Financial Planning Consultants

 


Practice Management Coaching:

Provides a Solid Foundation For Success (covered in 1-3 months of coaching)

Practice Management Coaching, continue or launch a successful financial planning practice.

  • Personal coaching, advice, and motivation on how to get started.
  • A business strategy based on your goals.
  • Expert knowledge on how to develop and grow your business.

 

Marketing Plan Development:  (covered in 1-6 months of coaching)

Identifies Which Initiatives Are Right for You

Marketing is key to business success, but where do you start?  Who do you target?  How do you keep the momentum going? 

  • Personalized consulting on marketing basics including research, plan creation and implementation.
  • Specific knowledge regarding your target client and how to uncover them.
  • Ideas on how to grow your practice on any size budget.
  • Validation and/or advice on your own marketing ideas.
  • Assistance on how to customize a marketing plan that meets your specific financial needs and suits your personality too.
  • Timelines you can follow to stay on track.

 

Client Relationship Management (CRM) Integration:  (covered in 1-6 months of coaching)

Makes You More Productive and Profitable

Technology can greatly improve your productivity and profitability.  If you’re feeling overwhelmed or confused by changing technology, you’re certainly not alone.

  • Knowledge about current version of CRM for the financial planning professional.
  • One-on-one technology consulting.
  • A customized plan and budget to implement CRM for you and your business.
  • Skills on how to update your existing system without huge up-front costs.
  • Insights and advice to prepare a special marketing sequences.

 

Product & Service Development:  (covered in 1-6 months of coaching)

Evaluates Your cost/Benefit ratio

Every successful business starts with the same basic questions:  What do you offer?  What do you charge?  While these questions look simple enough, they’re often very difficult to answer.

  • What is your product or service?  Your competitive advantage?
  • What makes it remarkable and valuable to your clients?
  • How do you make your offering unique?
  • When should you add more services? 
  • What are your services worth?  What is your time worth?
  • How do you explain your value (and justify your price) to your clients?
  • Completion, customize a product and service plan along with a pricing schedule for your practice.


How to Significantly Enhance

Financial Advisor’s Most Important Asset

by Ed Morrow

 

 

What is your most valuable asset? 

It's not your personal investments, your qualified plan accounts, your investment property, your residence, your community position, your key customers, or even your practice!

Your most important asset is yourself! 

Dan Sullivan, president of the Toronto-based Strategic Coach Inc., produced a small book, Focusing Your Unique Ability, where he discussed how you might identify and focus on your best qualities and personal strengths to reach your goals.  One of Dan's tape series dramatized this concept, "How the Best Get Better" - by substantiating that the advisor is personally an asset.  You are the producer of income – the person who offers a unique service, helping people identify and solve their financial concerns!

 

Is this principle applicable to you? 

How true is this for the important members of your firm or organization?  In a financial service organization, personnel are truly a capital asset.  We should consider the enhancement of that asset (personal training, education, and coaching) as a capital improvement.  To consider improvement as merely a business overhead expense denigrates the significance of personal effort.  To consider key people as merely an expense entry implies that significant levels of improvement are not achievable.  Yet, great improvement is achievable, and many leaders can prove it by personal example.

 

How do you enhance yourself? 

How many practitioners learn most effectively in a classroom or professional conference setting?  Some absorb new ideas and facts better through self-study.  Training is almost a lost art in the financial services industry.  Life insurance companies and mutual fund marketers once had large training departments that helped local offices train new recruits.  This would consist of approach techniques, sales presentations, handling objections and closing skills.  Training programs have been diminished, replaced by the dissemination of product and technical information. More product manufacturers and vendors are seeking to use the Internet.  Training in the skills to deliver personal financial assistance is indeed rare today.

 

Training – the foundation. 

When I started in the life insurance business, I realized that financial education would be essential to my understanding and solving client problems.  The wider the scope of problems I could address, the greater would be my opportunity for income.  I soon exhausted the company's training courses and turned to financial planning colleges, professional associations, conferences, videotapes, audio cassettes, teleconferences, retreats, self-studying and more recently, internet research and personal coaching.  These sources were and still are vital.  However, financial practice today consists of far more than knowledge and technical skills – it is how an advisor operates most effectively.  This is especially true for a new person starting out in a very challenging field, without having formed the most effective practice habits.

 

How can a professional go about this process of improvement? 

The answer is that “we” or “they” don’t do it for you!  You must be the architect of your own improvement, on a personal coach, Jack Kinder, had been a successful athletic coach before entering the life insurance business.  A business coach, just as in sports, helps the financial advisor get better and maximize skills.  The coach, as the essential catalyst, can establish the environment for personal success. 

The most successful producers still need coaching.

When we think of sports celebrities, do we assume that they learned everything on their own?  Does Tiger Woods do it all on his own, or does he have a coach?  No, Tiger doesn’t have a coach – he has four coaches.  Did Magic Johnson get better on his own or did he have a personal coach?  In fact, Magic has revealed that he actually has hired six coaches to help him on various aspects of his conditioning and performance.

Does Pavarotti have a coach?  He has an acting coach, a voice coach, a music coach, a language coach and a personal fitness coach.  You may think Pavarotti hasn’t benefited much from his coaching in the fitness category.  Then you might realize he wears 50-100 pounds of costume, sings for 2 hours, raises his voice to be heard in perfect pitch without amplification by 5,000 people - while he is acting in a very demanding role, frequently in a language other than his native Italian.  Personal coaching took Luciano from just a good voice to legendary operatic status.

