So Close And Yet So Far…Are YOU Your Biggest Barrier?
After 20+ years in the industry, we have concluded that Advisors are attracted to the chaos and reactivity of this industry. They have the thrill of the unknown and will get bored easily if the road is too smooth. Often they prefer riding “Mr. Toad’s Wild Ride” each day, but their business is no Disneyland. After just a few short years of churning and burning and increased levels of stress, we often find businesses that are in distress. In addition to this, we are experiencing constant news coverage that reflects the uncertainty of our world, heightened political news, ever-changing technology, undetermined regulation, and so on. The chaos of the hyperactive world that we are now living in can kill you, and your practice, if you let it. While we can’t control the world news, we can control our businesses and the decisions that we make in them.
Juggling too many balls and keeping up with a fast pace for an extensive period of time usually leads to burn-out. It often explains why some teams experience a revolving door of team members and clients. Most great support team members prefer a more structured environment where they can be more proactive, maintain composure, and properly serve others. If teams are placing too much emphasis on urgent and unimportant activities, they can be wasting time on things that don’t produce real results or add value to the relationships. More and more studies are surfacing which confirm what many of us already know – poor or non-existent service is what leads clients to take their business elsewhere, not portfolio performance.
The resolution is to take back your business. You may think that you thrive on chaos, but your business, not to mention your health, is suffering because of it. You need to build a business by design rather than by default to reach the next level of success and to exist into the future. In our Know Service Book, we offer the 5 Steps to 5 Star Service with “ANALYZE” as the first foundational step. Segment your clientele and determine a service menu for each level of your business so that you and your team members can spend more time on the non-urgent AND important activities as the great Stephen Covey recommends. Limit segments to three (or even consider only having two), and provide distinct services based on those levels. You’ve made it in the business. You’ve earned the right to selectivity when bringing in new clients. Clearly define all aspects of your ideal client and build the business that is a magnet to those people.
To build a business that is attractive to your ideal clients, you must determine the proper infrastructure by understanding all of the work that must be done in your business in order for it to run at its optimal level. Clearly delineate the lines of responsibility for team members by capitalizing on their talents. The MapMyStrengths.com assessments objectively determine WHO should do WHAT.
Quit drinking…from the fire hose. Look to how YOU can control the chaos that you have created.
Posted by Krista Sheets on February 22, 2017 in Newsletters, advisor performance, Advisor time, DISC assessment, 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