We have all heard the saying that real estate is about location, location, location. “The three keys to practice management are process, process, process.” Grant Hicks. “When you have a problem, make it a process.”
“Growth is a process of trial and error: experimentation.” – Benjamin Franklin.”
I believe that successful advisors in the past, will not be the same successful advisors in the future. They will be the complete opposite of successful advisors in the past. Let me explain. In researching successful advisors, I discovered that they are doing the exact opposite of what other successful advisors are doing. You see, advisors of the future are focused on advice and planning and not products and services. They have built a process, that is not about problems and solutions but a process around clarity of goals and advice. They have built a process focussing on the client’s purpose. It is as client centric as you can get.
Future Ready Financial Advisors embrace process because:
“If you can’t describe what you are doing as a process, you don’t know what you are doing.” – W Edwards Deming
Future Ready Financial Advisors have a script binder to help clients achieve clarity and cover off the most important conversations and questions their best clients and prospects ask. Questions such as “ What do I get for the fee I pay?” Is it a process and a clear script, and they do not wing the answers when they are faced with difficult questions. Are you telling your ideal clients and prospects, we have a process and here it is with confidence, clarity, and consistency. The process is different than the average advisor, and the results speak for themselves. Acquiring ideal clients with a process, and servicing them with a process, while running the practice with a process. Do you need to work on any of your processes?
Successful teams adapt their workflow, while weak teams gripe about how difficult the process is.
“If a business is to be considered a continuous process, instead of a series of disjointed stop-and-go events, then the economic universe in which a business operates, and all the major events within it, must have, rhyme, rhythm, or reason. – Peter Drucker”.
So what is your process for the ideal client experience? Is it a purposeful process with a clear agenda and process? Do you have a binder of what the ideal client process is, what they get and what it costs? What is the pre meeting process and the post meeting process? Does your team have a written process to follow, organized in a binder or online workflows, or are you telling them the process repeatedly every day?
Future Ready Financial Advisors have a checklist of items they want to cover off in a meeting are fully prepared and it clearly shows how prepared they are for the meeting because they have clarity around the answers they anticipate will come. They do not leave it to chance. Their office is well lit, well organized and well prepared for the valuable conversations that will flow as a result of preparation. Future Ready Financial Advisors record their meetings with their client’s permission because a key part of their process is to truly understand the client and what their needs wants and desires are.
“I put my heart and my soul into my work, and I have lost my mind in the process.’ – Vincent Van Gogh
“If you can’t measure it, you can’t manage it.” – Peter Drucker
Future Ready Financial Advisors help their ideal clients focus on the most important items in a meeting, their goals and how to achieve them and hold them accountable to stay on track to achieve them. How do you deliver that message? How do you create an ideal experience and have positive emotions during your meetings?
Future Ready Financial Advisors hand each client a tablet, show them a video or have at least a color printout, and show them where they are now and how to accomplish their goals. You must have pictures of the clients goals. At the very least, your font size has to be large enough on anything you share on paper for the weakest of eyes.
“You’ve got to start with the customer experience and work backward towards technology” – Steve Jobs
“We should work on our process, not the outcome of our processes.” – W. Edwards Deming
“Tell me and I forget, teach me and I may remember, involve me and I learn.” – Benjamin Franklin.
This is my motto for my life’s work on practice management. Sure I know a lot about practice management and process, but if I told you everything I know about it, most would be useless unless you were involved in it. So I wrote a book about process (Guerrilla Marketing For Financial Advisors, Innovating financial Professionals Through practice Management”. Morgan James Publishing 2016 ) If you want a book on processes, here it is. Another great book on process was written by Ron Carson and Steve Sanduski “ Tested in the trenches: A 9 step plan for success as a new era advisor” Peak Alliance Publishing; 2 edition (Sept. 1 2012)
Related: What To Ask a Millionaire
“To improve is to change, to be perfect is to change often.” – Winston Churchill
Your process is about change and being involved in the change.
“When you’re finished changing, you’re finished.” – Benjamin Franklin
So where do you start? It all starts with change, so my question to you on becoming a Future Ready Financial Advisor is this: What is one process you need to work on today to prepare for the future? My answer to you would be simple.
Start by having a process binder and a script/ questions process binder. What do you think the McDonald’s franchise binder for processes that Ray Kroc built is worth? By the time of Ray Kroc’s death, McDonald’s had 7,500 locations in 31 countries and was worth $8 billion.
“Change is the law of life, and those who look only to the past or present are certain to miss the future.” – John F Kennedy
How to Get Started With Investing
10 Alternative Promises to Live Your Best Life
5 Financial Resolutions You Can Start Right Now
5 Emerging Trends in The Mortgage Industry That We Should All Watch Out For in 2019
The Case for Data Unification for Sales and Marketing
Is the U.S. Economy Affected as the Shutdown Continues?
3 Habits That Will Enhance Your Personal Impact by 50%
Creating a Social Media Strategy for Financial Advisors
4 Secrets to a Happy Retirement
Estate Planning: The Freedom Practice
Markets8 hours ago
Is the U.S. Economy Affected as the Shutdown Continues?
Development16 hours ago
Having That Awkward “Debt” Conversation with Clients
Fixed Income16 hours ago
Earnings Season: The Sugar Rush Fades
Investments2 days ago
It’s Early, But EM Bonds Are Rebounding
Research2 days ago
Complacency Defined: The Case of the High-Yield Bond Market
FinTech2 days ago
10 Top FinTech Trends for 2019
Markets2 days ago
Markets Feeling Uncertainty Over How Long the Government Shutdown Will Continue
Strategies3 days ago
The Current Market Is More Opportunity for the Bulls Than the Bears