Results-Driven Solutions September 2016 Newsletter
by Sarah E. Dale and Krista S. Sheets
ROP=Return on People™
Here is the latest edition of our newsletter for financial professionals. Please feel free to share the content of this newsletter with anyone who can benefit from it. And, if there is anything that you would like for us to include in future newsletters, let us know! We base our newsletter content on your specific needs and what we hear from the field. To submit a topic that you’d like to see in upcoming newsletters, please email us at info@ParagonResources.com or firstname.lastname@example.org.
Highlights from the Annual Financial Planning Association Meeting
Last week we attended the Annual FPA BE conference in Baltimore, Maryland. What a great experience – the content and the crowd were fabulous! Thank you, Financial Planning Association. Krista was a presenter in the Business Rapid Fire session which consisted of six speakers executing the PechaKucha style of presentation. For those unfamiliar with PechaKucha, this is a format where each presenter has 20 slides that automatically advance every 20 seconds! This style ensures that you are concise with your messaging – you have 6.6 minutes to deliver value and impact to the audience! We then offered our industry expertise in the Business Consulting Lounge and provided attendees with the opportunity to seek guidance on teaming, along with others who focused on marketing, social media, cyber security, fiduciary responsibility, and advisor websites. We have dedicated this newsletter to the highlights of the conference, including wisdom from key note speaker, Cal Ripken. As you read through these bullets, contemplate how each one relates to your team and practice. What actions can you take to drive improvement?
- The panel of people who surround you – your TEAM – is directly linked to whether you will achieve your goals and win.
- You must be ‘present’ even when you don’t feel like it! You can’t accomplish anything if you are sitting on the bench. Be present every day in business and in life.
- On assembling your team – take time to vet; you must be involved in the process. You must have both a TALENT fit and a CHEMISTRY fit. Making the wrong decisions is costly FINANCIALLY (in terms of TIME), and can negatively impact your EXISTING team members.
- When a team member is no longer reliable, don’t delay the inevitable.
- Cherish humility; check your ego!
- Make yourself available in good moments and tough ones; you must COMMUNICATE, you must be TRANSPARENT. When TRUST is in question, you risk losing the client relationship and subsequently the assets and revenue. Make communication a top priority regardless of whether your message is positive news or negative.
- On dealing with self-doubt: don’t prolong your slump with obsessive worrying or ‘woe-is-me’ thoughts. Focus on what’s in your control; engage in positive steps to get back on top of your game.
- Unless you are looking to spend 40% of your time on personnel challenges, don’t shortchange the hiring and selection process!
- Are you telling a consistent and compelling story ON-line and OFF-line?
- Are you helping your clients prepare for family transitions?
- As you consider your business, how well are you FINDING new ideal clients, GRINDING out all of the work, and MINDING your client and VIP relationships?
- Are your team members engaged, committed, and endorsing the company in their daily lives? Are they advocates of your practice?
- At what level of productivity would you rate each team member?
- When was the last time you asked your team members about their levels of work satisfaction?
- Are all team members spending 10% of their work week ON the business rather than IN the business?
- You should only connect with people you would call on the phone. Quality is more important than quantity!
- The ‘Advanced Search’ feature is the most useful yet underutilized feature.
- Your photo should reflect business-casual because social media is a casual means of communication.
- Second-level connections are your ‘sweet spot’ for introductions.
- Ask first-level connections for permission.
- Don’t ask for more than 3-5 introductions at any given time.
- core strengths
- preferred communication style
- ideal role and responsibilities
- preferred work environment
- areas of fulfillment
- job satisfaction
Remember that you must KNOW your business to GROW your business! As you approach the final quarter of 2016, ponder the importance of PEOPLE (your team), and then take ACTION. Engage in our assessment tools to help drive awareness around each INDIVIDUAL, the TEAM DYNAMIC, and the BUSINESS MODEL so you then set the stage for making new DECISIONS that will DRIVE your success in 2017! See our Performance Insights Process Solution for more details.
Posted by Krista Sheets on September 22, 2016 in Newsletters, advisor performance, Advisor time, DISC Behavior, FIND GRIND MIND, investment advisor teams, news, newsletter, practice management, return on people, role definition, team assessment, team efficiency, team engagement, teams, wealth advisor team