7 Mid-Summer Reflection Points
St Louis: “I’m going on vacation for two weeks with my family, and this is always a good time for me to reflect on my business,” explained Robert, then asking “What does your research suggest I focus on?”
There are different schools of thought regarding vacations. Some people like to get completely away from it all, some are constantly calling their office, and others find the rest and relaxation perfect for carving out a little time to reflect on their business. I must confess, like Robert, I’m of the later profile.
It is difficult, if not impossible for highly ambitious people to completely hit their off switch. The secret is being able to do a little bit of thinking and reflection that wouldn’t happen in the office, but do so without ruining your vacation and or your summer. Ha! But, it can be done.
The following are the Practice Management Reflection Points I outlined for Robert…
7 Practice Management Reflection Points
1.Client Segmentation – How many clients are on your books? Do you still have too many clients? Is there a way to jettison smaller clients? Do you have minimum standards you follow for accepting a new client? What could you improve?
2.Client Service Model – Do you have a distinct service model for your top clients? Do you have another service model for clients that are still profitable but not your best? Are there distinct differences between your service models? Does everyone in your practice have clarity regarding your service models? What could you improve?
3.Client Loyalty – Are you ‘wowing’ your top clients? Do you know everything you need to know about them? Have you been able to ‘surprise and delight’ them? Do you know their passion points? When was the last time you socialized with each of your top clients. What can you improve?
4.Wealth Management Services – Are you providing comprehensive solutions for the multi-dimensional aspect of your client’s family’s financial affairs? What services have you added as a result of this financial crisis? How have you changed? How do these services impact your compensation? What wealth management services could you add? Have you fully monetized all of your top clients? What can you improve?
5. Rainmaking – How many new clients have you acquired year-to-date? How many of these new clients are greater than $1 million investable assets? What is your net-new asset total for the year? What does your pipeline look like? Do you know how to market your services to today’s cynical affluent investor? Have your marketing efforts been consistent? What can you improve?
6.Personnel – Do you have the right people on your team (in your practice)? Do you have enough support? Do you any underperformers on your team? If so, how are you addressing the problem? Do you have role clarity and performance expectations for each role? Do you conduct performance reviews? What could you improve?
7.Leadership – Do all personnel know your vision for the team? Have you linked annual goal targets to your long-range vision? Is everyone aware of the connection between your annual goals and your vision? Have you explained to each individual how their specific role impacts both your annual goals and your vision for the team? Do you have some sort of a metrics scorecard to help everyone stay on track? Are you on target for your annual goals? Are you on target for your vision? What can you improve?
Now relax. The aforementioned are merely questions geared to stimulate reflection. In Robert’s case, he was going to reflect upon his service model and client segmentation. He still had too many clients and it was interfering with his Rainmaking.
As we discussed this, my suggestion to Robert was to think outside the box, reflect, jot some thoughts on paper and leave it until he returned from vacation. It’s important to understand that reflection precedes action.
Mid-summer is an excellent time to reflect and fine-tune. Everything is a bit slower during the summer, but business does go on. The idea is for your strategic reflection to lead to a few adjustments that will accelerate your pace during the second half of 2010.
Enjoy the summer – but reflect and adjust.
There are different schools of thought regarding vacations. Some people like to get completely away from it all, some are constantly calling their office, and others find the rest and relaxation perfect for carving out a little time to reflect on their business. I must confess, like Robert, I’m of the later profile.
It is difficult, if not impossible for highly ambitious people to completely hit their off switch. The secret is being able to do a little bit of thinking and reflection that wouldn’t happen in the office, but do so without ruining your vacation and or your summer. Ha! But, it can be done.
The following are the Practice Management Reflection Points I outlined for Robert…
7 Practice Management Reflection Points
1.Client Segmentation – How many clients are on your books? Do you still have too many clients? Is there a way to jettison smaller clients? Do you have minimum standards you follow for accepting a new client? What could you improve?
2.Client Service Model – Do you have a distinct service model for your top clients? Do you have another service model for clients that are still profitable but not your best? Are there distinct differences between your service models? Does everyone in your practice have clarity regarding your service models? What could you improve?
3.Client Loyalty – Are you ‘wowing’ your top clients? Do you know everything you need to know about them? Have you been able to ‘surprise and delight’ them? Do you know their passion points? When was the last time you socialized with each of your top clients. What can you improve?
4.Wealth Management Services – Are you providing comprehensive solutions for the multi-dimensional aspect of your client’s family’s financial affairs? What services have you added as a result of this financial crisis? How have you changed? How do these services impact your compensation? What wealth management services could you add? Have you fully monetized all of your top clients? What can you improve?
5. Rainmaking – How many new clients have you acquired year-to-date? How many of these new clients are greater than $1 million investable assets? What is your net-new asset total for the year? What does your pipeline look like? Do you know how to market your services to today’s cynical affluent investor? Have your marketing efforts been consistent? What can you improve?
6.Personnel – Do you have the right people on your team (in your practice)? Do you have enough support? Do you any underperformers on your team? If so, how are you addressing the problem? Do you have role clarity and performance expectations for each role? Do you conduct performance reviews? What could you improve?
7.Leadership – Do all personnel know your vision for the team? Have you linked annual goal targets to your long-range vision? Is everyone aware of the connection between your annual goals and your vision? Have you explained to each individual how their specific role impacts both your annual goals and your vision for the team? Do you have some sort of a metrics scorecard to help everyone stay on track? Are you on target for your annual goals? Are you on target for your vision? What can you improve?
Now relax. The aforementioned are merely questions geared to stimulate reflection. In Robert’s case, he was going to reflect upon his service model and client segmentation. He still had too many clients and it was interfering with his Rainmaking.
As we discussed this, my suggestion to Robert was to think outside the box, reflect, jot some thoughts on paper and leave it until he returned from vacation. It’s important to understand that reflection precedes action.
Mid-summer is an excellent time to reflect and fine-tune. Everything is a bit slower during the summer, but business does go on. The idea is for your strategic reflection to lead to a few adjustments that will accelerate your pace during the second half of 2010.
Enjoy the summer – but reflect and adjust.
posted by Matt Oechsli at
10:32 AM
