Skip to content
Paragon Resources, Inc.
Toggle menu
  • Home
  • Who We Serve
    • Corporate Clients
    • Financial Advisors
    • Client Testimonials
  • Solutions
    • Corporate Consulting
    • Performance Insights Process™
    • People Insights
    • Business Insights
    • DISC and Motivators Certification with Competitive Edge
    • Speaking Engagements
  • Resources
    • Current Newsletter
    • Building A High Performance Team
    • MapMyStrengths.com Assessments
    • Newsletters & Updates
  • About
    • Team
    • Krista Sheets
    • Sarah Dale
  • Online Store
  • Contact

Results-Driven Solutions: What the Most Successful Producers Are Doing to Be Ready for the Next Chapter

[download]

What the Most Successful Producers Are Doing to Be Ready for the Next Chapter

“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.”

~ William Arthur Ward

Looking back over the last three decades, the industry has experienced dramatic change; looking forward, there is plenty more on the horizon. Are you ready for the next challenges in your business?

To stay competitive and on top of their game, financial professionals must change along with the constant evolution of the industry; high-performance teams are always seeking ways to be the best. Are you fully prepared for the following industry demands?

  • From TRANSACTIONAL to RELATIONAL. The days of making muni bond cold calls to strangers are long gone; financial professionals are now building long-term relationships that often transcend business. Advisors must know more than the basic financial vital signs of their prospects and clients; they now know them both professionally and personally. Many no longer take a pure financial-perspective but rather a life-perspective. Most are no longer investment-centric but rather relationship-centric. There is no doubt that investment transactions of some sort have to occur for a client to achieve their goals and for an advisor to drive revenue. However, the transactions no longer lead the conversation; the relationship and the client’s needs drive the recommended solutions.
  • From REACTIVE to PLANNING-BASED. Advisors are no longer selling random products but rather they are solving client problems. Comprehensive fact-finding is foundational to today’s relationships and nearly all advisors are offering some degree of a financial plan. The lines have blurred between planners and advisors; more and more are “selling” a plan regardless of their title. Investor needs have changed and the simplistic solutions of stocks, bonds, and cash have been replaced with a more complex array to suit changing demographics and new problems for new generations. Reacting purely to available product (such as bonds) no longer drives sustainable success; a proactive, comprehensive plan is a must.
  • From ME to WE. For those looking to provide comprehensive financial solutions and fanatical client service, the Sole Practitioner Model is dying a fast and furious death. There is no way that individual advisors can keep up with new rules, new solutions, CE requirements, and delivering the ultimate client experience – AND continue to grow. One person, or one person and a shared assistant, is not going to work in the future (we would argue that it doesn’t work very well NOW). The teaming trend will categorically continue and collaborative partnerships and groups will replace any old-school, competitive-minded brokers.
  • From SERVING the MASSES to SERVING a NICHE. Financial professionals are no longer seeking ‘anyone with a pulse’ but rather they are looking to focus on a targeted audience. This audience could range from certain demographics to specific industries, and from minimum or ‘ideal’ standards for investable assets to more qualitative criteria. With a focused target market, advisors are recognizing that they can affect more lives, narrow their marketing strategies, gain more introductions, and subsequently drive more revenue.
  • From LOW-TOUCH to HIGH-TOUCH. Thirty years ago, financial professionals typically reached out to their clients when there was something new to position or perhaps to execute an annual portfolio review. Today, teams reach out to say happy birthday, congratulations on your promotion, or even to acknowledge a new puppy in the family! A monthly statement and a couple of phone calls in the 1980s have morphed into forty-plus touch points for top clients throughout the year.
  • From a RETIREMENT MEANS to a SUCCESSION LEGACY. Looking back, there may have been a party and even a gold watch for retiring advisors, but there wasn’t much happening with succession planning or ‘selling the practice’. Most advisors had invested wisely, made plenty of money, and were ready to sail off into the sunset or head to the golf course! Today, advisors realize that their three to four decades of hard work have created a real value, not only in the work they’ve done for their clients, but also a viable business that can be sold. The trend of succession plans will certainly continue as we head into 2017, particularly as the advisor demographic continues to age.

