...threats or opportunities. Answer: Financial planning is one distinct segment among many within financial services industry. The aim of the financial planners is to assist people to maximize the potential of their financial assets. Financial planners evaluate a client’s goals, personal circumstances and risk tolerance to help them grow and preserve their wealth, minimize taxes , complete estate planning and determine insurance needs. The financial planning has a prescribed six step process for financial planning outlined by FPSC(Financial Planners Standard Council). The industry offers various products suited to different needs of the different customers. A variety of products like Mutual Funds, Guaranteed investment certificates(GIC) , Life Insurance and Retirement plans are popular. The Revenue is generated through commissions and trailers. Additional revenue stream could be generated through life insurance sales and income tax preparation. Approximately 50000-600000 individuals offered financial advice or sold financial products in Canada out of which only 17000 had a CFP Certification. The CFP(Certified Financial Planner) designation was monitored by the FPSC and assured a client of the credibility of the financial planner as the certification assured a client that the planner had a sound understanding of the business. The future growth prospects for the industry were positive as a US study revealed that employment of personal financial advisors was expected to grow by...
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...order to grow Best Financial’s business steadily in the future and make it become a leader in the Sarnia market, it has to address the following: * How to increase the daily work efficiency in the office so that Best Financial can serve more clients than it currently does which is 600. * Which option Linda should choose so that the company will grow in a sustainable way. * How to maintain existing clients so that Best Financial’s existing client base (600) will be loyal and stable. * How to develop a new marketing plan so that it will be more cost-effective. (unnecessary marketing expenses will decrease by approximately $550 per year) Analysis: Due to Best Financial’s good work ethic and values, its sales level and client base had been growing steadily throughout the years. However, things have changed right now, the recent loss of the top client-Gerald Young was a wake-up call for both Linda and Best Financial. First, the competition in the financial services industry in Sarnia is high (Exhibit 2), especially because of the existence of those 4 big companies (Exhibit 3). Second, according to Sun life Financial’s annual report, its sales decreased by 12.8% in 2007. This might be a big signal that the overall market environment is facing a recession. Therefore, if Best Financial still wants to grow in the future, it has to take advantage of its strengths and try to improve or avoid its weaknesses (Exhibit 1). In last couple years, Best Financial was trying to...
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...Best Financial Services Inc. This report is consistent with our signed Academic Integrity Form on file with the instructor. Matt van den Boogaard Emily Bedwell Alla Fedorets Saghi Ahmadi David Merlo Miguel Veloz September 28, 2015 ENTR 3140 – S10 1 Critical Issues In order for Best Financial Services Inc. (BFSI) to attain a growth in revenue of 5%1 per year for 4 years and for Linda Best to maintain a healthy work-life balance (35 hours/week2 and retirement in 10 years) (Grasby and Dunn, 2009), the following issues need to be addressed: • • • How to diversify the aging target market to decrease the amount of lost revenue streams How to address the current maximum capacity of clients in the extremely competitive environments How to gain a competitive advantage by achieving a score that is equal to or greater than private firms (as measured in the competitive matrix, see Exhibit 1) in the global economic depression Analysis Over 50% of BFSI’s clients are aged 51 years old or older (Exhibit 2). This aging target market will be inclined to start withdrawing their investments throughout their retirement (Exhibit 3). This is a major threat for BFSI because the company heavily relies on this declining market and will be losing revenue streams. BFSI has a major issue in that 57% of their clients are not making breakeven revenues (Exhibit 14). In addition, the smallest client segment is making the company the most money. The financial industry...
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...S w BEST FINANCIAL SERVICES INC. Ian Dunn wrote this case under the supervision of Elizabeth M.A. Grasby solely to provide material for class discussion. The authors do not intend to illustrate either effective or ineffective handling of a managerial situation. The authors may have disguised certain names and other identifying information to protect confidentiality. Richard Ivey School of Business Foundation prohibits any form of reproduction, storage or transmission without its written permission. Reproduction of this material is not covered under authorization by any reproduction rights organization. To order copies or request permission to reproduce materials, contact Ivey Publishing, Richard Ivey School of Business Foundation, The University of Western Ontario, London, Ontario, Canada, N6A 3K7; phone (519) 661-3208; fax (519) 661-3882; e-mail cases@ivey.uwo.ca. Copyright © 2009, Richard Ivey School of Business Foundation Version: (A) 2010-05-18 It was January 20, 2008, and Linda Best, founder and sole shareholder of Best Financial Services Inc. (Best Financial), had just finished her final client meeting of the day. The meeting was with one of her top clients, Gerald Young, who had informed her that he would no longer be using Best Financial since he was moving his assets to one of Best’s competitors. The loss forced Best to think about the future direction of her company. Without Young’s business, Best Financial would struggle to exceed the previous...
