Wednesday 03 October 2018, London

John Morris, Partner and Scale up lead in Smith & Williamson’s dedicated entrepreneurial services group and Eddie Bowman, Marketing Director at Simmons & Simmons shared their experiences of bringing ever greater levels of value to their firms and clients through working to ensure their Marketing & Business Development (MBD) teams are viewed internal and external consultants and advisors.

Overall the messages focused on clients – and where MBD teams should be targeting their efforts.  The key point was to understand the commercial drivers of the clients business; basically determine where the client revenue comes from.  Then look at the direct and indirect revenue from the various relationships with the particular client.

But then, it is not just about the clients business – it is also what MBD teams understand about their own firms.  The clear message here is – be intellectually curious about the business you work in.  Get a broad understanding of the work your firm does, even attending some of the training sessions first and second year trainees attend.  Then place all this knowledge of your firm and that of your client in a broader and wider context.  Look at the breadth of the client business and the breadth of your firm and see where they match and where they don’t.  This will highlight opportunities and issues where MBD can be a consultant and advisor can help grow their firm and clients. Where there are a variety of relationships, it is important to note that client relationships belong to the firm and not a particular individual, team or department.

Underpinning all this is the need to plan and use technology. It is important to create a framework and not a prescriptive process.  People buy from who they like and trust – develop the relationships to grow the firm and clients.

Irene Redman, The Institute and Faculty of Actuaries (IFoA)