Successful financial advisors know that to remain competitive, they need to focus on the growth of their business.
From our conversations with advisors across the country, we’ve identified several essential priorities to consider as you plan for the year ahead.
Define your business growth strategy
Successful advisors know the importance of following a plan, but for many, this can be challenging. Do you have a short- and long-term plan to lead your business to the future? Here are some questions to think about:
How closely did you come to meeting last year's goals? Did you stick to the plan? Were there gaps in your plan?
Was your organizational structure aligned with your goals? Did your tech stack deliver on meeting the needs of your clients and your team?
Did your operational processes create seamless client experiences?
Did you get in front of your ideal client? Did you expand your COIs?
What are your plans to take your business to the next level over the next 12 months?
Get specific when it comes to your business growth goals. From timelines to concrete numbers and details on what you want to accomplish, know that a well-coordinated plan will help you move that much closer to your vision for the future.
Build your dream team
Many advisors assess their teams at the beginning of the year. Do you have the right team in place to achieve all your objectives? How might you measure the strengths and weaknesses of your existing team?
As the advisor, you have the vision, but do your employees articulate your value proposition in their daily interactions with clients? Are you empowering your team to do what you’ve hired them to do – by giving them the right amount of autonomy? You must ensure that each team member is fulfilling well-defined responsibilities and can grow and develop a career path.
Beyond your employees, have you given thought to building a business succession plan? Proper succession planning protects your clients’ interests as well as the interests of owners and employees. Many successful financial advisors believe succession planning should begin at the founding of the firm so that you can address the full cycle of business needs. It’s never too early to start formulating your business transition plan.
How Beacon Partners can help: Business Consulting Services
At Beacon Partners, we can help you chart your course to a productive year ahead. From objectively assessing your goals to assembling a productive team, we have the background and expertise to help you grow.
Our disciplined and comprehensive approach is what makes the difference. It’s a six-step process that serves as the foundation for each business consulting relationship:
Discovery. Through in-depth conversations, we get to know you by learning about the complexities of your business and the challenges you face.
Determine scope. Together, we define how we can help you drive your priorities and the growth of your business.
Analysis. We conduct a full review of your business – from structure to financials and pain points that are keeping you from achieving your goals.
Develop your customized action plan. We present an in-depth strategic plan and the navigation to bring your plan to life.
Engagement. Once our formal business partnership begins, we work closely with you from start to finish. For your more specialized needs, like succession planning and business valuation, we bring expert centers of influence to the table – to help you connect with top-tier specialists.
Conclusion. At the end of our engagement, we assess your progress and provide you with a plan for ongoing growth and fulfillment.
Your goals. Our customized solutions.
Let us help you get started with the right strategy to support your firm’s growth. Call or email us today to begin Your Beacon Journey.