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...Team 4 Best Financial Services Inc. Team 4 Critical Issues In order to retain valuable customers and capture a new customer segment for sustainability, Best Financial Services Inc. must address the following: How to identify a new segment of customers that can be developed for future years so that Best Financial Services can address an aging Sarnia population and differentiate itself against growing competition. Design a marketing plan which will target the chosen segment so that the values of this segment can be addressed. Analysis Industry and Competitive Analysis Best Financial Services Inc. (BFS) is currently positioned in a highly competitive market. BFS competes with both corporate competition (Exhibit 1 for Competitive Analysis) and private practices. Of the five variables listed in Exhibit 1, BFS only has control over the brand image, and service aspect of their business. Consumers in the market have high bargaining power due to low switching costs and many substitutes available. The long-term objectives of corporate competition are to target the general population as a whole, whereas the small competitors focus on niche needs and specific consumer markets. The financial services industry is largely based on reputation, relationship, and cooperation therefore relying on leveraging industry experience to strengthen BFS’s marketing strategy. Please refer to Exhibit 2 for Industry Analysis. Best Financial Service Inc. Client Segmentation Analysis According to the...
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...Caso 1 Best Financial Services Inc. Introducción Cada inversionista cuenta con distinta aversión al riesgo, por lo que las firmas de servicios financieros deben esforzarse por lograr el máximo rendimiento para el cliente dado el nivel de riesgo aceptado por el mismo, pero cuando más de una compañía ofrece el mismo rendimiento, la clave se encuentra en brindar un valor agregado para dicho cliente. Linda Best, teniendo en sus manos una compañía de planeación financiera dedica su tiempo a maximizar la riqueza de sus clientes, que a su vez se traduce en riqueza para la empresa. Al día de hoy se ha desempeñado de manera aceptable para Linda, pero al recibir la noticia de parte de uno de sus clientes más importantes, Young, que ha decidido retirar sus activos de la firma, para enviarlos a otra, Linda se ha comenzado a preguntar y plantear cual debería de ser la estrategia a largo plazo de la compañía y las acciones necesarias a corto plazo para lograrla. Linda se ha dado cuenta que así como Young, sus demás clientes de pronto podrían preferir mudar sus activos a otra firma en busca de un mejor rendimiento o un valor agregado que Best Financial, empresa de Linda, carezca. Por ello, Best Financial se encuentra en proceso de decidir las acciones a corto plazo que tomará para definir el rumbo futuro de la compañía. Punto Críticos: Industria: * Existe un gran número de competidores dentro de la industria, aunque únicamente el 30% de ellos cuentan con la Certificación CFP...
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...Best Financial Services Inc. Critical Issues In order to succeed in reaching Best’s sales levels of $332,153 total revenues for the current year and grow the company to make Best Financial a leader in the financial planning market in Sarnia, Best Financial Services Inc. must address the following critical issues: Inefficient allocation of resources is compromising the company’s ability to achieve their strategic goals 10% of Best’s total customers hold over 50% of total assets. Analysis Company – Segmentation analysis Best Financial Services is facing a high risk of decline in business value with their current strategy of employing the products and resources they possess. Best Financial is currently serving four market segments concurrently: Blue collar workers, white-collar workers, retirees, and baby boomers. Best employs the same marketing strategy for all four segments, which possess different values and investing styles ignoring individual segment values and investing styles. Best focuses on the 50 and up age high asset demographic providing lower risk investments in mutual funds. 10% of Best’s total customers hold over 50% of total assets, therefore being the most valuable customers. Therefore damages from losing one customer are extremely high to the value of the business. Industry Analysis Best is positioned in a market where large investment companies such as Scotia McCloud currently target the same demographic in the same market rendering...
