In order to achieve your vision, start by assessing where you are

Where Are You?

Yesterday, China and Nepal announced a revision to the elevation of Mount Everest which now sits at 29,032 feet above sea level.  This makes it more than two feet taller than previously agreed.

This naturally begs the question: how exactly do you measure the tallest point on earth?  The mountain was originally measured from a distance using surveying tools. This spring, a team climbed to the summit and used the same technology that is found in your phone: GPS.

GPS works using trilateration – a process that measures the distances to multiple satellites using radio signals.

Apps like Google Maps, use GPS to identify where you are on a map instantaneously.  Then, once paired with the desired destination, it will chart your best course.

Last week, I shared how a Vision for your Ideal Practice can help you make good decisions.  But before you can start to take action, you need to assess where you are.

We recommend financial planners and financial advisors examine their practices in three areas:

  1. Client Experience
  2. Support Structure
  3. Growth

Start with your client experience – all the ways you interact with your clients.  Your client advice process is your core product.  Clients pay you for your advice – how you help them achieve their financial goals.  Is your process to deliver that advice as comprehensive and consistent as you want it to be (or your clients expect it be)?

Your client experience also includes client service: administrative activities such as forms and processing checks; client communication and education; and client recognition.  Does your client service meet or exceed what you and your clients expect?

You can’t deliver your advice and service without the appropriate support structure. Assess how well your team works together and how well you have defined and standardized your process.  Do you have the right people working on the right things in the right way?  How does your tech stack support your client experience?

The third area to examine is the growth of your practice.  Reflect on the new clients and new assets brought in over the past year.  Is the rate of growth taking you towards your vision at the appropriate pace?

Does your messaging describe your ideal clients, their needs and concerns and how you help?  Can you articulate how you are different from other advisors?  Do you have a well-implemented strategy to acquire new clients?

Once you’ve assessed where you are and have a clear vision of where you are going, a smooth journey awaits.

PS: If you’d like a copy of our 2021 Business Roadmap, email Adam for a complimentary copy!

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