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Seven Must-Have SOPs

Elite teams are distinguished by their constant state of self-improvement.
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People often ask us what makes an elite team “elite.” Simply put, they live in a constant state of self-improvement, making seemingly small changes to the way they attract and service affluent clients. For example, an elite team might decide that all new clients should get a technology walk-through to help them understand the tools at their disposal. This is a small change, but one of many they’ll make this year. Over time, this creates a competitive advantage.

One of the challenges in replicating this constant state of self-improvement is the tendency for good ideas of today to become forgotten ideas of tomorrow. It doesn’t take much to drop these types of initiatives—a market correction, a sick staff member or a busy period in your business.

This is where Standard Operating Procedures come into play. They help mitigate the idea-of-the-moment syndrome by creating written guidelines for key team functions. So where do we begin? The following are seven key SOPs that serve as a great starting point for systematizing your business: 

SOP: Focus:
1. Client Onboarding    How can we make this first 90 days spectacular?
2. Client Offboarding How do we get the right feedback and leave the door open?
3. Client Reviews How do we create an experience that’s productive and enjoyable?
4. Client Events How can our events build loyalty and create opportunities?
5. Strategic Alliances How can we keep our partners engaged all year?
6. Client Service Model How can we allocate our resources for maximum impact?
7. Team Meetings How can our meetings help us maintain our critical activities?

The team leader may be responsible for creating some of these SOPs, but other team members should be assigned ownership of those linked to their areas of responsibility. This means taking the lead role in creating, executing and fine-tuning these SOPs over time. Remember, elite teams are distinguished by their constant state of self-improvement. These are living, breathing documents. 

@StephenBoswell is President of The Oechsli Institute and author of Best Practices of Elite Advisors@KevinANichols is the Chief Operating Officer for The Oechsli Institute and author of The Indispensable LinkedIn Sales Guide for Financial Advisors.

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