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.

How about your goals for your practice in 2021? Our Practice management checklist or fee audit 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 updated 21-page “Comprehensive Practice Management Strategies checklist” by going to our website

Contact us to help get clarity around your goals on paper, and having the goals conversation by contacting grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd edition. www.advisorpracticemanagement.com for speaking, workshops or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 4 billion AUM, and earn over $40 million dollars combined!

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

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Financial Advisors Need More Clarity Around Their Future