The smaller the unit of time, the more manageable-and the less overwhelming-the goal becomes. Step 2: Break down each annual goal into smaller targets New key clients. How many do you need to acquire in the coming year to meet your asset objectives?.That way, your focus is on implementing long-term solutions rather than selling the product du jour. If you focus on assets and ROA-say, for example, 100 basis points for fee based/wrap accounts-then production becomes a subset of the primary goal. Gross production. Production may best be stated or estimated as a function of assets and ROA.New annuitized assets. Focus growth on the type of assets desired with a preference for fee-based/wrap business.As with all goals, be specific: how much in assets under management, and by when? New assets. Assets drive business and move you forward.Here are some sample results goals (again, these are measured quarterly or monthly): Annual financial physical meetings. Review the past year with clients, and strengthen relationships and client knowledge.Financial plans completed. Focus on service delivery, which leads to client satisfaction and retention.Service calls and portfolio reviews. Focus on relationship building, which “bullet-proofs” your current book of business and boosts client retention (resulting in more new business).Prospect meetings. Focus on new client acquisition.Calls to centers of influence. Enhance networking and referral opportunities with estate planning attorneys and CPAs.The first step is setting annual quantitative goals for each metric. Results metrics tell you the number of things you will achieve or acquire as a result of the actions you take. As the names suggest, action metrics lay out the number of things you’ll do. There are two types of metrics: action metrics, which are measured daily or weekly, and results metrics, which you’ll measure monthly or quarterly. Step 1: Define the key metrics that will drive your business forward Here is a five-step process (with thanks to PSB Training, whose ideas partly informed this article) that you can use to set measurable, action-based goals that will enable you to map your route to success.
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The specifics vary, but examples include new assets under management, the number of new key clients you want to acquire in the coming year, or the number of portfolio reviews you are committed to deliver as part of your service promise. There are certain fundamental quantitative goals every advisor or team should have to drive their business forward. The sage old admonition really is true: if you want something to change, you have to measure it.
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Follow-through is the key to success-and metrics are the critical starting point.
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To succeed, you’ve got to do what you say you are going to do. Planning is crucial, but it’s just the first step.
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Success is all about saying what you are going to do, and then actually doing it. There are two key words here: plan and action. It becomes power only when, and if, it is organized into definitive plans of action and directed to a definite end.” In his classic Think and Grow Rich, Napoleon Hill writes, “Knowledge will not attract money, unless it is organized and intelligently directed, through practical plans of action, to the definite end of accumulation of money.” He goes on to say, “Lack of understanding of this fact has been the source of confusion to millions of people who falsely believe that ‘knowledge is power.’ It is nothing of the sort! Knowledge is only potential power. Use this step-by-step process to set actionable, achievable goals that’ll take your business precisely where you want it to go. Horsesmouth Essential: What’s worse than no goals at all? Vague, ill-conceived targets that you can’t measure or track.