The Financial Planning Association (FPA) recently released its third practice management research report through its Research & Practice Institute (RPI). The focus is “Client Communication” and the report touches on many of the topics one would expect, such as frequency and type of communication, segmentation of clients and service level and the growing use of technology in communicating with clients. What is found in the report is the same as what I encounter in my …
Last week’s message Get Inspired with Music! emphasized two themes: The need for celebration The acknowledgement that things don’t always go as planned In my work with clients, I encourage them to find a way to celebrate successes. Hard work, diligence and persistence reward us with results. Acknowledge your role in making it happen with a celebration. The magnitude of the celebration doesn’t matter; what matters is allowing yourself to savor the moment and recharge. …
We have just passed the mid-point of the year. I hope each of you are celebrating some successes as you move forward personally and professionally. If things haven’t quite gone as you have planned, set aside some time to review and reflect (helpful in either situation!) and either chart a new course or recommit to your original plans, applying the persistence that it often takes to move forward. Wherever you are, in whatever circumstances, I …
Completing the trifecta of recommended reading on productivity, also known as time management, is David Allen’s detailed book on just how to get things done. I recommend three books when it comes to prioritizing and taking action in your life. Stephen Covey’s “First Things First” which begins with the end in mind (read my book review here). That is, his book helps you determine the truly important things to you, your life and where you …
I selected this book as my latest read as I was searching for a resource for understanding our personal values. A little research on Amazon led me to this book which was a more wonderful choice than I could have ever imagined. Not only does it help us identify what is important to us, it addresses why we feel so time-crunched and frustrated in our lives. This book was a “two-fer” for me. Most every …
How long did it take me to learn to delegate to my horse? Answer: Not long and I am still continuing to learn! There are degrees of delegation, within your business and when riding — and in both cases, trust is critical. In the beginning, I trusted that my horse could put one foot in front of the other on a pretty dependable basis; that is, he wouldn’t fall down. Secondly, I trusted that he …
If you caught last week’s message on how not to control your runaway business, you are likely wondering just how does one delegate to a horse? In dressage, a concept we are confronted with early on is how to move away from our hand-focused way of management and to develop a communication system with the horse that leads to a partnership. Sounds similar to working with your team in business, yes? Delegating to a horse …
Do you ever feel like your financial services practice is barreling out of control? Like a racehorse heading for an undetermined finish line and you are simply a passenger? If you have ever had the experience of being on a horse determined to win the race (don’t tell my mom we raced the horses!) or simply head back to the barn (a horse’s version of, “I’m done!”) you know the choices are limited. Grab the …
A long-time veteran of the financial services industry, Dr. David L. Lawrence has provided a comprehensive overview of practice management in his recently published book, “The Efficient Practice.” In the book, Dave, as he prefers to be called, addresses the concept of practice management and the efficiencies that can be obtained from a holistic approach to the development of a financial services business. Rather like the approach used when creating a financial or investment plan, …
To celebrate our 20th wedding anniversary, my husband and I journeyed to Rockport, Texas to fish the saltwater bays. We don’t own a boat so we hired a guide to take us out for the day. Texas experienced a chilly winter by normal standards and even in early May, the morning temperatures were still in the mid-50’s. This meant that the temperature of the water in the bays was cooler than normal, at around 70 …
Have you heard this one? That text tone that makes the sound of a whistle? The first time I heard it, I turned around. I was in a public space and truly thought someone needed my attention. A friend, a security guard; I didn’t know who — only that it sounded important. Now, I am almost accustomed to the sound. My brain recognizes it as someone else’s cue for, “hey you, pay attention.” How distracted …
In the recent webinar, “Top-Down and Bottom-Up: How to Get Your Life and Business Under Control” (download recording here), one of the first steps was to reduce clutter. This is important for several reasons: To have clear space in which to work and think To focus on the project, task or client that is present To be present with the project, task or client – or family member! Clutter is the remainder and reminder of …
I dismissed reading this book for several years due to unfavorable reviews from friends, as well as those on Amazon. You can find a nay-sayer in every group! While input and opinions can be helpful, in this case I missed out on some great insights that are extremely helpful to those running their own businesses. Don’t disregard the book if you work within an organization. Tim Ferris has dedicated several chapters to help you structure …
Just in time for the upcoming webinar, “Top-Down and Bottom-Up: How to Get Your Life and Business Under Control” the Financial Planning Association (FPA) Research and Practice Institute released its study on time management, “Doing More with Less.” You can find the full report and press release here. The study confirms what I see and experience with my clients on a daily basis. A lack of vision for the direction of the firm results in …
As you come into your work life every day, are you doing the highest value activities? Without a vision it is hard to know, yet so many of us come into our businesses without that clear vision. Quite frankly time is at a premium — so how do you get to the visioning stage? Just as in investing, there are a couple of ways to approach our decision-making process: top-down or bottom-up (and of course, …
What is the first thing you did today for your business? Did you have coffee with a prospective client or draft the quarterly market letter? Was it interviewing a potential new employee or reviewing a client’s financial plan? How is the rest of your day shaping up? Will you be moving the business forward toward your vision or simply making sure your business lives to see another day? As a financial professional, you know that …
We are going to broach a tough topic today, that of Vision. It was the first of the steps indicated for Succession Planning in a recent message. It is also the logical place to start when forming or creating your business. “Begin with the end in mind” is the second habit from Stephen R. Covey’s book, The Seven Habits of Highly Effective People. Did you start your business with the end in mind? For a …
This book made my Top 10 list for 2013. If you haven’t yet read it, I highly recommend you get a copy, particularly if you want to accomplish something. Most people I know want to accomplish something — often many “somethings.” If we afford ourselves the opportunity to get out of our day-to-day task mindset and allow our minds to roam and create, we often find better ways of doing things or new ideas or …
Continuing the message from recent weeks, what plans and conversations have you had around succession planning? Over half of the advisors that I have worked with are focused on this conversation. The remainder is still in the growth stages of their businesses, also a necessary component for those pursuing succession. With all the studies, white papers and presentations by a variety of experts, one would think that selling to a third party is the most desirable …
Last week’s message referenced fatigue and lack of time as a reason so many professionals fail to do for themselves what they do for others. We could stop there, and as many of you likely realize, we would simply be attempting to treat a symptom with the suggestions provided. Not that the suggestions given are not worthy and reasonable ways to have done for you what you do for others; it is that the remedies …