Get it Out of Your Head – 3 of 3

A Strategic Planning Process to Ensure You Are:

  • Unlocking Your Full Profitability and Equity Value
  • Positioned for Anything the World Throws at You


We can, if we so desire, refuse to cooperate with the blind forces that are propelling us.” -Aldous Huxley

take 5 strategic planning approach for financial advisorsWhen was the last time you had a third party help you think things through to get your vision out of your head and mapped out on paper?  Having an expert help you step back to scrutinize your current approach and define your ideal life with an actionable plan can be incredibly liberating.  Pareto Systems’ co-founders Duncan MacPherson linkedin mini icon and David Miller linkedin mini icon have developed and refined a process called The Take 5 Approach that helps advisors rise above the day-to-day, kick their own tires, and look to the future with a sense of anticipation and clarity. Using a 5-step process, including a series of three telephone consultations, Duncan or David will methodically help you identify untapped opportunities and overlooked vulnerabilities that exist within your business and set you on a trajectory to your ideal life.

Your investment to participate in this 1:1 process is $1,450 and unfolds as follows:

To learn more, please contact Ken at 877-359-8020 or at kackerman@paretoplatform.com 


The gist of this Actionable Tip of the Week is very simple; a strategic planning process can reveal where minor adjustments can be made in your business, and highlight that it’s usually minor adjustments that can lead to major improvements.  Very few advisors we work with are way off track, or need dramatic wholesale changes to the way they conduct themselves.  But the adjustments needed aren’t always obvious without a fresh set of eyes to identify them.

Case in point, in our on-going practice management coaching with financial advisors we often remind our clients of this simple fact: being a great financial advisor in and of itself is no guarantee for success in this business.  We have seen time and time again where the most effective advisors with limitless growth and progress potential aren’t necessarily the most sophisticated asset managers.  The common thread however is that they are the most effective at practice and relationship management.

nikola tesla

Nikola Tesla

History provides countless examples in many walks of life that demonstrate the need to possess strong business acumen along with core skills.  One of my favourite examples is the rivalry between Nikola Tesla and Thomas Edison, two inventors who both made enormous contributions to society but also had two dramatically different outcomes in life.  Edison’s company ended up becoming GE while Tesla sold his patents to Westinghouse and ended up dying alone, impoverished, and in debt.  Many argue that Tesla was as good, or even a better inventor, than Edison but Edison’s business skills were far superior.

Clearly I will never trivialize the importance of being a skilled asset and risk manager.  But it is a given that you are effective there.  My point is that there is little correlation between how effective you are as a financial advisor and how successful you will ultimately be in terms of unlocking your full potential.  The days of building the better mouse trap and the world beating path to your door are long gone.  Sure ongoing professional development to sharpen your asset management skills is essential, but do you invest the same amount of time sharpening your practice and relationship management processes too?  They are of equal importance at the very least.

The Gap Analysis

When we conduct a strategic planning process, we remind our clients that there are three numbers that have to be dialed into the combination to unlock their full potential:

  • Be a solid asset manager
  • Be a solid practice manager
  • Be a solid relationship manager

diagnostic approachOur diagnostic approach reveals quickly that the advisor does in fact have a solid process and structure tied to the solutions he or she provides, but there are gaps when it comes to running the business like a business and maximizing client relationships.

Not to oversimplify it, but we often see that the advisor has done 80% of the work needed but is only seeing about 20% of his or her full potential.  There is a vein of gold to be tapped into and its often easily attainable.

From Commodity to Communication

This was revealed recently in a conversation with an advisor who primarily has a B2B (Business to Business) approach as opposed to a B2C (Business to Consumer) model.  This advisor provides group plans and related products to business owners and was spending a lot of time explaining his core solutions to prospective clients, but spending very little time understanding the nuances of each business nor explaining his service model and value proposition.  As a result, he was swimming in a pool of sameness and had an average closing ratio.  Worse than that though was that the quality and quantity of referrals he was attracting was brutal.  After analyzing his communications methodology, branding and service process, I provided some minor adjustments that he could deploy.  Today he spends far more time being interested in the prospective client’s business, outlining his points of difference and setting expectations as they relate to ongoing service – all driven by process.  Business owners understand the importance of process and they can identify when someone is just trying make a sale versus when someone’s focused on the lifetime value of a client relationship.

The Art of Articulating Your Value

Furthermore, this client has started to reframe his relationships with existing clients to ensure they understand and appreciate his current service model, and also he’s now outlining how he will enhance the service provided going forward.  This not only serves as the foundation for a competitor-proofed relationship, but also serves to create consistent advocacy as well.

Continued success!

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