Editor’s Note: One of the opportunities of being a digital publication (and one of the challenges as well) is the flexible nature of publishing for the browser on any device. It means we can run longer pieces, how-to guides, and one of the most popular online posts – the checklist. In reality, Ms. Mosher’s checklist below is also easily a list of the next ten articles we might run on The Digital FA. Our addition to what Ms. Mosher outlines below: put this list somewhere you will see it daily. Also remember the nature of the business as a financial advisor – nothing gets done without a plan. Be sure to look inward and work “on” your business in the same way you plan for your client’s financial lives.
We have the pleasure of working with a diverse group of financial advisors that give us the opportunity to see first-hand what makes or breaks an advisory firm. One of the best aspects of our job is to see advisors succeed by implementing and managing key business concepts.
Here is a quick list of components causing some firms to lag behind those that are more successful.
To-Do Checklist for Financial Advisors
- Not reviewing a business plan.
- Not having a marketing plan – and if there is one, check points are not in place to measure progress.
- Not ditching old marketing methods. Most advisors know that a social media presence is critical, yet few have implemented a strong strategy.
- Little to no investment in team development and recognition.
- Not using client surveys or utilizing them properly.
- Wanting to change office culture, but not understanding what their culture really entails.
- Not building a relationship with next generation clients or next of kin.
- Not investing in technology: “Technology will not replace people. People who use technology will replace those that don’t.”
- Not implementing standard operating procedures – those that do, succeed on purpose.
- Not planning for continuity or succession of their firm.