Practice Management Coaching
There comes a time in the career of every financial advisor when they must take a step back from working in their business to work on their business if they hope to progress to the next level. This is what we call the systematization point and it’s different for everyone. The truth is you can only “fly by the seat of your pants” for so long. Sooner or later you must address the infrastructure of your business if you are to reach your full potential as an advisor.
Having systems in place for the key components of your business gives you the power of leverage over your time and over your existing book. They not only increase the level of service you provide clients, save you massive amounts of time and increase your efficiency and professionalism but you feel more professional when they’re in place. Those feelings increase your level of conviction about what you do and how you do it. You will find that your clients mirror your level of conviction and let’s face it, conviction sells! Anything you can do to build it will serve you well.
Our Process
Over many years of working with advisors, we have identified 9 essential systems every advisor should have in place to operate efficiently and grow consistently. This is how we work with advisors to build a solid infrastructure for their business.
1.
We Start Where You Are
We never want to reinvent the wheel anymore than we have to, and we don't believe in a cookie-cutter approach. We begin by analyzing what systems you're currently using in your business. We keep what's working and build the rest around you so the system works for you and the way you do business.
2.
The Weakest Link
We discuss with you what area of your business you'd like to address first. Typically, we like to begin with the area which would have the greatest impact on your current business.
3.
Under Construction
We ask a lot of questions to gain a clear understanding of what you feel would work for you and you could actually work on an ongoing basis. A system is only useful if it’s implemented consistently. We outline what the system would look like and how it would work. We get your input and tailor each system specifically to you.
4.
Implementation
Trying your new system on is the critical next step. We have you begin to integrate it into your daily activity. Any change in the way you're used to doing things requires a certain period of adjustment. As part of your system onboarding, we ask you to track how often you're using it, how you're using it and any areas you feel it could be improved.
5.
Troubleshooting
Only you can evaluate how well the system is working for you on a day-to-day basis.. Each week, we discuss with you how the system is working and how it can be improved. We make modifications as necessary because our goal is always to have the system fit you rather than force you to fit the system.
6.
Accountability
We recognize that it's all too easy for advisors to fall back into their old ways of doing things because it's more comfortable. Each week, we hold you accountable to using your new system and we continue the troubleshooting/accountability process until your new system becomes a well-engrained habit.
Succession Planning Coaching
Regardless of whether you’re a retiring advisor at a wirehouse or a RIA looking to sell your business, a smooth transition to the successor advisor is essential to a solid succession plan. It communicates integrity to your clients and helps you leave behind a legacy of compassion and professionalism.
Because no one really likes change, a successful transition plan should be implemented in 6 distinct phases over a two to three-year period prior to the retirement date. Our goal is always to have the transition occur so gradually, that clients barely notice.
Our Process
1.
Phase 1: Two Years From Retirement
Book Segmentation:
The first step is to gain perfect clarity on exactly who’s who in the book by doing a comprehensive segmentation. We have advisors segment their book first by assets and revenue. Then, we have them segment based on a list of intangibles that we provide. We believe both an objective and subjective component is necessary for a truly comprehensive segmentation.
2.
Phase 2: Two Years From Retirement
Appointments Part I:
The primary objective in this phase is to casually introduce the successor advisor and gradually get clients comfortable with talking to both advisors. We utilize a highly structured timeline and protocol we follow for accomplishing this objective.
3.
Phase 3: One Year From Retirement
Appointments Part II:
Phase 3 is a natural result of implementing Phase 2 well. In this phase, the successor advisor accompanies the retiring advisor on most appointments and answers or returns roughly half of incoming client calls.
Another key objective in Phase 3 is to integrate the successor advisor into the client contact schedule. Again, we utilize a highly structure timeline and protocol for achieving this naturally.
4.
Phase 4: 6-12 Months From Retirement
Share The Retirement News:
By the time you reach Phase 4, clients should be comfortable dealing with the successor advisor on a regular basis. Now it’s time to share the retirement news. Decide who needs to be told sooner rather than later, but it’s important to be cognizant of who knows who in your book. The last thing you want is for clients to hear about your retirement from someone other than you.
5.
Phase 5: 2 Months From Retirement
Party Time:
Two to three months prior to your retirement date, it’s important that you host a retirement party for clients. This is much more for clients than it is for you. Good clients need an opportunity to say their good-byes and wish you well. If your clients aren’t the party type, make a list of the ones you’d like to take out to dinner before you retire. The guest list should include the retiring advisor, the client and the successor advisor along with spouses. Good clients need closure in their relationship with you so do not skip Phase 5!
6.
Phase 6: 1 Month From Retirement
Final Appointments:
In this final transition phase, the successor advisor should make a list of clients who would like to meet with the retiring advisor one more time before they leave. The objective of this final meeting is to cement the relationship between the client and the successor advisor. Set these appointments immediately after the party in the final month prior to retirement.