Get Them Defined!

If I were to ask you the question “What exactly is each person in your firm responsible for, is it in writing and do they understand it the same way you do”, what your answer be?

If’ it’s “No” or “I have no idea”, you have a problem. There are several strong incentives for taking the time to do this:
1. More accountability
2. More job satisfaction for your employees
3. Less redundancy
4. Lower costs

If you haven’t addressed this very important issue within your firm, give me a call so we can talk about it.

It’s Strategic Planning time! Do you know where YOUR firm is going?

In the Fall of each year, I focus on strategic planning with my clients. It is an essential part of our work together and maps out where the advisor wants to go and how we’re going to get there. Start the process by reviewing or constructing your mission statement and value proposition.

It’s also a great time of year to do a survey with your clients because after all, it doesn’t really matter what you and I think is important…it only matters what your clients think is important.

Please contact me if you’d like some guidance on how to write an effective mission statement and value proposition. Taking time to write these is crucial to successful strategic planning. They are the jumping off point for all the decisions you will make! I can speak to you on the phone or send you information. If you want to schedule a call, please go to my website @ www.backofficeadvisor.com and click on the schedule a meeting button. This will show you what I have available on my calendar and allow you to set an appt.

I will continue this thread of discussion for the next couple of weeks because it is so important to stop and take time to plan!

Videos are a MUST for your Website

Mike Byrnes, in his social business blog for Financial Advisor Magazine, wrote a great article on 10/21/11 about the need to put videos on your website (see link below).

I would suggest you record videos which are important to your ideal client/niche and leave the viewer wanting a little bit more.  In other words, provide lots of free information but stop while there are still some questions to be answered. This gives the prospective client a good reason to contact you.

Creating videos is easier than ever.  I googled “How to make a video for your website” and got lots of great answers. 

Please let me know if you use videos or if you create any and how it goes.  Thanks!

http://www.fa-mag.com/blog/mike-byrnes-blog/8926-videos-are-a-must.html

Delegation – Learn To Do It Effectively or Perish

Okay, maybe it’s not that dramatic but learning effective delegation is the key to your firm being able to grow and you reaching your desired quality of life. There is a wonderful little book out there called “How to Delegate” by Robert Heller (published by Essential Managers). You can read it in 30 minutes. Not only does it talk about the importance of delegation but offers useful tips on how to get started. Additionally, it talks about the importance of delegating to your trusted employees and then getting out of their way. They must be empowered to do it their way and have time to get it done. Check it out!

 

Marketing During Tough Times – Share What You Know!

During tough market conditions, what we want as clients is information we can use and understand.  Unfortunately, if you’re NOT giving me information, I am forced to get it from CNBC or heaven forbid, Jack Kramer.  Don’t force me into this position!

You have the information.  Share all of it.  The information is not your value or your “secret sauce”.  The value you provide is in helping me meet my financial goals by keeping me on track, helping me avoid irrational behavior and reminding me that slow and steady wins the race.

Now is a good time to hold Town Hall Meetings, send emails, call clients frequently and ask if they have any questions, record podcasts and put them on your website.  Blogs and webinars are other good options.  When you’re meeting with your clients, keep them focused on their long term goals.

As at all times, your marketing efforts should start with top of the line, terrific customer service.  Folks are frightened or unsure right now.  Be a resource at every turn.  Additionally, I would argue it’s a great time to ask for introductions and to offer second opinions.  Write white papers and articles for your Strategic Alliances to use.  Their clients are frightened now as well and if you can provide them with information to use with their clients, they will become your biggest fans.

Please feel free to contact me if you’d like to discuss any of this further.   Under “Useful Links” on the right side of this blog is a link to my calendar.  I offer a one hour complimentary call to talk about anything on your mind.

 Thanks!

Back from the dead!

Okay, I have no excuses.  I just got overwhelmed by my blog and had to step away.  However, I didn’t intend to step away for over one and 1/2 years.  Again, no excuses but it feels good to be back.

On my new LinkedIn Group (please search “Practice Management Study Group” in “Groups”), I started a discussion yesterday about employee compensation.  I wanted to continue that discussion here on my blog.

Now that I’ve been working with advisors for 6 years now, I feel as though I’ve seen a lot of different situations.  However, in about 80% of the clients I work with or have worked with in the past, I continue to see a lack of understanding of how to really compensate their employees.

There are few things in your firm more important than this issue.  Of course, the first step is to hire right – that’s a topic for another discussion.  After you hire the right person, compensating them is the next important  issue.

Above is an image from a report Angie Herbers published in her white paper “Growing Your Practice Through Human Capital Management”.  As you can see, this is a comp plan based on a % of net profit as the firm grows.  I believe, if the advisor is truly dedicating their time to grow the practice, this is a great incentive plan for all concerned.

No matter how you choose to compensate your employees, make sure you do so thoughtfully and with the belief they are your best chance at getting that quality of life you want and deserve.

I’m attaching a poll – I’m interested in hearing how everyone is compensating their employees.

Until next time, live your dream!

New Year…New Resolutions!

So here we are…2010!  As we all know, new years are a time to set resolutions.  Seems most folks set personal goals and those are great.  I have several myself.  But what resolutions have you set for your practice?

I would suggest they include:

1.  Get a strategic plan with quantifiable action steps for you and your team and then hire someone to keep you accountable.  We think nothing of hiring a personal trainer to hold us accountable to our diet and exercise goals but rarely think of asking for help with our firm goals.  And yet, the success or lack thereof of our firms is what drives much of the ability to reach our other goals!  Doesn’t make sense not to have someone help you here.

