Do the One-Percenters
It’s part of the sporting coach’s lexicon: “Do the one-percenters!” These are the little acts, on and off the field, that in aggregate are sometimes the difference between losing and winning.
There wouldn’t be many professional sports coaches that don’t support the mantra. But does that coaching slogan apply to running a financial planning business? The answer is a big YES. It’s often sold to us in terms of continuous improvement, skill upgrades, process upgrades, technology improvements and keeping an eye on the detail. Do these small changes really add up to much?
Remember 10 changes of 1 percent = 10 %
which is massive generally in the context of critical issues such as productivity, adviser time or client numbers.
One of the most critical dimensions of any financial planning practice is about the People employed to deliver services. Let’s look at some specific examples of several one-percenter tips that are relevant in a typical one – two adviser financial planning practice.
People – One-percenter tips
• The adviser role in the practice should be focused on clients and building the business. In many cases we see advisers spending a lot of time working on administration tasks, and then finding it difficult to make time for new clients.
• Does each staff member have a specific role that they can feel they can make their own? Organisation within a business, like a sports team is crucial to efficiencies. Having a position description for each role and clear objectives on how you will assess the person’s performance are a good start.
• Engage your staff in business improvement discussions.
• Are you expecting staff employed for client service and administration to be technical specialists? If so do you have the right people in the right roles?
• Be open to what the appropriate method of support is best for your practice. Could you rethink your financial planning process and outsource some/all of our administration and paraplanning, therefore only paying for what you need when you need it?
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