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March 05, 2019 at 07:34 PM
As advisors, we’re constantly balancing multiple clients, navigating strict and volatile regulations and prospecting new business.
This juggling act can quickly become overwhelming.
(Related: Investors Don’t Want to Replace You With a Robot: MDRT Survey)
To keep your practice relevant and up to code, your clients happy and your pipeline full, I recommend a simple process that will help you stay two steps ahead.
1. Gut Check
Our main agenda should always be the client. We should be passionate about discovering what our clients need and providing services that meet those needs. We should also hold a firm belief that we will do what we can to support our clients in their financial goals. To that end, you should be ardent about sharing advice with clients and helping them understand the concept of financial planning. If this does not drive you, ask yourself what does.
Next, take an honest assessment of where your business can grow. Meet with advisors who you admire and ask about their practice fundamentals, such as how they prospect new clients. They may have insights that will help you jumpstart or streamline your practice. Join a professional organization such as MDRT where you can engage in regular conversations and learn best practices from successful advisors. Whether you are a new advisor or have been in the industry for decades, it always pays to embrace and accept that we cannot operate alone in this industry.
2. Visualizing the Future
You should now be inspired by the support and advice from others. With their counsel and experience in mind, look toward the future. Do you have a plan for your practice? Ask yourself where you see your practice in five years. Examine other advisors’ ideas and practices and decide which to implement to achieve your long-term goals.
