Building your advisory business, Part 3: Creating a system for success

Something that I am asked by advisors over and over again is what ideas have you heard? or its cousin, what’s been working out there? It’s great to see advisors learn from each other and show willingness to grow and adopt new practices. However, I frequently have given an advisor an actionable idea and when I ask about it later, they mention they tried it a few times but didn’t continue. When I ask why, they don’t have an answer.

One of those ideas I have suggested is how to capture uninvested cash. I went through the idea with an advisor in Hillsboro, Oregon, not long ago. This initially resulted in some cash flow from the advisor but after a month or two of inaction, I called to ask if he was still using the idea. He said, no—but I need to get back to it.

This reinforced my belief that advisors generally know what they need to be doing. The magic ingredient for success is doing it consistently.

For me, establishing a system and using it consistently helps tremendously. It frees up my time because there is less guesswork about what I should be doing. It results in more sales, because if I keep moving the right balls forward, I’m always filling up my pipeline. Lastly, it gives me a sense of fulfillment week after week, knowing that I have done the right things.

Here is one way to create a system for repeatable and consistent success.

Step 1

List every activity you can do during a given week. Don’t worry, my first two blogs give you a good start.