Their solution was “playbooks” that detail how Morton Brown handles every aspect of their business. First, they created a business development playbook that explains every step that’s necessary to turn a prospect into a client. They’re currently working on a first-year experience playbook that covers everything that happens after a new client signs their paperwork, from integrating that client on their tech platforms to establishing a regular communication rhythm.

Dennis says the playbooks “let Katie and I keep our hands off the granular details and really empower our staff to create workflows and to create a system that's going to allow us to serve more families as we grow.”

I know some advisors resist this kind of systemization, because they worry about sounding canned or inauthentic. But as the “service as hospitality” model becomes more critical to our industry, playbooks, light scripting and storytelling can help RIA CEOs create a consistent, replicable client experience while still growing at a healthy clip.

4. Create A Community.

“This registered investment advisory space is a very collaborative community,” Katie says. “We've reached out to other firms out of the blue or we've asked for introductions from other people that we know, and we have yet to have somebody not take a phone call. And likewise, we've had a number of people reach out to us too and ask us, ‘How did you do it? Who did you use?’ We started making a list of our resources available to us.”

Today, Morton Brown’s list has grown to include outside service providers for things like marketing, tech and CFO duties. But Dennis and Katie’s network has also expanded into their community in Allentown, Pa.

Dennis explains, “Katie and I are in a unique set of circumstances where neither one of us are from this area. Becoming involved in community endeavors has actually been one of the ways that we've gotten to know the community, the people, the causes, the history of our particular area of Pennsylvania. Before we knew it, it was a tap on the shoulder and someone saying, ‘I have an understanding of what you do. I think I need some help.’ Those taps on the shoulder have just become more and more frequent and we're really so gratified by the caliber of people who have said, ‘I would like advice.’"

Action Step

When I coach advisors I’ll often ask, ‘If you started your business over today with a clean slate and no legacy issues, what would you do differently?’ We then talk about how can we close the gap between their current business and their “clean slate” business. Dennis and Katie were able to literally do that. And while you may not literally start over, you can apply the same concept and close the gap as much as possible.

So, set aside some time and go through the “clean slate” exercise. Eliminate your mental roadblocks that keep you clinging to old ways of doing business that no longer serve you. Embrace the idea that you really can slough off the old and design new ways of doing business that will serve you and your clients in a better way for years to come. You have six months before the New Year starts so get after it now and start 2020 with a running head start.