When Everything is Great, Why Worry?

Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.

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Dear Bev,

I’m having an existential crisis with a few of my advisors. We had our best year ever last year, as many in our business experienced, and things are very strong for 2022. We do great work and have loyal clients and have been benefitting from referrals from a couple of key COIs in the form of estate attorneys here in town. They know everybody and they respect our thorough planning approach. It has been a win/win.

I have been encouraging our team to set new revenue goals and focus on client referrals for this year. I am confident we are working with clients who know people who we could be working with. My advisors have the attitude that if it isn’t broken why are we trying something new? They believe our strong performance is enough and we should keep doing what we are doing.

I believe a practice should always be trying to grow and looking for new relationships and approaches to do so. It is folly to assume because last year worked great that this year will be the same.

Am I too aggressive? Do we stay the course or veer off and try new things? We all read your column and agreed I would pose this question to you so there are no surprises. No one is prepared to change their opinion right away, but we’d certainly consider other input.