2018 FA Smart Book

Financial Advisor SMART BOOK™ (1 of 9): Align Your Team on Vision & Smart Goals

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Market Success

Financial Advisor SMART BOOK™

We recently published the 2018 Edition of the Financial Advisor SMART BOOK™, 2018 Edition  This resource is a comprehensive guide to help financial advisors build a strategy-led, systematic growth program with 9 proven strategies. The goal is to help advisors:

  • Increase Volume: Generate More Visits & Inquiries
  • Increase Client Value: Get Better Qualified Inquiries
  • Increase Velocity: Increase your Conversion Rate
  • Increase AUM and Revenue: Optimize Engagement for AUM growth and Revenue Impact.

[Strategy 1 of 9] Align Your Team on a Vision & Smart Goals 

We are surprised how many advisors we work with have not clarified a vision or established clear revenue goals and metrics to achieve them. Having a vision and game plan for growth is important for financial advisors to thrive in a challenging marketplace. The Smart Book™ outlines how you can achieve more predictable and sustainable revenue growth by establishing a Revenue Architecture that fits your firm. The key is to commit to a systematic sales and marketing process by following the 9 proven strategies to guide your approach.

 Steps You Can Take to Set Your Vision and Align Your Strategy

    1. Express your vision so that it clearly articulates the essence of the kind of firm you want to be. The vision is a time unlimited guiding star which should be ambitious but not pie-in-the-sky. What are we intending to achieve? Which position (rank, size) in which markets?
    2. Identify top-down revenue goals: current revenue, long-term goal, years to reach goal, growth rate.
    3. Determine CLTV (customer lifetime value) by analyzing revenue mix, number of clients, average revenue per year, retention.
    4. Determine a reasonable marketing budget (typically 5-10% of revenue) based on top-down metrics and your growth ambition.
    5. Consider what you need to improve your pipeline, e.g. Do you need more leads at the top of the funnel (attract stage) or better performance at middle of the funnel (convert stage)?
    6. Consider the ‘DNA’ of your marketing profile and what types of activities will best impact the pipeline, e.g. referral marketing, inbound and outbound marketing, PR/media outreach, advertising, re-marketing, high value content and thought leadership.

Some Tips to Get You Started

Two important tips and best practices for the first strategy — Align Your Team on a Vision & Smart Goals —  concern  your Marketing & Sales Funnel and SMART goals.

Tip #1 – Funnel Model: Break down your funnel into stages that your team can agree. This becomes the language of sales. Based on how your pipeline is performing, consider what areas need to be improved:

  • Do you need to feed the top of the funnel with more leads by building awareness?
  • Do you need to convert more of your leads in the middle of the funnel by nurturing leads to consideration and close?
  • What activities will best impact the pipeline?
  • What marketing resources and budget are required?

Tip #2 – SMART Goals: B To make sure your goals are clear and reachable, clarify your vision and establish goals and metrics that are Specific, Measurable, Attainable, Reasonable and Time-based.

SMART goals provide the clarity, focus and motivation you need to achieve your goals.  SMART goals can also help reach them by encouraging you to define your objectives and set a completion date.

  • Specific: State exactly what you want to accomplish (Who, What, Where, Why)
  • Measurable: How will you demonstrate and evaluate the extent to which the goal has been met?
  • Achievable: Stretch and challenging goals with ability to achieve outcome.  What is the action-oriented verb?
  • Relevant: How does the goal tie into your key responsibilities?  How is it aligned to objectives?
  • Time-bound: Set 1 or more target dates, the ‘by when’ to guide your goal to successful and timely completion (include deadlines, dates and frequency).

For more on this strategy and to explore the other 8 strategies for growth, download the Financial Advisor SMART BOOK™  below.


Financial Advisor Smart Book

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