conditions and
their agreements with them. Provide quality of service that is acceptable to your client's circumstances. Be
prompt and efficient at providing the services you have agreed to. Be a professional, proactive and
responsive advocate for the interests of your customers, with product suppliers and others where
appropriate.

Assessment Task 2

Client Survey Report

Increasing numbers of customers are willing to pay for financial advice but what they find is shifting
rapidly. We surveyed 49 clients to help companies understand how best to provide value, and understand
what matters to them most. We assume that the five main areas for businesses to address are as follows:

 Know what customers want, and when-Customers switch providers to better capture value.
During major life events, they see the highest overall demand for financial advice, and as their
wealth and investment awareness increase.

 The richest and youngest are most likely to transfer- Overall, one-third of consumers expect to
move over the next 3 years. Customers form relationships with multiple providers in their search
for value.

 Solutions are more important than products and services-Customers want more advice and
planning, but there are many who hold back. Many consumers want solutions that are simple,
personalized and linked over individual products and services.

 The future is speech— Client tastes are moving rapidly towards digital and speech-enabled
assistants for wealth management and financial advice.
  Pricing models need to change- Many customers don't trust their provider will charge them fairly
and a majority want to pay differently.

Grow Wealth Management needs to make the necessary changes to retain their existing customers and to
win new ones. There is a strong opportunity to make financial planning more effective and impactful by
aligning more with what the clients actually want.

(All data shown below are represented in percentages)

Grow Wealth Management Customer Satisfaction
60

50

40

30

20

10

0
Totally Dissatisfied Dissatisfied Somewhat Satisfied Totally Satisfied
Grow Wealth Management vs. Industry Benchmarks (Totally Satisfied)

56

54

52

50

48

46

44

42

40
Grow Management Industry Benchmark

Ease of doing business with Grow Wealth Management

45

40

35

30

25

20

15

10

0
Totally Dissatisfied Dissatisfied Somewhat Satisfied Totally Satisfied
Grow Wealth Management vs. Industry Benchmarks (Totally Satisfied)
50

48

46

44

42

40

38
Grow Management Industry Benchmark

Clients who said they would use Grow Wealth Management again
100

90

80

70

60

50

40

30

20

10

0
Totally Dissatisfied Dissatisfied Somewhat Satisfied Totally Satisfied
Grow Wealth Management vs. Industry Benchmarks
90

85

80

75

70

65

60
Grow Management Industry Benchmark

Clients who said they would recommend Grow Wealth Management to others
90

80

70

60

50

40

30

20

10

0
Totally Dissatisfied Dissatisfied Somewhat Satisfied Totally Satisfied
Grow Wealth Management vs. Industry Benchmarks
80

75

70

65

60

55
Grow Management Industry Benchmark

Findings

 Overall, customers are satisfied with the investment options offered by consultants.
 Many consumers do not consciously look to turn to a new contractor.
 Many consumers conclude that therapy is impartial.
 Many customers agree that their consultant is proactively searching for opportunities to expand
their portfolio.
 Customers appear to be fairly satisfied with their experience of recommending GWM to others.
 Growth management is usually at least equal to or above market expectations.

Mail

Dear Staff,

I have reviewed survey study for Grow Wealth Management.

I compiled a consumer survey report review and added the results with it.

Take the time to look into it, and follow up on any questions that you may have.

Thanks & Take Care.

Yours truly
Matt Davis.