Why you do what you do comes from inspiration.
Inspiration is based on values like communication, listening and wisdom. These are the core of all positive beliefs and feelings. Inspiration is sustainable because it is driven from within.
Motivation is based on unmet needs like recognition, safety and worthiness. These are the core of all negative beliefs and emotions. Motivation is not sustainable because it is driven from the outside trying to medicate the unmet need with people, places and things.
What are the practice management issues that many advisors are facing? No business plan, no goals, in overwhelm and not asking for referrals just to name a few.
Business Plan and Goals – The unmet need of safety generates the negative beliefs of “I don’t have enough time” and “I don’t have enough money” which fuel the negative emotions of anxiety and fear … hence, the advisor is addicted to survival. It is impossible to build a strong set of values, vision, business plan and goals with this happening. A learned advisor said; “most financial advisors are addicted to selling and they will not take the time to build a vision, business plan and goals”.
In Overwhelm – The unmet need of control generates the negative beliefs of “I am out of control” and “no one can do it as good as me” which contributes to the negative emotion of fear. The Law Of Attraction is absolute and with the unmet need of control fueling the negative beliefs and negative emotions, the financial advisor unwittingly will not delegate and if they do, no one will ever be able to do the job as good as them. The unmet needs become their jailor.
Asking For Referrals – Ninety percent of advisors agree that asking for referrals is the number one way to build their business and only fifteen percent actually ask for referrals on a consistent basis. The challenge is the unmet need of approval which generates negative beliefs like “what if they say no” which fuel negative emotions like uncertainty and worry.
“Values are like turtles, they only come out when it is safe”. Unmet needs will dominate ones values, vision, business plan, goals and ability to grow until the unmet need is met from within.”
We discussed blocking out free time, buffer time and focus time for the year and I wonder why you do not want to do this. In a way it’s like the client that doesn’t want to do a financial plan and this could be because subconsciously they could be afraid that there isn’t going to be enough and by not doing the financial plan it becomes a self-fulfilling prophecy; you attract what you avoid.
Although you may have balance in your life, I wonder if your time management schedule looks like that of a seasoned 35-year veteran. The 35-year veteran enjoys the extra time with family and holidays and outside activity because they made the investment in marketing in the early days of the business.
By you blocking out your free days, buffer days and focus days it will make you more conscious of where your time is going and you may very well be comfortable with the free day, buffer day and focus day schedule that you had in 2011 and 2012 carried through into 2013, or not.
To this end please find the following time management documents that should be viewed in this order. As a demonstration by example please note my 2013 Leading Advisor Free Days, Buffer Days and Focus Days Example;
- Time Management Article
- Time Management – 13 Steps to Time Management Article
- Getting Out Of Overwhelm Article
- Manage Your Time Article
- Budget Time Flow Instructions
- 2011 Leading Advisor Free Days, Buffer Days and Focus Days Example
- 2013 Leading Advisor Free Days, Buffer Days and Focus Days Example
- 2013 Wall Calendar Free Days, Buffer Days and Focus Days Template
- Schedule Monday – Sunday Example
This is a tough love conversation. You know the expression, what you resists persists. With a kind heart, all I’m asking you to do is schedule out your free days, buffer days and focus days and schedule in some marketing time. What gets scheduled gets acted upon.
24 Soft Succession Planning Issues That Will Make The 7 Hard Succession Planning Issues 2 X Harder If Not Addressed
Soft Succession Issues
Practice Valuation – What makes the practice worth more or less?
- Business Plan to include Vision, Mission, Objectives, Strategies and Actions
- Computer systems
- Time management plan
- Information management system
- Policies, procedures and practices
- Employee job descriptions and rolls, entrance and exit interviews
- Quarterly review process with employees
- Associate advisors that specialize in life insurance and money
- Support staff that specializes in the life insurance and money
- Client engagement process that includes needs analysis and cross selling
- Client relationship management system
- Client segmentation complete with scheduled review meetings for A, B and C clients
- Marketing plan
- Social media presence on LinkedIn
- Monthly newsletter
- Referral system
- Seminar marketing system
Issues / Landmines
- Why have a Succession Plan?
- Exit strategy timeline
- Selecting the successor
- What are your values, behaviors, competencies, skills? Values are why you do what you do and behaviors are how you do what you do. An advisor will likely attract clients that have similar values and behaviors to their own so the successor will likely require the same values and behaviors in kind.
- Conflict resolution plan
- Keeping clients through the succession
Hard Succession Issues
- Financial plan
- Tax implications
- Contingency plan to ensure survival of the business in case of illness, accidents and that
- Corporate structure and transfer methods
- Business valuation
Welcome back to my blog. My wish for you at the beginning of this year is that you meet and exceed your goals for 2013.
Laura and I have been off since December 22nd and this is our first day back to work and we have a full coaching week ahead of us.
We have just returned from having 16 days off and I plan to write about The 3 Best Time Management Strategies That We Used In 2012 in next Monday’s blog on January 14th.
Until then, here are 22 Business Planning Questions For 2013 to help you to meet and exceed your goals for 2013.
22 Business Planning Questions For 2013
- Where have you been successful in the past?
- What were your greatest successes in 2012?
- What were you most grateful for in 2012?
- How can you expand upon the successes of 2012?
- How did you evolved in 2012?
- Who did you become in 2012?
- Who are the people in your life that have made the biggest difference to you in 2012?
- What were your mistakes in 2012?
- What lessons have you learned from the mistakes you made in 2012?
- What ideas from 2012 did you not act on?
- Which of the ideas that you have will you go forward with in 2013?
- What opportunities exist for you in 2013?
- How can you capitalize on your opportunities in 2013?
- What threats exist in 2013?
- How can you minimize the threats or turn the threats into opportunities?
- What currently works well in your business?
- How can you improve upon what is not working well in your business?
- What doesn’t work well in your business?
- What important things do you want to accomplish or change about your business during 2013?
- How do you solve the problems in your business?
- What items on your list could be accomplished more easily with the help of other people?
- What could you do that would bring more joy into your daily life and what do you need to do to get that started?
To this end, as a first step towards a 2013 business plan, time management, delegation etc., please find the following link to:
- Point Click Plan-the fastest way to create your 2013 business plan – www.leadingadvisor.com/pointclickplan
Please find the following links to understand why financial advisors are not taking action:
- The Values Discovery Process – www.leadingadvisor.com/valuesdiscoveryprocess
- Video – You Know You Know But You Don’t Think You Know – www.leadingadvisor.com/you-know-you-know-you-but-dont-think-you-know
- Video – The Struggling Financial Advisor – www.leadingadvisor.com/the-struggling-financial-advisor