Sponsored by SPSFamily
By Adam Peak
Every year, we attend industry conferences and learn all about new technology and techniques that we could or should be using to make us more efficient and better financial practitioners. We see the value in these tools and techniques. They are presented in a way that clearly demonstrates their strength in deploying them into our practice.
We make the decision, “We need this, and we need this now.” We get back to our offices and soon realize we face an uphill battle. We want to be masters of techniques and software right away…everything functioning at full potential…a true revolution of our practice.
Reality can be harsh.
Our practices could be more closely compared to plants than the inanimate objects we might believe them to be.
When you plant a seed, you don’t expect a sprout the next day. When you finally do get your sprout, it doesn’t necessarily have whatever plant-like features you hope for…like fruit, shade, or beauty.
Similarly, you cannot expect a change in your practice to take effect overnight. It takes time to grow. In your business, you seek staff and process growth as well as client growth. I’m not talking about growing your book, I’m talking about growing your clients’ knowledge. They will learn your new ways of processing information and techniques in forming strategies.
A good example of this growth would be a shift in basing your value for your clients from performance toward goals-planning. You have likely made performance 90% of your quarterly reviews. Moving forward, you can slowly change the conversation from performance to client goals and dreams. Eventually, your clients will be more concerned about whether they should take a 7-day cruise or 10-day cruise!
We know that growing a plant isn’t just sitting and waiting. It takes active participation on our part. We water, we fertilize, and we may sometimes overlook it, but we prune. Yes, I am implying that we need to prune our practices from time to time. It’s quite common for a practice to have too many clients. Just like a bush that has too many branches, the number of clients you serve may be stifling your growth.
So, what should we do?
Plan your business evolution. Set a goal of what the end will look like and then prepare yourself mentally that you will not have a finished result quickly. Allow your changes adequate time to take root. Start immediately on changes that are compliance-related. Then, begin with a small goal. Make reaching that first goal a victory you can celebrate. Use that momentum to move onto the next small goal.
Eventually, you will be able to reflect on where you came from and recognize that you have finally reached the vision you had for your practice when you were at your conference where the newest technology was released, or a brilliant strategy introduced.
Enjoy your evolution!
Adam Peak is a Case Planner and Practice Management Consultant at the SPS Family. The SPS Family consists of Sigma Financial Corporation, Parkland Securities LLC, Sigma Planning Corporation, and BD Ops LLC. These firms, under common ownership and control, provide a unique personal experience for our independent representatives. We define this experience as Independence. Delivered.
Information is for investment professional use only. Not for public distribution.
Learn more at www.sps-family.com.
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