My practice is currently not profitable or efficient and I am constantly dealing with client and administrative problems. Should I get my back office in order first or get some money in the door now and worry about the back office later?

Article ID: 183
Last updated: 20 Nov, 2019
The treadmill you describe is very common. We spend our lives coaching advisors who are in exactly the same predicament to get off that treadmill forever. Follow our process for organizing your calendar. It is well described in your Mastery Series™ 1. Never abandon one important thing in your business to completely focus on another. It’s career suicide. One third to client service, one-third to client acquisition and one third to building and leading your Deliverables Team – what you call your back office. We have the resources, programs, and services to help you with all three. Let’s say that you work 45 hours / week. That means that 15 hours – not a minute more – is invested in client service. 15 hours – not a minute less – is invested in referral-based client acquisition, and 15 hours to running your business. The average Financial Advisor spends less than 2 hours / week engaged in meaningful client acquisition. It does not take long when you consistently do Committed Advisor work to increase your flow of new clients, thus increasing your revenue and profitability and having the money and time increase your efficiency. Your ACC should be working with you to organize your calendar as I described.

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b I recently completed a Financial Road Map® for a referred couple. At the end of the Commitment To Hire Conversation™ they enthusiastically said ‘yes’ to hiring me and we completed the paperwork to get things started. I am not sure if my answer to the couple’s next question was the best response: The client said, "You know I'm the President of Bradford Christian Academy, and as such I need to make financial decisions every day. One of the things we review on every purchase or project and this includes consultants who we bring in from time-to-time. One thing we look at is our Return on Investment. Since the services you provide are not necessarily financial, other than portfolio performance, how would we determine the dollar value of our business together to use to determine the Return on Investment on the relationship?" My response was, "Well Vicki, you and Bob do not have any plan in place now for retirement, college financial planning, and other major purchases, which is what has brought you to this point in our meeting. You are also concerned with your portfolio and how it is invested because neither of you are professional investment people and you're looking for help in that area. You have big dreams and values and right now are not sure how you will achieve them with your current process. So I guess I would ask you, what is the value, monetary value, you would place on a comprehensive plan that would give you the peace of mind to rest knowing you have a plan to give you the highest probability to achieve these items on your road map regardless of what happens in the world?" I felt guilty because I turned the question back to them and they said they would have to think about that answer and hadn't thought about it that way. Do you have a better answer that you would have used? I feel that I did not really answer their question, but I am not sure I could have come up with better answer than that.
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