Let’s face it. Building a great business is hard work and silver bullets appear to be few and far between. And so, day in day out, we do the heavy lifting, think strategically and build long-term plans. But honestly, sometimes don’t you just want to execute some simple ideas, just to know you’re making progress? Don’t you just want to check a few things off your list without it requiring quite so much hard work? (I’m just going to assume you said “yes” and carry on.)
Some time ago, I launched a free program called The Spotlight and it gives you a back-stage pass to great advisory businesses and the opportunity to learn how these advisors think, understand the tactics they use and access the tools and resources that help them execute.
In the process of creating this program, I hear a lot of great ideas and some of those are ‘quick hits’ – nuggets that jump out and smack me in the face (figuratively, of course). So I thought that every month, I would summarize three of those ideas for you and my only criteria are the following:
- They are great ideas from credible sources
- They can be executed within 24 hours
So here are my picks based on the first Spotlight I did.
1. Build a bridge to the next generation.
Great advisors recognize the importance of taking a multi-generational approach in their businesses; that isn’t new. What is unique about the approach of the most successful advisors is that they see this, first and foremost, as a way to build deeply engaged client relationships and, only secondarily, as a way to retain assets.
The Quick Hit:
Jay Palter is the Chief Engagement Officer for Jay Palter Social Advisory. In the December Spotlight he recommends providing clients with meaningful content that will help their children, or grandchildren, make better financial decisions. He points to www.smckids.com, a financial literacy site for kids created by Warren Buffett, as a resource you can share with clients.
Click below to hear the full idea from Jay.
2. Align your business with your values
Great advisors have a clear sense of their personal goals and values and build businesses that are aligned with both. This takes some work, involves some honest self-reflection and, likely, some guidance from someone skilled in helping to uncover core values.
The Quick Hit.
Katherine Liola is the President of Concentric Private Wealth. She suggests a quick test to determine if your daily actions are aligned with your values. If, like most of us, you catch yourself saying “I just don’t have time” all too often, consider the following exercise. Instead of saying “I don’t have time for <fill in the blank> ”, replace it with “It’s not a priority for me to <fill in the blank>.” What does your ‘gut’ tell you? Are you ok to de-prioritize that activity or would that be contrary to your core values?
Click below to hear the full idea from Katherine.
3. Create team engagement
Great advisors have a clear strategy to engage, train and motivate their teams, acknowledging the role the team plays in driving long-term success. We hear examples of mentoring, training and building deeper personal relationships.
The Quick Hit:
This tip is from me and is designed to give you a place to start when you think about building deeper team engagement. Whether you are just starting or well down the path, consider ‘taking stock’ by gathering feedback from the team. You can click below for a one page sample survey you can use as is – or you can translate the content into one-on-one conversations.
Click below for a quick video describing the idea.
So not all transformational ideas need to be complicated. Sometimes you just need to take the first step. If you use any of these ideas – or something better – please comment below. I’d love to hear what you are thinking.
Thanks for stopping by,