Of course, we would be remiss if we neglected to mention how rules, regulations, and administrative requirements have soared and become more complicated. And with pending fiduciary changes and DOL, the trend continues. So as you look back and reflect on the past and subsequently look forward to the future, IS YOUR TEAM AGILE AND CHANGE-READY? At the bare minimum, consider the following questions during your strategic planning sessions:

  1. Do you have the right PEOPLE in place in each role within the business?
  2. People are foundational to your future success! They can make or break your business, particularly as you head into this new season of change. For help understanding and maximizing your people resources, consider our assessments:

    • MapMyStrengths.com
    • Team Performance Assessment

  3. What will your team do to enhance the CLIENT EXPERIENCE?
  4. You must be able to both articulate your deliverables and demonstrate differentiating service. To review and revamp your service models, consider our book, KNOW Service: Connect with Clients, Shape Your Future, Differentiate You.

  5. What will your team do to drive EFFICIENCY?
  6. Time is your most precious commodity. As you consider the Client Relationship Lifecycle™, is your business systematized? Are you running at optimal efficiency? To gain 360° insight into your current business model and an action plan for the future, consider our Business Performance Assessment and our Practice Management Tools for help in organizing your business.

  7. What will your team do to drive GROWTH?
  8. In a world where cold calls and large old-school seminars are no longer viable, what will your team do to drive your brand in the community and gain new introductions?

Change is hard, but sticking your head in the sand is not an option! To survive and indeed thrive in this new world, you and your team must have a plan. You must get to the root cause of your current pain points and position yourself for future growth. For more information or to get started with any of our resources, call Krista Sheets (770.319.0310) or Sarah Dale (757.258.0008).

If you have any comments or suggestions on how we can better assist you and your practice, please know that we welcome your input. If you are looking for assistance on a specific project, please feel free to contact us so that we can craft the best solution for you using our own expertise or that of our strategic partners.

Warmest regards,
Krista & Sarah

© Copyright 2016. Know No Bounds, LLC & Paragon Resources, Inc., Atlanta, GA

THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY AND WAS CREATED AS A PUBLIC SERVICE FOR THOSE INTERESTED IN THE SUBJECT MANNER. INFORMATION PROVIDED IN THIS DOCUMENT IS PROVIDED ‘AS IS’ WITHOUT WARRANTY OF ANY KIND. The user assumes the entire risk as to the accuracy and the use of this document. This document may be copied and distributed subject to the following conditions: 1) All text must be copied without modification and all pages must be included; 2) All copies must contain this copyright notice and any other notices provided therein; 3) This document may not be distributed for profit.

Related

advisor performanceAdvisor TimeDISC assessmentDISC BehaviorFIND GRIND MINDinvestment advisor teamsnewsnewsletterpractice managementreturn on peoplerole definitionteam assessmentTeam Efficiencyteam engagementteamswealth advisor team

Post navigation

Results-Driven Solutions: Are You Running a “Fly by the Seat of Your Pants” Business?
Results-Driven Solutions: Your AUM Is Up…But Do The Numbers Lie?
  • Resources
  • Current Newsletter
  • Building A High Performance Team
  • Maximizing MapMyStrengths.com Assessments
  • Newsletters & Updates

Archives

  • April 2020
  • March 2020
  • April 2018
  • March 2018
  • February 2018
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • September 2014
  • August 2014
  • July 2014
  • May 2014
  • December 2013
  • August 2012
  • June 2012
  • April 2012
  • January 2012
  • December 2011
  • October 2011
  • September 2011
  • August 2011
  • June 2011
  • April 2011
  • December 2010
  • March 2001

Recent Posts

  • What Will Your Random Act Of Kindness Be This Month?
  • A Message From Paragon Resources
  • The Essential Ingredient to Success: The Team Communication Plan
  • What Is The #1 Thing That Millennials Don’t Want At Work?
  • What Motivates Today’s Millennial Business Major Students?
December 2016
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031  
« Nov   Jan »

Categories

  • Newsletters (51)
  • Newsworthy (3)
  • Updates (1)
© 2011-2023 Paragon Resources, Inc. • 770.319.0310 • info@paragonresources.com • • Web by Equation Arts.