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...La industria de la que forma parte Best Financial Services (BFS) es la de servicios financieros, por lo general, este tipo de servicios están positivamente correlacionados con el desempeño de la economía local. En países desarrollados como lo es Canadá, estos servicios representan una parte importante de la economía, asimismo, suelen ser bastante estables en cuanto a crecimiento de ingresos. En estos mercados, la competencia suele ser fuerte y la diferenciación suele ser amplia. Específicamente, BFS se desenvuelve en el segmento de planeación y asesoría financiera, por lo que sus operaciones son por cuenta de terceros sin hacer un uso intensivo de su capital en actividades que le impliquen un alto riesgo de crédito o de mercado a su balance, dado que no tienen posiciones en el mercado por cuenta propia. Lo anterior, significa que la mayor parte de sus ingresos vienen de comisiones y tarifas pagadas por sus clientes por dichos servicios de planeación y asesoría. Dado que es un servicio donde se manejan los activos de terceros, la regulación canadiense lo monitorea de cerca y exige certificaciones para su desempeño. Para llevar a cabo esta actividad, el Asesor tiene que aprobar una serie de requisitos y exámenes de estándares nacionales que lo acrediten y certifiquen con los conocimientos y habilidades necesarias para manejar de manera ética, profesional y razonable los activos de terceros. El mercado meta para BFS se encuentra en Sarnia, ciudad que se encuentra en el suroeste...
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...or business might find themselves lost in the constant overflow of information and the opinions of millions of people collaborating amongst each other. The right path to follow financially is unique to every single individual and business client. Toro Financial Group is a financial services group that provides professional financial advice and leadership to consumers and businesses. The mission of Toro Financial is to provide the utmost professional advice big or small, but at the same time fulfilling the unique needs of consumers and business clients making it easy to understand. Ensuring the valuable advice is sustainable throughout time will help ensure a strong foundation for future generations to come. Some of the products that Toro Financial offers range from 401(k) plans and mutual funds all the way to life insurance and wealth management solutions. The company offers a range of services including advisory services as well as around the clock customer service for account inquiries and statements. The firm also has a web-based system that offers a custom advisory wizard that pinpoints the needs of our clients through a series of questions that reveals their financial snapshot. With over 80 years of history, Toro Financial has already laid the rock hard foundation of trust with clients holding accounts well over 40 to 50 years in time passing it down from generation to generation with our trust and estate planning solutions. The “strategic management of the company sets...
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...CIBC Financial Service Representative Outbound Calls Submitted to: Aaron Dresner Submitted by: Amina Ali Alishba Chaudhary 5986222 Khanh Hoai Nguyen 9691839 Yolane Sima 6454046 Monday May 27, 2013 Phase I: Job Analysis MANA 362 Table of Contents CIBC 3 Job Description .............................................................................................................................4 Task ................................................................................................................................................4 Importance Rating.........................................................................................................................6 Dimensions......................................................................................................................................7 KSAs ............................................................................................................................................ 10 References....................................................................................................................................... Appendix CIBC The Canadian Imperial Bank of Commerce commonly known as CIBC is one of Canada’s leading financial institution. Through their three main businesses, retail and business banking, wealth management and wholesale banking, they offer a wide variety of financial products and services to over 11 million individual, small businesses...
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...BACKGROUND OF THE STUDY The SBM Bank (Mauritius) Ltd is a leading financial services group in Mauritius with a growing international presence. It provides all services of a universal bank within a diversified business model. The lines of business include: Retail Banking, Small and Medium Enterprises, Wealth Management & Private Banking, Corporate Banking and International Banking & Global Business, Treasury services, E-Business, Fiduciary services, Asset Financing, Stock broking and Asset Management. A brief history of the bank is introduced below. • The bank started its business on 1973. • From 1973 to 1983 - launching expansion of social banking. • From 1984 to 1990 - consolidation. • From 1985 to 1995 – automation. • From 1995 to 2000 –...
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...are several factors that affect the aspects of the business environment such as benefits, costs, and risks of conducting business. Other factors that the business environment are issues that affect operations, which includes customers, competitors, stakeholders, suppliers, industry trends, regulations, other government activities, social and economic factors and technological developments. There are several Caribbean islands however throughout this paper I will only analyse the business environment of three (3); Barbados, Bahamas, and Cuba. The United Nations Development Programme (UNDP) has ranked Barbados as No. 1 on its Human Development Index in the Caribbean and Latin America. Barbados enjoys a high standard of medicine and health services overall. When it come on to education Barbados has an exceptionally good educational system that comprises free primary, secondary and tertiary levels of education...
