The Shift from Practice Management to Improved Performance

Over the past twelve years we have been working with financial advisors focusing primarily on practice management. During this period, we have worked with some major influencers, through both formal and informal relationships.

One major influencer was Michael Gerber, author of The E-myth Revisited and CEO of E-Myth Worldwide.? As Certified E-Myth Consultants, we were taught:

  • Most people who start a business are not really entrepreneurs, but technicians suffering from an Entrepreneurial seizure
  • The importance of working on your business, not in your business,
  • The sole purpose of building a business must be to sell the business, otherwise you will never have a business to sell
  • Businesses that are built with a strong foundation of systems, like McDonalds, will produce exceptional results

When we look at most coaching practices, like E-Myth and those who focus on the financial advisor market, most are practice management focused.? This was a natural evolution and the path we chose in 1998.? Financial services and wealth management are relatively new industries and approaches and systems have been under development, especially over the past five years through recent technological developments, especially CRM providers.

Over the past ten years, technology has simplified practice management.? Ten years ago, segmentation involved producing paper reports of client assets, scanning them into a spreadsheet (which was pretty advanced) and sorting them into categories.? Today this information is much more available and segmentation is a simple process.

CRM is the logical home of business systems and processes.? Today, programs like Redtail, Junxure and eMoney can provide advisor access to critical information about their businesses and have created systems or automated processes that allow advisors to complete these and other tasks with the push of a button.? Firms, like McDonalds, have technological systems in place for making the perfect french fries and staff members are trained on using the technological solutions.? Systems and processes get amazing results when automated.? CRM is the best solution for automating business systems, especially in service firms.

Advisors should focus their attention on having their teams learn to use their new technology effectively.? Redtail recently introduced Redtail University, where advisors and their teams can attend full-day sessions to learn how to use the programs and run the systems effectively.? Genworth Financial Wealth Management has been running two and one-half day practice management boot camps since 2000.? We think these types of organizations are the natural new home for practice management.

Advisors should now turn their attention to the new key drivers of advisor success ? Personal Performance, Relationship Performance, Team Performance, Client Performance, Business Development Performance and Business Plan Performance.

Central to this new Performance approach is Understanding People Before Numbers.? We believe this is the missing link that has resulted in underperformance in each of the performance categories above.

Before you can build a high performance practice or business, you need to understand your natural talents, identify your core life motivations and establish goals and a vision that are connected to who you are.

Performance is about making committed decisions ? decisions about your life and your business that allow you to effectively deal with lifes interruptions.? It is about setting a path forward that you can set out on every single day with confidence and enthusiasm.? Before you can achieve this, you need to understand your natural talents, core life motivations, set your goals and have a clear vision of where you want to be in the future.

To have a happy and successful business, you need to interact with team members and clients who share your values and understand their natural talents and core life motivations so you can help them make more committed decisions and achieve their goals.

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1 Comment on "The Shift from Practice Management to Improved Performance"


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Darius CFP
8 years 10 months ago
Spot on with this write-up. Thank you for your post.