Advisor Today - March/April 2016 - (Page 27)
MANAGING YOUR PRACTICE
By Mike Morrow, CFP
Taking Incremental Steps Toward Success
Leverage the tips outlined in this article to move your practice forward, one step at a time.
ome financial advisors make
it look so easy. They continue
to keep their prospect pipeline
full, generate leads and increase
their bottom line even in a less than
favorable economy. I believe that
the key to this success lies in taking
small incremental steps every day
and moving forward toward business
goals, no matter what the day brings.
Remaining positive in this market
environment is challenging, but we
have to be focused on expanding
opportunities and building our
practice. The five tips outlined below
have proved to be important in
helping me achieve success, and can
be leveraged in your business to move
it forward, as well:
1. Control interruptions. There are
interruptions that no matter how hard
you try, you simply cannot control. From
instant messages, emails, phone calls
and someone simply walking through
the door, we are constantly bombarded
with unannounced interruptions. While
these can lead to potential business,
they remove you from what you were
currently working on.
* Take control of distractions that
are destroying your productivity by
trying these useful tips:
* Schedule a specific time to answer
emails and text messages.
* G et to the office an hour earlier.
* Give yourself one hour away from
* Use time-management strategies.
2. Be an early riser. The saying
goes, "The early bird catches the
worm," and there's no exception in the
financial business. Waking up earlier
allows you to start the day with a
victory and set the tone for a happier
and more productive day. Early risers
typically begin their day by prioritizing
what they want to accomplish, which
helps them identify long-range goals.
It is possible for those less inclined
to become early risers with a little
willpower strengthening. Tap into the
Everything in business
and in life is done on an
power that mornings have to offer to
* A nticipate problems.
* Experience fewer interruptions.
* Be more proactive.
* Have greater job performance and
3. Embrace technology. Today's
evolving technology allows us to
bridge communication gaps and
offer great service to clients near and
far. Incorporating new technology
into your management strategy can
provide greater transparency, faster
information and improved service. It
also appeals to the convenience and
responsiveness that clients have come
to expect in this digital age. Reap the
benefits technology has to offer by
incorporating one of these tools:
* Conferencing software such as
GoToMeeting to conduct meetings with
clients who can't make it into the office.
* Power Presenter app for your iPad is
a remote presentation tool for out-ofoffice client meetings.
* The Cloud to safely store client
presentations, documents and account
information to access virtually
wherever you are.
* A ll-in-one desktop computers that
have network-ready hardware that
responds to touch, keyboard and
4. Sharpen your skills. Any skill
requires maintenance and ongoing
development. In the financial industry,
there is an incredible amount of
information you need to stay up-to-date.
Don't lose sight of the importance of
furthering your education. Improve your
skills today by:
* Listening to educational audio programs
* Joining financial associations
* Attending industry conferences
5. Find your niche. To market
yourself as an expert in our fastpaced industry, it is necessary to be
focused and have a plan. Going after
anyone and everyone to grow your
business ultimately will not bring you
much success or credibility. I suggest
identifying your niche market and
immersing yourself in it by:
* Exploring what excites you the most
in the business
* L earning the ins and outs of a
specific field and focus your efforts
on becoming an expert in that area
* Identifying common characteristics
of your current clients and trying to
attract more with a similar profile
There is no secret recipe for success.
It is out there for everyone to achieve
but only through engagement and
effort. Many people get discouraged
when they don't see immediate results.
But remember that we don't succeed
all at once, and we don't fail suddenly.
Everything in business and in life is
done on an installment plan. You can
leverage the tips outlined in this article
to become even more successful than
you were the day before.
Michael Morrow, CFP, is an international
speaker and the author of Leading
Marketing Strategies and The Picture Sells
the Story. Morrow knows what it takes to
build a successful, referral-based business
from the ground up. Many successful
professionals have grown their business
by implementing his marketing strategies.
For more information, visit
March/April 2016 | ADVISOR TODAY 27
Table of Contents for the Digital Edition of Advisor Today - March/April 2016
From the Editor
A Question of Ethics The Details Often Make the Difference
What's Ahead for Financial Advising?
Whos's Saving the Most and Why?
Making the Case for Critical Illness Insurance
Are You a Retirement Expert?
Selling the "Best Plan"
Taking Incremental Steps Toward Success
Investment Strategies for Today’s Consumers
How Tax Efficient is Your Investment and Retirement Portfolio?
Ideas for a Profitable Practice
Crossing the Two Client Relationship Bridges
Working with Muslim-American Clients
Attracting and Serving Today's High-Net-Worth Clients
Becoming a Networking Success
Advisor Today - March/April 2016