Financial Advisors need more clarity around their future

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, it 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 the 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 the 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.