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 …
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 …
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, …
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 …
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 …
Most professionals will agree that their lives often lack the benefit of the very service they provide to others: the attorney without a will; the doctor who hasn’t had a physical in years; the accountant who files his own return at the very last minute (extensions included!). Even the farrier who cares for my horse’s hooves admits that his own horses often go quite some time without a trim. A recently released report from the …
That is a bit of a strange title for a Top 10 list, I admit. Yet as I looked back on the year, these tools had the most profound effect on my work and personal life, with the exception of one. As we come to the end of the year and gift giving season, some of these may make planning for next year simpler or provide that last minute gift idea. iPhone 5s and Siri: …
Leaving a breakfast meeting earlier this week, I passed the office of a gentleman I had seen just over one week ago. We had spent extensive time together visiting with each other and our spouses over meals on the Thanksgiving Day holiday, as we were guests at the same duck hunting camp (in case you missed last week’s message). As I passed by his office, I was struck by the fact that as much time …
In a recent coaching session, a client shared that she felt she should be lying on a couch, like in a therapist’s office, as she shared her hopes and fears, frustrations and challenges. It might surprise you to know that I hear this quite often. I am not a therapist and have not studied therapy, so therefore I could not be practicing therapy as I am not quite sure I would know how — given …
As we quickly move toward the holiday season, our thoughts turn to making sure we close out the year strong, particularly for business. At the same time, we also begin thinking about the next year. Many of you have plans for off-site strategy sessions to chart the course for the year ahead. I encourage you to include time to reflect on the current year. This is the place to grow. Sometimes we don’t want to …
First Article in the Series: Pulling It All Together If you have followed these messages from the first of the year and taken action on the steps provided, you now know: Your Passions: The people, things and activities that reflect your highest aspirations Your Strengths: What you do best with ease and grace Your Values: How you do what you do Your Ideal Client: Who you serve best who values and appreciates what you do …
Now it is your turn…to provide feedback! Each month I host the Expert Series Interview as a means to share resources and knowledge with you in building your business or your life. The interviews began in July of 2012 and have featured a variety of speakers and topics. We asked for your feedback earlier this year and we want to thank those who participated. We learned that we were on target for most of what …
In addition to helping my clients recognize and seize their potential, I also work to do the same with my horse Usache as we train in the art of dressage. Since training horses is not my profession, I seek expert guidance from my trainer, Marie Morgan of Solstice Farms. In a recent lesson learning a movement on the ground we had never done before, I asked for Marie’s feedback. “Are we doing the right thing …
Eighth Article in the Series: Efficiency and Productivity “Can I give you some feedback?” This question strikes fear in the heart of most of us, yet it can provide us with invaluable insight if we are open to it. Last week’s topic dealt with Building a Client Experience by asking for feedback from our clients. In terms of feedback, it is a bit easier to swallow if we initiate and ask for the feedback. We …