As an Advisor, do you have a nagging feeling your firm may be out of control or moving in the wrong direction? Are you flying by the seat of your pants and only putting out the daily fires?
In 4 easy steps, we’ll show you how to take your practice from chaos to calm.
As we approach year-end, this plan will help you get your ducks in a row in 2019 and enjoy the peace of mind that only a strong and proactive plan can provide.
What are the typical signs my practice is out of control?
• No standard operating procedures
• Everything is handled ad hoc
• You haven’t communicated your long-term vision internally
• No succession strategy is in place
• Roles and responsibilities are not clearly outlined
• Little or no career path clarity for team members
• Net New Assets tracking shows assets going out the door
How do I personally feel when things are chaotic?
• You’re always tired, both physically and mentally
• You constantly feel overwhelmed
• You feel paralyzed and don’t know how to prioritize
• You go into avoidance mode and become blind to the issues
How does chaos impact my firm at all levels?
• Lack of confidence trickles down and infects all areas of the practice
• If the owner is out of sorts, everyone is out of whack
• Team members are unclear about roles/responsibilities/expectations
• Day to day operations become increasingly fractured
• Team members constantly think “Just tell us what you want and we’ll do it”
What happens to my firm’s bottom line?
• Clients who notice the decline in service may look elsewhere
• Team members leave, hurting client relationships and decimating institutional knowledge
• Poor hiring choices don’t work out, costing 30% of their annual salary on average
• With little tracking, your short and long-term goals become unrealized
Getting Your Ducks in a Row
Do these pain points and symptoms sound familiar to you? If so, we have a specific approach to holistically prioritize and address each area of your firm’s needs.
We’ve been helping advisors achieve proven results from coast to coast over the last decade. Here’s how it works…
Our Fundamental 4TM program is a very clear roadmap and measuring stick to support advisors by analyzing their current conditions, identifying where the gaps exist and determining how & when to tackle those areas.
Here are the key areas our Fundamental 4TM program will improve:
1. Strategic Planning
Primary focus areas include business and succession planning, creating organizational structure, and collaboration amongst the management team. It is crucial for management to develop realistic goals and objectives creating the framework for team member focus. Even more crucial is management’s ability to communicate these goals so that the common focus permeates throughout the team.
2. Business Development
This includes creating networks, niche targets, and uniqueness within the industry. It is not enough to create the company’s core values, vision, mission, and common message as a team, but to have these elements become “living” themes within a practice. Incorporating these key elements into the marketing materials, the client experience, and team communication is essential.
3. Operational Effectiveness
A powerful client engagement process consists of the design and creation of service teams, client segmentation, service matrices, and existing and new client workflow systems. The fusion of these elements increases the efficiency of managing the workload while increasing the level of the client experience.
4. Human Element
The evolution of this fundamental revolves around organizational skills, management of teams, refined roles and responsibilities, and accountability for performance. This opens the lines of communication throughout a team to create a positive culture. “Everyone on the same page” is very simple to understand but in reality, there are many directions and agendas driven by egos, greed, and lack of leadership.
Next Steps to Get Your Ducks in a Row
When we hear from advisors, there is typically an internal incident or red flag that prompts them to call us and ask for help. Perhaps this article is your catalyst for the change you desperately need?
See how Nathan Legrand of CenterPoint Financial Group clearly benefitted from embracing the Fundamental 4TM to the benefit of his entire team.
No matter your specific issues or needs, having a sounding board and accountability partner will invariably bring about positive change for your practice rather than going it alone. Take comfort in knowing we’ve seen it all, and that you don’t have to figure it out on your own.
Ready for an introductory call to learn more and start solving your problems? Drop us a line. We’re here to help!
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