Best Financial Case

Case 1 : Best financial services inc.

a. Problem found.

Loss of one of the top clients without him, Best financial would struggle to exceed the previous year’s sales level. Best thus decided to focus on the strategic direction of her company and develop a plan to grow the business and make est Financial a leader in the financial planning market in Sarnia.

b. Critical aspects founded (people, resources, activities, etc).

The market:

* Around 60 individuals offering financial advice and products in Sarnia, among which 22 had their CFP designation. The majority of CFP professionals worked for national corporations or focused on insurance sales.

* Corporations being competitors for financial services: Assante Capital Management, Freedom 55 Financial, Dundee Wealth Management and Sun Life Financial.

* Independent services being competitors for financial planning: 11 of the 29 listings for financial planning consultants.

* Unique market dealing with both American and Canadian taxation issues. Activities in CA and USA

* Area heavily populated with aging baby boomers and blue-collar workers.

Best financial:

* Best is in the financial services industry since 1993

* Best Financial established in 2001

* Best has her CFP, her two employees don’t

* Key services: risk management, tax preparation and professional money management.

* Product offerings: mutual funds, income-tax-return preparation, GIC sales and life insurances.

* Good results since the beginning

* Clients: 600 client households, some with more than one financial plan

* Target market: blue-collars workers close to retirement

* Young attracted by the additional services offered by Scottiabank as well as their national image.

3) Possible solutions.

1) Hire a new advisor: entire business is built upon trust and so it would be delicate to transition clients from one advisor to another. Should find an advisor with the same values....