Financial Advisors need more clarity around their future

Grant Hicks, CIM The number one thing advisors are looking for is clarity around their business for their future. They have a good sense of where they are going, but then face the challenge of achieving their goals because they seem to change, as the industry changes. With all of the regulatory, technology and product pricing changes, its is no wonder that advisors need a deeper sense of clarity around their future. How do you get more clarity? Let’s start by examining a simple list of your business goals. Just for fun, take this simple checklist below, and check off the goals you want to accomplish in your financial advisory practice this year. Goals based business planning ____ Lifestyle - Retire / slow down / Take more time off ____ Ideal client acquisition acquire more HNW clients ____ Ideal service processes – Deliver more value ____ Segment – More time with ideal clients ____ Time management – work on business more ____ Valuation know value and how to increase ____ Marketing and branding – Creating a clear value promise ____ Delegate – Team to do more / outsourcing ____ Hiring – Expanding team / associates partners ____ Communications Become a thought leader ____ Products – change business model and products/ services ____ Conversations – Practice critical conversations with ideal clients and master ____ Planning – written business plan / marketing plan / marketing calendar ____ Business – Investment / opportunity / firm ____ Career – education / courses ____ Leadership – Firm or industry leadership roles ___ Less transactional clients ___ More revenue per client ___ Build a deeper Client acquisition process ___ Build a stronger Ideal client experience process ___ Implement Better technology ___ Delegate more and hire more staff support ___ Get better support from strategic partners / dealer / MGA / providers ___ finally complete a Succession plan in writing and file it away ___ Plan my Transition in writing ___ Travel for business – attend conferences  How many goals do you have for you and your advisory practice? Most advisors I speak to, their goals have changed in the last 3 years. Have your goals changed? Maybe it’s time to update your business goals.

Practice management can help your financial advisory practice
The average advisor has 6 or more business goals. That is where practice management comes in. Speak to a practice management expert, branch manager, mentor or coach to help you benchmark your practice so you know where you stand. Then prioritize your business goals, and help you implement strategies to accomplish your business goals. Take this simple checklist, print it out, and the next time you have time to work on your business, use this list as a guide. Share it with your team, your spouse and other advisors, to help you. Go for it and remember what Albert Einstein said “The only source of knowledge is experience”. Find someone to help you who has the experience to help you achieve your goals in this great industry.