If these top performers see the need for personal coaching, then how could you personally feel that you don’t need one or two coaches?  You do want to get better, service your clients more effectively, market more professionally and enjoy life in greater abundance, don’t you?

 

Does this really mean me? 

Some are thinking, “I’m a CLU, ChFC or CFP® with X years of experience and extensive financial knowledge and skills – who could coach me?”  You probably don’t need a financial management coach.  You need a business coach - someone to challenge your old habits and to help you decide to make the paradigm shifts - to move to another level of effectiveness to enhance your greatest asset . . . you.

I will help you understand about various types of services available as a practice management coach, I have learned several things while gathering research:

 

  • Very few financial advisors are dissatisfied with their coaching experience.
  • Many report truly dramatic results, both in business revenue and in their personal lives.
  • Quite a number have used multiple coaches to focus on different areas.

 

Making a self-evaluation – are you ready for coaching? 

We have provided two tools, self quizzes that you can take to confirm whether or not you are prepared to accept coaching.  Some people aren’t ready, or at least not yet - and both the time and expense would be wasted.

 


A Coaching Self-Evaluation

Do these statements describe you?

 

You have extremely high standards for yourself - and for those around you.

You want to be the best.

People look at you and think you're successful.  You like that.

You work hard.

You play hard (when you play).

You don't take time off very often.

You're committed to being successful and doing whatever it takes to get there.

People often tell you that you're creative.  Or ingenious.  Or brilliant.

When you achieve something, you don't celebrate your accomplishments because you're on to the next thing.

You get frustrated because other people can't see what you see.

You sometimes think other people aren't as smart as you.

Sometimes you even believe you're surrounded by idiots.  (Go on, admit it.)

Fear of what other people will think sometimes stops you in your tracks.

You want to feel inspiration.  Passion.  A deep satisfaction with your life.

You think maybe that money will bring those feelings.

Sometimes you grow weary with all the stuff you need to do.

The truth is, you're a high achiever.  You are - or want to be - at the top of your game.

 

Do most of these statements sound like you?  If so, you may be an excellent candidate for coaching.


Personal Coachability Test

Instructions:  Write the number in the next column that comes closest to how true the statement is for you right now.  Then, score yourself, using the key at the bottom of the page.  You need to determine if you are at the place in your life where you are coachable.  This test will help you discover how coachable you are at this time.  Respond to the following statements: 1 is for Least True and 10 the Most True, with numbers in between as may seem appropriate.                                                                                  

I am reliable and timely when returning calls and making appointments. _____
At this time in my life, I am ready to accept coaching and change old habits.  _____

I will do the work and let the coach do the coaching.

_____

I keep my word to the coach and to myself without struggling or sabotaging.

_____
I'll be open to new concepts or different ideas and procedures. _____

I will tell the truth to the coach, about my concerns and my progress.

_____
If not happy with results from the coach, I will communicate this immediately. _____
I will no longer let self-defeating behaviors limit my success.  _____
I am prepared to share coaching experiences with key staff and family members. _____
I can afford to pay for coaching and will not regret or suffer about the fee. _____
I feel coaching is a worthwhile investment in my life and business.  _____
I can share the credit for my success with the coach without reservations. _____
Total Score 
_____

Scoring Key:  10 - 35   Uncoachable right now.

36 - 50   Coachable, but be sure about the ground rules!

51 - 84   Coachable and open-minded.

85 - 120 Very coachable.  Ask the coach to demand a LOT from you!

 

Remember this is a self-test.  Be honest with yourself.  It is the most important resource you have.  If you scored 80 or above, coaches are very interested in your success because you are ready to make your life more successful and have a lot more fun.



 

 

Review for Coaching

 

Take a few minutes to compile any of the following marketing elements that you may have and bring these with you to the coaching session.  This information will provide the foundation for discussions regarding marketing your services and identifying how to most effectively retain clients, gather referrals, and increase your flow of highly desirable clients.

 

 

Description of your Information

Have Item

Don’t Have

Your Firm Marketing Plan

q

q

Your client newsletter

q

q

Professional association brochures you use

q

q

Other mailing pieces you have sent

q

q

Announcements of your Client Events

q

q

Business card

q

q

Your firm marketing brochure

q

q

Your RIA disclosure brochure or ADV Part II

q

q

Your RIA Engagement Agreement

q

q

Your current Planning Fee Schedule

q

q

Stationery – letterhead and envelope

q

q

Advertisements you have used

q

q

Copies of Yellow Pages listings

q

q

Prior direct mail pieces you have used

q

q

Prior mass or broadcast e-mail messages

q

q

Description of your desired A Client

q

q

Description of your desired B Client

q

q

Description of your market area

q

q

Postal Reply Cards you have used

q

q

Post Cards you have used with clients

q

q

Post Cards you have used with prospects

q

q

Copy of your audio business card

q

q

Copy of your CD-ROM business card

q

q

Printed copy of opening screen of web page

q

q

Other marketing items

q

q

 

q

q

 

q

q

 

q

q

 

 

Fax to Ed Morrow at:  513.524.5752

Financial Planning Consultants, Inc.

2507 North Verity Parkway, Middletown, OH  45042

P:  800.666.1656  E: Edm@FinancialSoftware.com

 

Home l Privacy Policy l Compliance l System Requirements l Purchase l Contact Us l Demo

Copyright © Financial Planning Consultants, Inc. Financial Planning Consultants, Inc.