Poor Maxwell Smart, the bumbling secret agent of the 1960s TV show, “Get Smart.” He was so clumsy, naive and foolish that he screwed up constantly. Still, he was resourceful enough to always defeat the evil spies from KAOS.
I wish I could say the same about many advisors I see operating today. Clearly, they are fighting for control in a world of chaos. Everything is changing so rapidly—products, regulations, technology, client needs, business procedures—that it’s hard for them to stay current.
Even worse, many appear to lack basic organizational skills. Their self-created chaos spawns errors and omissions that harm clients and kill business reputations. Think about it: When you don’t control your business, you increase the odds of messing up. When this happens, clients will question your competence. From the client’s point of view, one mistake is forgivable. Two mistakes is a problem. Three mistakes is time to start looking for a new advisor.
So how do you exert stronger control over your practice? Here are a few pointers: