CHALLENGE:
Brett Bauer of Bauer Capital started his career in the insurance industry in the 1980s. After 20 years in the industry, Brett was looking for more out of his business, and greater satisfaction for his clients. Though his production had been increasing over time, Brett knew to grow his business he needed to hire more people and put infrastructure in place so he could duplicate his efforts with the same results. As an Independent Woodbury Representative in 2006, Brett felt the only way to kickstart his business, was to reinvest in it. According to Brett: “The business was successful, but I didn’t feel successful or productive. I was working too many hours….My frustration was the business stopped when I wasn’t there.”

SOLUTION:
Brett was familiar with numerous technology solutions, having been in the industry for some time. All the ones that he knew though were either too complex or too simplistic. They all were directed towards selling products, where as Brett wanted to provide a client-led approach which focused on comprehensive analysis and solutions. He wanted a system which could be customized to his clients’ needs. Very importantly though, Brett wanted a roadmap of the financial planning process so his staff could service clients without him, thereby duplicating his efforts. Trying the eMoney system with his own personal data, Brett realized its capabilities – and the possibilities for his clients. For the first time, Brett’s clients would be able to see their assets in one place and he would be able to demonstrate the value of his service.

Brett offered the eMoney system to his clients free of charge. Using eMoney he was able to transition his practice to fee based where appropriate. With his aim to get all his clients on the eMoney system, Brett took advantage of the marketing alliance eMoney has with Woodbury Representatives. Brett soon received a 100% closing ratio of clients on the system.

BENEFIT:
Using eMoney as the core of the business has allowed Brett to scale the practice. This year has been focused on rebuilding Bauer Capital as Brett has learned to use the system to its best advantage; spending less time on staff and meetings and more time on his clients. Brett is therefore able to focus on building his relationship with his clients and learning their emotional drivers regarding money. This makes him more effective at meeting their needs and proactively managing the relationship.

Brett has been able to create more effective and persuasive reports and presentations for his clients, while involving them on every level of the decision making process. Building rapport and trust with clients is of course vital to the practice. The high quality of the eMoney system means that Bauer Capital’s workload is streamlined, automated and delivers quality outputs for the clients.

The system has also helped convince skeptical clients of their worth and the value of Brett’s services. In one instance Brett was able to show a physician that his assets were actually six times what he believed. The client had been intending to leave 100% of his legacy to his children. Now, having demonstrated that his client’s estate was actually far greater than he thought, Brett is working with this client to establish a foundation and his charitable goals. Without eMoney’s system, Brett would not have been able to discover and manage all of additional $3.5 million in assets or demonstrate the need to consider other legacy goals.

Brett has developed a document management system that aligns with his new technology. Designed to help clients get through the financial planning process in 10 days, it has been so successful that his document management system has become a business model in itself and Brett has been able to market it independently.

Brett has become an avid user of eMoney’s AdvisorMarketing. The client flash presentations and brochures enable him to cost-effectively market his practice without expending costly marketing dollars.

The eMoney system has also helped him to foster relationships with attorneys and accountants that will lead to referrals. As Brett says: “My clients’ accountants tend to know everything about their client. It is very positive developing a relationship with them. Building these relationships will help grow my business and send qualified clients back to my practice.”