Several times in the past week, I’ve had consultations with financial advisors who ask me “What should I focus on? What should I be doing?” as if I had the magic answer to everything. Well, I do have the answers. After coaching in the financial advisor space since 2004, I’ve seen it all! Good advisors who have too many clients. Talented advisors who don’t have enough clients. Advisors who want to earn more to provide a better life for their families.
Productivity or Prospecting?
So I usually have to ask, is this a question about productivity or is this a question about prospecting? We’re all busy running our business day to day. It pays to be productive and know the daily tasks you need to accomplish, not to mention having a model workweek as a process to follow.
If it’s a question about what you should be doing in order to be better at prospecting, that’s a different issue entirely (here’s a link to 39 Prospecting Ideas). Focusing on prospecting involves being very strategic in your approach. If you get to work and wonder, “What should I be doing? Do I pick up the phone? Who do I call? How do I get more clients through the front door?” then, it’s definitely about prospecting.
Do you have goals?
So I usually respond with “I don’t know where you should be focusing. What are your goals?” When you started the year, did you sit down and purposely create a strategic direction for the year? Because if you haven’t engaged in purposeful planning, then you are just clutching at straws.
Questions I may ask
- What are your income goals?
- What are your goals for new investable assets?
- How many new ideal clients would you like to attract?
- In the past year, where did your top five clients come from?
- What is your close ratio and what do you want it to be?
- What NEW prospecting strategies do you want to implement?
- What does your business brand look like and how do you want to change it?
What should I focus on?
Once you become more strategic, you will get a better idea of what you should be focusing on. But even then, you may need help in accomplishing your goals. Not all financial advisors can do this on by their own volition. Even the most successful advisors you read about in Investment News or Registered Representative have worked with a coach because they realized that, “You don’t know what you don’t know.”
One of the benefits of working with me is that you are coached into having a renewed focus on your practice and achieving your goals using Business Coaching as your process.
If you want to know what you should be doing, contact me for a consultation. You have to start somewhere!