December 09, 2019

What a practice management expert does or does not do for financial professionals 

Being in the business for over 30 years, I have yet to attend a workshop, meeting or conference where financial advisors learn what practice management can do for their business. Even though firms understand elite advisors all have a coach or practice management expert, they never educate financial advisors on the benefits and the process of hiring a practice management expert. I get it, not everyone has had a great experience with a coach or practice management person.

Start with the benefits

First off, every coach I have ever met is passionate about one thing, helping their clients reach their goals. The number one thing coaching focuses on is helping financial advisors get a deeper sense of clarity around their goals, and put it on paper. The second thing coaches do is to work with motivated financial advisors who want to implement to reach their goals. We have all met the advisor who talks a lot at conferences yet rarely implements their plans successfully. They know what it takes to be successful, yet lack the discipline to implement, because they are too busy or spending too much time with the wrong type of clients. Financial advisors all have 24 hours in a day, yet the difference in their business is the amount of capacity they can manage. What is your ideal capacity? Coaching can help you identify your ideal capacity and help you manage your practice, so you achieve your ideal practice,  ideal revenue and ultimately your ideal lifestyle. Remember you are running the practice, not the practice is running you.

Practice management checklist

There are many tangible and intangible benefits of coaching. While each coach may have a different approach, advisors need to understand why they would hire a coach for their practice, where their practice needs help, and will they get the right help for the right part of their practice. What areas does your practice need help with?  Take a look at the following practice management checklist graphic and circle the top three. Or get a copy of our comprehensive practice management questionnaire by going to our website   https://www.advisorpracticemanagement.com/about-us  or clicking here

https://practicemanagement.getresponsepages.com/

4 key areas of practice management 

What financial coaching does not do

Just like you don’t guarantee returns to your clients, coaching and practice management does not guarantee future success for financial advisors. Some have had average success with coaching while others see it as a complete mindset change towards running their practice. For this reason alone, that is why coaches are rarely positioned at conferences to financial advisors. Coaches are seen as competition to wholesalers who talk about their value add. Some companies would rather have product people than coaches or trainers at their meetings. This is old school thinking that still exists in the financial services industry. Firms that are successful,  have practice management people, coaches, and trainers speaking to and with financial advisors at their conferences and meetings. Most firms in the United States have these experts help their advisors practice. Firms in Canada are lagging behind when it comes to practice management. They have disguised practice management as product people. As a practice management expert, I don’t sell product, never have and never will.

Financial advisors don’t need to deliver more to clients

Depending on the study or research document, most clients are happy with their advisors. So why would advisors want to deliver more to their clients, when they don’t need to? It is not the clients that want more value, it is the ideal prospects. They are looking for more, but are not getting it anywhere else, so why switch if the value is the same? Financial advisors need to offer and deliver more value to ideal prospects in order to acquire them. What value do you offer to ideal prospects? This is where coaching can elevate your practice.

Approved coaches list

Does your firm have an approved coaches list? If not why not? Most top firms do. The coaches and firms are vetted, so why not start there. Ask the elite advisors who they use. Next time you are at a conference, see what the conference organizers or firms have to introduce coaching to help implement all of the great ideas they present at the conference.  One last thought. I always say to advisors, after I sold my financial planning practice and learned what practice management is all about, I wish I knew about practice management when I was a financial advisor. That would have made life easier, and clearer.

Practice management checklist

While each financial advisor's practice may have a different approach, advisors need to understand where their practice needs help, and will they get the right help for the right part of their practice. What areas does your practice need help with? Get a copy of our comprehensive practice management checklist by going to our website   https://www.advisorpracticemanagement.com/about-us  or clicking here  https://practicemanagement.getresponsepages.com/

Or contact us to help get clarity around your goals on paper, and having the goals conversation by contacting grant at grant@ghicks.com or Let’s talk

click on the link to set up a call, https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat to help you get clarity around your future business plans.

 Advisor Practice Management’s goal 

“ Helping Financial Advisors take action, to create 10,000 comprehensive financial and investment plans for their clients”.  Ask your clients and prospects this question " What does a comprehensive financial and investment plan mean to you?  

Let’s work on your business together. Email us for your copy of our "Exclusive prospecting strategy checklist, or fee audit guide" to acquiring more ideal clients. Email grant@ghicks.com  

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

Suite 1625-246 Stewart Green, SW
Calgary, Alberta  T3H 3C8
Cell 403 970 8895
Email grant@ghicks.com   

PS Where do you want to be in 3 years?

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