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... Employments Rights Act and Employment Relations Act 14 Financial Services Act 14 Securities Act 14 Insolvency Act 14 Other investment incentives 15 TRIPS Agreement 15 2. Fiscal policy 16 3. LIBERALISATIONAND DIVERSIFICATION 17 4. MACROECONOMIC STABILITY 19 Social and political stability 19 Exchange Control 20 Inflation control 20 5. FINANCIAL SERVICES 20 6. INVESTMENT FACILITATION 26 7. LABOUR MARKET REFORM 27 8. INFRASTRUCTURE 27 Transport 28 Telecommunication network 28 Building Premises 29 TOP SECTORS ATTRACTING FDI IN MAURITIUS 30 FINANCIAL HUB 31 REAL ESTATE ACTIVITY 31 INFORMATION TECHNOLOGY AND OUTSOURCING SERVICES 32 MANUFACTURING SECTOR 33 SEAFOODS HUB 34 TOURISM SECTOR 35 THE TWO RECENTLY SECTORS WHICH ARE EXPECTED TO GROW AND DEVELOP: 36 KNOWLEDGE HUB 36 MEDICAL 37 FDI EVOLUTION MAURITIUS 38 SPECIAL CONSTRAINTS AND CHALLENGES 41 SUCCESSES AND CHALLENGES 42 THE ECONOMIC FUTURE OF MAURITIUS 43 FUTURE AIMS: 44 CONCLUSION 45 REFERENCES 46 LIST OF ABBREVIATIONS AGOA: African Growth and Opportunity Act BOI: Board of Investment BOM: Bank of Mauritius COMESA: Common Market for Eastern & Southern Africa DTAA: Double Taxation Avoidance Agreement DTT: Double Taxation Treaty EAC: East African Community EC: European Community EPZ: Export Processing Zone FATF: Financial...
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... CIO Prepared by: R.C. Murphy, IT Marketing Executive May 20, 2013 Proposal number: 626-4357 Objective McBride Financial Services is a mortgage lender that provides loans for home purchasing and refinancing. McBride Financial Services has a mission to be the the most distinguished and reliable provider of low cost mortgage services. Their mission statement holds truth and validity with the assistance of an outspoken and proven marketing plan. McBride Financial Services is on its way to becoming the preeminent provider for low cost mortgage services. Initiating a marketing plan, McBride Financial Services will be able to expand their operations, offer new products, and continue to grow as a company. Market Research McBride will perform both internal and external market research to produce the best financial and clientele gain. Internally, the company will determine what their current financial standing consist of. This would also include deciding where to take risk and what their goals should be based upon. The first external market research approach that needs to be taken is to create a few online surveys and questionnaires to determine what the real want and need is in this market. The company needs to take some time to create a Facebook page if they don’t have one already. in addition to Facebook, McBride Financial Services needs to utilize every form of potential customer feedback possible through social media outlets such as Twitter. The company...
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...corporate Client Base * Include MNCs, Financial Institutions, Government Sectors, Local Corporations and SMEs. * Offered an integrated solution enabling corporate customers to offer Web and telephone payment capabilities to their clients. ( enable client to be confident ) * World Link Payment Services * Payment can be made in more than 135 currencies through a range of payment options including cash, cross-border Automated Clearing House (ACH), Checks, or electronic fund transfers. * Touch – tone telephone payment application for one – time payment initiation as well as a customer service console to enable payment initiation by an operator. * Offered wide array of Web-based program management tools designed to streamline payment, reporting, spend analysis, global data consolidation, and other critical day – to – day processes. * Enabled corporate customers to receive consolidated spend data for all countries within Asia which could be easily leveraged during supplier negotiations. * Offered an array of integrated investment options through multiple channels, including automatic orders, branch services, and online services. * Promote the E – Workplace DEMOGRAPHIC * More than 90% of all B2B payments made by check 7% automated clearing house (ACH) network Non- Internet system designed to handle large payments The rest using financial Electronic Data Interchange (EDI) services; e.g: Fedwire * Form Financial Settlement Matrix * Company that...
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