Hortz: Please highlight for us the specific steps in the path you are proposing for advisors?
Trigleth: The steps are clear and straightforward:
1. Get great at behavioral coaching. Don’t do it ad hoc and untrained. There is rigor and discipline in performing coaching activities. Choose a valid behavioral assessment like DNA Behavior’s suite of behavioral coaching tools and then go through a development program to become an effective coach.
2. Learn the process of innovation and participate in a local innovation incubator of some sort to identify and assess the impact of disruptors. Use business modeling tools like the business model canvas to ideate, test and implement new ways to deliver value to the market. Get rid of annual strategic planning and use this business model innovation approach continuously. This is how you move from vulnerable to always viable.
3. Invest the time to understand all the features of your current systems and technology and then use them creatively. Learn to write out workflows, transcribe them into your CRM’s workflow engine and automate constantly. If you use eMoney and Redtail like a fancy rolodex, you are wasting money and your future is grim. Make your technology platform the backbone for delivering your value promise to the market profitably.
Hortz: There are large mindset and behavioral changes from advisors' traditional practices to this new approach. How do you motivate them to take this journey?
Trigleth: The power of this systemic solution (applying all 3 new abilities at the same time when addressing the six challenges) is in providing a path for success. When people see there is a path, they are less afraid of the future. The good news is that advisor does not abandon their current behaviors, they just bolt on these new abilities and are thoughtful about their use as they address these and other challenges. Advisors are smart, and they recognize change is constant and needs to be addressed. What is needed for wholesale change is a catalyst, like the DOL’s new regulations. This whole conversation could be recast as moving to a successful response to the DOL Fiduciary standards. Take our message and this episodic event and you have created the critical mass need to overcome Advisor inertia.
Hortz: What is your best recommendation for advisors on how to best start making changes in their firms to address these encroaching challenges and opportunities?
Trigleth: Well it is self serving but I recommend Advisors read the positions papers, and watch the short video’s at cannonfinancial.com/advisor-relevance then join in the discussion. It is happening all around. The Institute for Innovation Development is also a great place to learn about and access innovation resources, as is Cannon Financial. And of course I welcome calls and emails. I believe this is a critical time for Advisors and I would enjoy hearing and sharing other’s thoughts.
For further discussions on this topic, feel free to contact Bill Trigleth at [email protected]