In my last post, the sixth in a series on the process for choosing and implementing the right technology for your advisory firm, we talked about execution and ensuring that the correct resources in both time and money were allocated to ensure success.
Now that we have a successful initial software implementation, it is time to focus on ensuring that the business results that we anticipated are being realized.
One critical step is having a clear process and defined metrics to measure the progress towards the business goal. For example, if you implemented a systematic rebalancing tool that is designed to free up time for your advisors to meet with more clients, we would first decide what metric we want to measure, for example, number of client meetings per week. Once we’ve established what we want to measure, we can determine what the results were pre-software implementation, set a goal for what we would like them to be (e.g., increase by 20%), and then we can measure progress on a weekly basis toward our goal.
In addition to monitoring the business metrics, we may also want to include an incentive such as a bonus or special recognition for individuals achieving the desired business goal. Sticking with our example, if on a 12-week average of meetings per week, we have increased the number of clients we have been able to spend time with by 20%, then we might have a special company event, e.g., a fun day during the work week.