The “Millenials” are coming. Are you ready?

How many of you saw the piece on 60 Minutes last night about the millenials? http://www.cbsnews.com/stories/2007/11/08/60minutes/main3475200.shtml? 

There was a wonderful story on this generation of workers coming on board our companies right now.  They are known as the Millenials and they were born between 1980 and 1995.   They have parents who doted on them and they received trophies for just showing up.  That’s the bad news.  The good news is they are smart, tech saavy and have priorities that include family and friends.  They are hardworking and persistent and have the tools to get the job done.  And once they find their “perfect job”, they will be loyal to you.

However, your business-as-usual attitudes about employees are going to land you in trouble with this generation.  They’re not going to put up with it.  They want coaching and mentoring, not bossing.  They want and expect flexibility to pursue their priorities and other interests and the old starched white shirt, time card attitude is not going to cut it.

So, you say, they can either work my way or it’s the highway right?  Not so fast.  The boomers are quickly approaching 60 and succession strategies are more important than ever.  You are going to have to adapt to this new generation if you’re going to stay competitive and fresh.

But it’s okay…as I stated before, they’re hardworking and loyal.  Just check your time card attitude at the door, give them some freedom and let them run.

It’s envitable…don’t fight, just get on board and hang on for the ride.

Take care and have a great week, Ginny

Get your employees vested in your success!

I recently returned from the NAPFA National conference in Long Beach, CA.  What a great success!

One of my favorite speakers (I’ve always been a big fan of her work) is Rebecca Pomering of Moss Adams.  Among other things, Rebecca is energetic and very bright.  She always provides me with great insight and reminders as to why doing things a certain way is right.

Rebecca talked about several ways to compensate and incentivize your folks and the fact that there is no “one right way”.  However, she also stated when asked does she believe there should always be incentive pay, she said “yes”.  She feels very strongly about it.

She went on to make several good observations about how to set up your incentive plan (what are you tyring to accomplish as a business, what kind of client service experience are you trying to deliver, what kind of culture are you trying to build, etc.?). She also stated in her presentation that ALL staff should participate (although at varying levels) in the incentive plan, not just producers.

Again, Rebecca gave a great presentation and further cemented what I strongly believe.  But I think there is one point about all of this that I feel most strongly about…when you set up an incentive plan based on employee performance and the performance of the firm, you are “vesting” your employees in their jobs.  As a matter of fact, at that point, I think they no longer see it as a “job” but as a quest, a vision, almost a challenge.  They are motivated to see the firm succeed and I believe you’ll see an improvement in work habits, motivation and culture almost instantly.  My client’s that have put incentive plans in place tell me almost immediately that they see differences in the way their employees behave.

As always, I appreciate any thoughts you have.  Thanks for your time.

 

 

Okay, so I’m not the only one who gets my best ideas in the shower!

I’m here at the NAPFA National conference in Long Beach and besides being a wonderful place to recharge your batteries, the speakers and interaction with the members is just phenomenal.  I would encourage everyone to attend this event at least once.  You won’t be sorry.

Yesterday, the key note speaker was Dr. Robert Kriegel, PhD. who gave a wonderful talk about how we get so involved in our businesses on a day to day basis, we don’t stop long enough to give our brain a chance to really be creative.  He asked the group as a whole, where do you get your best ideas and almost with exception, everyone replied “in the shower”.

Ever wonder why?  It’s really very simple.  While you’re in the shower, you are performing a mindless, repetitive task which allows your brain to focus on other things.  It can pull ideas and information from the recesses of your brain because it’s not focused on high level tasks.

So what’s the point here?  The point is to take 30 minutes each day and step back from what you’re doing.  This does not include eating a meal.  It means get out of your office, get some exercise, walk around your building, sit in the park and just clear your mind.  You will be amazed at the ideas and solutions you will come up with.

Let me know your thoughts and if you try this, how did it work.

Thanks!

So you have the referral, now what?

Recently, I have come to realize that as hard as it is sometimes to ask your clients for referrals, the bottleneck in the process frequently becomes how to follow up.  How do you stay in touch with this potential client so that as they make a decision, your name is at the top of the list?

Sometimes clients are reticent to give you all the necessary information regarding a referral until they’ve had a chance to speak to that person which is certainly understandable.  However, it is your responsibility to stay in touch with this client on a periodic basis to see if any additional information can be disclosed.  Additionally, make sure your client fully understands your marketing process so they are comfortable with how their friends and associates are going to be approached and handled by you.  Give them copies of any materials you might give a prospect, make sure they know your website address, etc.  Arm them with as much information as possible to make it as easy as possible for them to give your name to prospects with confidence in how the process will unfold.

Once you have this information, have a process in place for how they will be contacted.  Are you going to send a book as an introduction?  If so, what is the time period between when the book is sent and when you follow up?  We know they won’t read the book so you must be intimately familiar with it so you can refer them to parts you believe are particularily relevant and will open the door to a dialogue about how you might be able to add value to their lives.

At all stages of this process, keep the referring client informed and make sure you send a thank you note.  Missing this easy but all important step can ruin the relationship and stop the flow of referrals.

Let me know your thoughts or questions.

Who do you want to work with?

How many of you have taken the time to think about who you really want to work with?  You’re saying “who I want to work with?  That’s a stupid question!  I want to work with folks who have money to invest right?”  Not necessarily!

Okay, I know, if you’re early on in building your practice, you may say “for Pete’s sake, I don’t have this luxury!”.  I have to make a living don’t I?  And I say, “of course” but that doesn’t mean you have to sacrifice the quality of life you are trying to build.  Study after study has shown that if you target your marketing efforts, you will get much better results.  Figuring out who you want to work with goes hand in hand with this. 

Sit down and think about who these folks are.  Are they younger or older, are they pre-retirees or retirees, do they have a minimum amount of investable assets?  Do they delegate well to professional advisors, do they value the services of professional advisors?

Now, the answer to many of these questions may seem obvious and some probably are but put together your “Ideal Client Profile” and then once you’ve done it and blessed it, print it out for everyone to see.  Post it in your office, in the restroom, in your car, everywhere you turn so that you and your team are constantly reminded of why you’re doing all of this.  When taking on new clients, DO NOT sway from this.  If you do, you will regret it eventually (sometimes sooner rather than later).  Do what you ask your clients to do…take the long term view here!

Remember, if you do this right, it’s not just about earning a living, it’s about a quality of life so you can truly enjoy what you do.  After all, when you are doing something you enjoy, you will naturally do it well!

Please contact me with any questions.  Thanks & Happy Cinco de Mayo!

A Footnote to My Recent White Paper

Recently, I emailed a white paper to my email list of folks entitled “The Latest & Greatest” (available on my website).  In this white paper, I cautioned you when buying technology to buy it deliberately, for a specific need and then to use it to its fullest capabilities.

Today, I’d like to add a footnote to that paper.  There are two other very important points here.  When you do purchase technology, make a commitment of time and resources.  Make sure you pay the necessary fees to get upgrades and keep your technology current.  Additionally, pay for any training avaiable for everyone who will use the technology. Do not take shortcuts here.  Technology is an expensive investment that should be maintained and used to its greatest advantage.  Taking shortcuts here is a waste of time and money!

If you make the commitment to buy the technology, go all the way in.  There is no half way or out here!

Thanks and let me know your thoughts.