Evan Simonoff, Editor-in-Chief
[email protected]
Managed Accounts Quarterly
Editor's Note
Dear Readers:
Welcome to the first issue of Managed Accounts Quarterly. In these pages, you‚ll find as much as we can squeeze in about managed accounts and how to build your business. We‚ll include marketing, education, research and more, but instead of telling you about it here, read for yourself. Let me use this space to give you a little info about getting started with a business plan, which I believe is the first step in helping get you on track.
Veteran trainer and coach Steve Drozdeck, whose article on Mega-Advisors is in this issue, insists his clients have a new business plan each year, and they review the plan every few months. Joe Lukacs, who coaches top advisors and brokers, says before starting your plan, you need to be honest with yourself if you want to create one that will work. Here are a few key questions he suggests you ask yourself:
• Am I willing to change the way I do business?
• What type of person do I have to become in order to accomplish my goals?
• Do I have a compelling reason and need to change?
• Will I commit to turn my plan into action steps?
• Am I ready to push my business into new territory?
Says Joe, "A mistake many financial advisors make is to ‘rush‚ their planning process. By not allowing sufficient time to write down compelling goals, you rob yourself of an excellent opportunity to gain clarity in what you want to accomplish. Another mistake is to create such a large document that it could be used for obtaining a bank loan! Keep your plan as short and simple as possible."