As an expert in the Financial Planning Association’s Coaches Corner program, I was asked to speak on a marketing panel and consult one-on-one with financial planners at the FPA’s annual conference last week in Minneapolis. I also was able to attend many presentations and heard helpful advice given to attendees.

In this article, I provide some of the common threads of advice I gave in those consultations as well as insights from high-profile speakers.

Focus On The Foundation Of Growth

I am the FPA’s coach focusing on business growth strategies, so it’s no surprise most of the attendees I met with came with growth questions.  They all had a sense of the growth rate they want to achieve, but very few had the long-term focus on what the foundation needs to look like to achieve their goals.

Kate Healy, managing director of generation next at TD Ameritrade Institutional, also noted in her presentation the lack of focus on the longer term. The FPA and SEI also revealed a study that showed advisors aren’t adequately considering the rapid changes that will affect their businesses over the next decade.

Healy pointed out the importance of diversity and gave tips about things like running intern programs and mentoring to develop internal talent.  “Mentorships are important to developing talent.  It is time-consuming, but it pays off,” she added.

Healy also cautioned that financial planners should not have the expectation that new advisors, many right out of school, be fully responsible for the growth of the business. “There is no other profession that requires people to get out of college and bring in their own clients,” she said. It is not fair that our industry pushes the ‘eat what you kill’ mentality, she said.

Too often growth is hindered by bad human capital strategies.  “We are notoriously bad in this industry at hiring,” said Healy, because many are often too slow to bring in needed additions to staff to sustain longer-term success.

Be Self-Aware

One of the key things that I found with the advisors who came in for consultations is that they did not have well thought-out plans, even though they are planners by profession.

Many planners do not have time to get to the things they themselves admit are the most important.  Why is that?  Most of us get overwhelmed when we are in the day-to-day rigors of our work.  One minute we get pulled one direction and the next minute we are pull in another.  To be more successful, planners need to take a break from their daily responsibilities and look ahead to the future.

For those that are drowning in work, I advised them to track a week’s worth of work in 15-minute increments.  After that week is over, evaluate where the time goes.  Does it get dedicated to client service, administration, management, sales, marketing, human resources, training, technology, compliance or something else?  For most, the results can be an eyeopener.

Assess The Situation

For many, they do not know exactly what they need to do to be more successful.  They often try to do too many things at once, and as a result, they do not do any of those well.

For these financial planners, I advised them to do a SWOT analysis, usually with all the associates of their advisory firm.  By writing down the strengths, weaknesses, opportunities and threats, first for the firm and them for themselves, it gives a starting point for a business plan.  For the most part, strengths and weaknesses address the current short-term plan, while opportunities and threats can play into the longer-term planning.

It is then a good idea to conduct third-party client research to layer on their thoughts.  By taking these steps, a list of major initiatives should be easy to put together.

Depending on the resources and bandwidth of the firm, the initiatives should be prioritized and the most important items should be the focus.  Other things should be put in a “parking lot” until there is time to get to them.  That way they do not distract the financial planner, but at the same time they are not forgotten.

Balance Personal Needs

Too often business success can come at the cost of an advisor’s personal happiness.  To avoid this very common issue, up front it should be clear what is important so an advisor can have greater purpose, passion and realized potential.

Rabbi Daniel Cohen also spoke on that same concept in his keynote address. He said we need to live inspired, and many of us will look back and say, “Where did the time go?” For that reason, he asked the attendees, “How do we slow down time?”  He mentioned, “Many of us suffer from ‘CPA disease.’  Continue partial attention.”  Instead we should be living in the moment.  He challenged the audience, by asking, “What are we doing today that is worthy of a future memory?”

Mark Twain’s motivational quote was shown on a slide to the attendees:  “The two most important days in your life are the day you are born and the day you find out why.”

He encouraged the audience to be grateful, by exclaiming, “Wake up and say... ‘Thank God I am alive!’”

Be Capable Of More

Kevin Jorgeson, a professional rock climber who climbed The Dawn Wall of El Capitan in Yosemite National Park, spoke on the last day.  Jorgeson’s climb of the 3,000-foot wall was considered impossible, and he told his story to push attendees to discover their full potential.

“We had to constantly put ourselves in a position to fail to know what we were capable of,” said Jorgeson.

“When your ambition exceeds your ability, closing that gap is filled with hardship,” he said. At first you need to expect hardship, then embrace it and finally enjoy it, which “helps you stick with it and see it through,” said Jorgeson.

Mike Byrnes is a national speaker and owner of Byrnes Consulting LLC. His firm provides consulting services to help advisors become even more successful. Read more at ByrnesConsulting.com and follow @ByrnesConsultin.