2.  Consider doing a SWOT analysis – Strengths, weaknesses, opportunities and threats.  This exercise can  help you formulate your action steps for the year.

3.  Build a marketing plan – what actions will you do when, by month, by quarter – don’t just say I will  meet with my COI’s 4 times this year…when, what month, what week will you schedule them.  If you have an administrator, have this person schedule them automatically.  Put your marketing plan on auto pilot…

4.  Budgeting – what an ugly word.  Just the thought of it can cause dread.  However, we all know how important budgeting is.  You ask it of your clients and you should expect nothing less of yourself. 

5.  Action Plan – for each action step you identify, you must think about what will be involved in accomplishing this action step and then set a budget (if applicable) and a DEADLINE.  Goals without deadlines are just wishes…

I will be expanding more on each of these topics in future posts.  In the meantime, if you have any questions or I can assist you in any way, please email me or give me a call.

Happy New Year and get to it!  Ginny

Goal Setting…It’s What It’s ALL About…

As many of you know and as I mentioned in some posts a few weeks ago, it is once again time for yearly strategic planning.  Where and on what will you focus your energy for the next 12 months?

The first part of this process is goal setting…personal and professional.  Personal goals can include goals for your family, your health, your personal finances…anything that goes toward the quality of life you are trying to build on the personal side.

Your business goals include anything involved with your business…revenues, new clients, number of meetings per week, technology & service model improvements, etc.

In their book, The One Thing…You Need To Do by “D” Shannon and David Drucker (click here for the amazon.com link – http://www.amazon.com/One-Thing-You-Need-Do/dp/0976497409/ref=sr_1_2?ie=UTF8&s=books&qid=1255388671&sr=1-2) Paul & Leslie Strebel (certified as “E-Myth Consultants”) discuss the 10 most important principles in goal setting.  Here they are:

1.  Your most important goals MUST be yours;

2.  Your goals must be meaningful;

3.  Your goals must be specific and measurable;

4.  Your goals must be flexible;

5.  Your goals must be challenging & exciting;

6.  Your goals must be in alignment with your values

7.  Your goals must be well-balanced;

8.  Your goals must be realistic;

9.  Your goals must include contribution;

10.  Your goals need to be supported.

I think these are excellent guidelines articulated in a well-thought out, meaningful manner.

Not having goals (which usually involve change or evolution) is simply doing the same thing over and over again and expecting different results.  Know what word is that the definition for? Insanity.  Think about it!

As a reminder, I have several worksheets on my website (www.backofficeadvisor.com) for getting you started in strategic planning.  These are available for free download.

Good luck and take care, Ginny

What Do Your Clients Think About You and Your Firm…Why Don’t You Just Ask Them?

Yesterday, I had the opportunity to participate in a webinar with Marie Swift and three other outstanding coaches in our industry.  MANY good ideas were discussed and one among them, I believe, is particularly timely right now.

When was the last time you asked your clients what they really think about you and your firm?  What do they value and what do they really not value that might be taking up an inordinate amount of your time?

Right now, in this roller coaster ride of a market, it is extremely important to conserve resources.  Of course, money is always a high consideration but your time is equally important.  It’s a finite resource that must be used wisely.  So, why does it make sense to be doing something that might even be valued by your clients?  It doesn’t so now is a good time to find out exactly where you should be focusing your time.

An additional reason to conduct a survey now is it shows a commitment to your clients to hear what they have to say about you, your staff and your firm?  Do they feel they are receiving what they were promised?  Are they harboring some underlying feeling of anger or resentment over something small that you didn’t even know about?

So, how do you go about this?  Simple…http://surveymonkey.com.  For $29.90 per month (no commitment, stop and start anytime), you can put together a survey, upload client emails in a .csv format and track the results online. You even create a pdf of the survey if you have folks you know will not fill it out online.  Additionally, I have a sample survey on my website (www.backofficeadvisor.com) you can download for free to get you started.

Now, get out there and ask!

Do You Know What Your Mission Is?

Today I want to talk about your mission statement.  What is it?  Why do you need one?  How do you go about getting one in place?

Your mission statement communicates the soul of your firm to many different audiences.  To your prospective clients, it drives home the fact that you are serious about adding value and positive outcomes to their lives.   To your staff, it reminds them everyday why they are doing what they do and how important their contribution is.  Most importantly, to you, it should serve as a guideline.  When new opportunities come your way, you should remind yourself of your missions statement and ask yourself if this opportunity is in line with where you want your firm to go.

How do you arrive at your mission statement?  Your  mission statement is something that comes from your heart and your head.  It’s a combination of intellectual and emotion.  It is the phrase that articulates why you got into to this business, why you want to be a fiduciary, why that is so important, why you want to be the best at what you do and what is it that you’re going to be the best at?

If you already have a mission statement, congratulations.  You are in the 1% of financial planning profession that has done so.  If not, start to think about it now.  Jott down notes, ask your staff, ask your family.  Then, take some quiet, reflective time and write it out.  Once you have it where you want it to be, frame it and put it in various locations throughout your office as a constant reminder to you and everyone why and how you do what you do so well.

If you’d like some examples, give me a call or send me an email (ginny@backofficeadvisor.com) – take care, Ginny