Throughout this blog series on Accelerating Advisor Success, we have highlighted three critical success factors:
❶ The importance of helping advisors build better businesses
❷ Aligning advisor readiness and goals to the appropriate strategies and resources
❸ Developing a consistent operating rhythm with well-defined KPIs to measure execution
Leading financial institutions are developing Advisor Success Platforms — a set of tools, resources and software for advisors, coaches and leaders to interact and share the progress each practice is making towards its goals. These platforms help advisors and financial institutions clearly define and meet their goals in a manner that is consistent, scalable and auditable.
With the right platform in place, coaches and leaders can provide timely and relevant content and support to the advisors who need it most. The underlying process of identifying and filling gaps ensures greater understanding and more effective use of finite resources. When effectively deployed, an Advisor Success Platform enables advisors to succeed and financial institutions to recruit new advisors, grow existing advisors and retain the advisors they most value.
The most successful financial institutions have an effective business planning process and continuously monitor their progress to ensure that they achieve their business goals. Each institution will take a different journey. The most successful financial institutions consistently leverage these best practices and embed them into their advisor success platform. The time and effort you and your advisors invest in working on your businesses will be well worth it.
| Accelerating Advisor Success Checklist | ||
|
More Effectively Help Advisors Meet Their Business Goals |
Increase Use of What Your Financial Institution Already Owns While Expanding Into New Practice Improvement Programs |
Enhance Corporate Management to Meet Institutional Goals Through Management of Advisors and Programs |
|
– Assess Readiness and Segment
– Help Them Set SMART Goals – Translate Goals into Actionable Tasks – Establish Key Performance Indicators – Execute the Plan and Track Results – Benchmark and Iterate on the Plan |
– Create an Inventory of Programs and Monitor Usage – Focus on Adoption of Advisor Platforms Rather than Adding Functionality – Improve Client Engagement Through – Enhance the Client Experience – Establish an Accountability Process |
– Deepen Advisor Engagement
– Evaluate Your Use of the Four – Assess Institutional Knowledge – Assess Manager/Coach Readiness |
AN INVITATION TO ASSESS YOUR FIRM’S READINESS TO ACCELERATE ADVISOR SUCCESS
To learn how you can Accelerate Advisor Success, we invite you to take advantage of our interactive assessment tool using our SuccessPro™ platform. The assessment will score your firm’s overall readiness, and across each of the following three dimensions:
❶ Help advisors meet their goals
❷ Practice improvement programs
❸ Manage to success
Your results will include a customized analysis that outlines specific recommendations for your financial institution. Call me today for priority scheduling of your targeted assessment.