It is not uncommon for most financial planners to not know where their business is heading at some point in their career. You be one of those planners just going through the motions of the day-by-day without any clarity about whether what you’re doing is helping your business reach its next level. However, you don’t want to become complacent and run your business to just get by.
The following is a step-by-step process to help you find your business bearings and go beyond where you are to where you want to be.
Step 1: Determine Where You are Right Now. Take an honest look at where you are in your business; are you happy with the assets you have under management, the types of clients you engage with and/or the products and services you provide? Does your business leave you fulfilled? If not, do what my client did to get his business bearings.
John P., a 15-year veteran planner client, recently realized that his real challenge wasn’t the lack of gross production he was having with his business but the lack of passion he had for his business. Somewhere along the way he had lost his purpose and it was important to redefine his purpose and reignite his passion.
Step 2: Create Your Business Vision. Create a vision of what your “ideal” business would look like. Write it down. Map it out. When you know what you want your business to become, you have a much higher probability of attaining it.
After further discussion, John shared that what motivated him to get into the business in the first place was the joy he experienced the day he helped his father understand how to choose the right asset allocation for his 401(k). Unfortunately, his father had been contributing to his company plan for ten years and never realized that he was in the most conservative mutual fund option possible—a money market fund—and as a result, he never saw any substantial growth in his portfolio.
John’s purpose was to help those who needed and wanted his help not by just selling them products but by educating them about what they should buy and why it would help them have a comfortable retirement. It was the fulfillment he got from changing his clients’ lives that fueled his passion to build his business. This became the new center of his business vision, to help as many people as he could.
Step 3: Create Your Course. Determine the best possible route to ensure that your vision becomes a reality. In other words, you can have the plan but you need actionable tasks and accountability to stick with it.
Over the years John had lost sight of his purpose and focused on trading stocks for a chosen few in order to continue living the lifestyle he’d grown accustomed to. Once he understood that incorporating financial planning and bringing in those who specialized in risk management and estate planning would help his clients gain a bigger impact towards their retirement goals, we mapped out a plan to increase his financial planning knowledge and how best to let his clients know that he was expanding the scope of his services.
Why Going Beyond is Important
He ended up telling his father’s story to his clients and many of them were very open to his new level of service. As a result, he was able to indeed effect larger and more significant outcomes than he had ever thought possible because he found financial planning, insurance and estate planning solutions to challenges he (and his clients) didn’t know they even had.
Schedule a complimentary 30-minute coaching session me by emailing emailing Melissa Denham, director of client servicing.
Daniel C. Finley is the president and co-founder of Advisor Solutions, a business consulting and coaching service dedicated to helping advisers build a better business.