So, you’re trying to build something that goes really fast in the right direction. The engineers and designers at Porsche recognize that if you slap a huge, powerful engine into your vehicle without proper care, when you hit the gas the vehicle either goes nowhere due to excess weight or takes off like a rocket and careens into the nearest wall.
Where’s the fun in that? The fundamentals that convert raw potential into controlled acceleration – things like a fine-tuned chassis, a transmission that shifts instantly and effortlessly, and tires whose grip inspires steering confidence – are as essential for the financial advisor in growth mode as they are for the automotive engineer.
Here are five fundamentals advisors should confirm are in place before stepping hard on your business accelerator.
1. Know Where You Are Going
Take the time to develop a strategic vision that guides you through the vast array of possibilities to the course that’s absolutely right for you, your team, and your clients. To paraphrase Megatrends author John Naisbitt: Without a strategic vision, strategic planning is worthless. Realize that you can manifest the firm you dream of; just write it down, share it with your team, and ensure that it drives every decision you make.
2. Deliver Critical Services Consistently and Efficiently
Create a model-driven investment management approach and modular planning methodology. You’ll want these to be customizable within reason while ensuring they are consistently employed and easily maintained. The services that form the essence of your business must be furnished with precision but without undue drag on your calendar or the team’s schedule.
3. Systematize Recurring Functions and Monitor Performance
Organize, systematize and, wherever appropriate, automate the execution of prominent business functions. Focus first on those areas that are client-facing and most impactful to the bottom line. Processes such as new client onboarding, converting prospects to clients and transferring assets are among the prime candidates for workflows within your CRM.
Additionally, you’ll want to establish tools and methods for identifying, tracking and regularly reviewing the success measurements that describe your firm’s financial health and progress toward objectives. Start with net new assets – you’ll be glad you did.
4. Create a Praise-worthy Client Experience
Design and implement a service model that ensures a consistent set of deliverables and client interactions that are differentiated by tier. Align the expenditure of time and money with value received from client relationships. Engage clients in a way that inspires them to make introductions. Leave no room for doubt that their experience is the firm’s top priority.
5. Assemble a First-class Pit Crew
Put together a team that shares your values and drive for success. Be sure you’re getting the right people for the positions you truly need. Advisors often confess that they are not sure what role to hire next and what skills would provide the greatest torque. If you face similar uncertainties, use one of your lifelines and call in an expert mechanic. People issues are the most common challenges Carson Coaches help advisors solve.
And when it comes to managing the team captain, make sure you don’t major in minor activities, and remember the sage advice of Steven Covey, “The key is not to prioritize what’s on your schedule, but to schedule your priorities.” Now that your vehicle is fine-tuned and optimized for maximum performance in a way that would make the Porsche racing team proud, all you need to do is add a little premium fuel in the form of two or three well-defined, well-executed growth strategies that align with your personality and preferences.
Then you’ll hear the great public address announcer in the sky loudly proclaim, “Ladies and gentlemen, start your engines!”
Learn more about working with a coach like Michael by clicking the link below.