Certified Financial Planners: Is a Self-Managed Business Possible for You?

A self-managed business is changing how financial planners approach mundane tasks that don’t require their focus, time, or effort. Self-driving cars, coffee pots that brew your morning cup, and grocery store pick-ups have made our day-to-day lives more convenient. But congratulations aren’t in order to promote laziness or a crutch for relaxation in the name of convenience.

Instead, automated systems and self-managing businesses are helping big-thinkers do just that – focus on the big picture.

Are you being given the space in your business to create innovative solutions and find new ways to help your clients reach their goals?

Read on to learn how you can build your self-managed business and what financial planners are doing to create the space they require for accelerated growth.

 

How to Create a Self-Managed Business for Financial Planners

You don’t need dozens of clients to start thinking about how you’ll create a self-manging business as a financial planner. Instead, it’s better to start documenting your processes and shifting your mindset from salesperson to leader.

A salesperson is focused on bringing in more clients, meeting financial goals at all costs, and allowing burnout or overwhelm to take the place of strategic thinking. A leader is purposeful in planning, supportive of their team, and always looking for solutions to streamline internal processes.

So, what exactly do you need to run your self-managed business? There are four key elements you’ll need to address. As you go through them, ask yourself, “could I leave my business for three months with no cell service and know this will be taken care of?” If the answer is no, that means there’s more work to be done.

 

1.   Ideal Team

There are plenty of superstars out there that are ready to help – you just need to find them. It’s crucial you don’t waste time on the wrong hire. If it doesn’t feel right, trust your gut. Your role as a financial advisor isn’t just to advise your clients but also to coach your senior team.

If you do this well, you can focus on the clients that matter, the A clients you love working with, while they manage the day-to-day business effectively and foster relationships with your B, C, and D clients.

To recruit and retain the ideal team whose performance, values, and behaviors align with yours, you’ll need to have a vision of where your business is going. The right fit will need to understand your vision, mission, and purpose to help you achieve alignment throughout your firm and with every staff member your clients interact with. 

If you need help figuring out how to hire your next superstar, read our blog to help you feel confident in hiring slowly, and firing fast.

 

2.   Low-Cost Internal Marketing

A self-managed business for financial advisors doesn’t need a ballooning marketing bill filled with billboard invoices, radio ads, or pay-per-click promises from Google, Facebook, or Instagram. All you need is a system for testimonials, stay-in-touch plans, and word-of-mouth incentives.

An example of this could be a weekly, or even bi-weekly, email that exudes expertise with what’s happening in finance, tips for saving for retirement, money managing hacks, or more. This could include a blog, infographic, video, or any material that you can repurpose for other marketing needs.

Adding in a CTA (call to action) at the end of any social media post or email can help remind people what you want them to do or share it with others. If you’re sending out retirement tips, a simple CTA could be “Forward this email to someone who dreams of retiring early.”

People work with people they trust, and they trust the recommendations of friends and family. Building a great testimonial system is the best low-cost internal marketing strategy that will bring referrals. The double whammy here lies with how you use it.

By having your clients directly post their testimonials to your Google Reviews, you’ll rank higher and drive more website clicks. By posting them, you may spark someone in a similar situation to reach out so you can help them too.

 

3.   The Complete Digital Client Journey

Technology has changed the way people do business and communicate with each other. While this has been an excellent tool for connecting during immense isolation, it has also shifted our mentality to a “right now” attitude.

Combining technology and people to maximize conversion and average client value is the best way to combat this. How can clients access their portfolios? How are they booking meetings with you?

An example of a streamlined process that completes the digital client journey is your yearly or semiannual review. You can automate this process for yourself, your staff, and your client by leveraging technology.

Picture this: Your CRM noted that your yearly check-in meeting is coming up and sends out an automatic email reminding your client and including a link to your calendar (calendly is a great tool for this), synced with your real-time calendar.

This saves the back and forth between your receptionist checking your schedule and your client checking theirs. Your client can simply book a convenient time for them and get a text reminder the day before.

Keep your client experience at the forefront of all business decisions when investing in digital tools.

 

4.   The Ultimate Guide to Plan, Market, Prospect and Close – Live or Virtual

This last year of business may have looked a bit different than usual. Did you close more deals in the office, or were you in zoom mullet attire (that’s right, business on top, pajama pants on the bottom) over your video software?

Whether live or virtual, you need to clearly demonstrate your competence. Also, the return on investment for your clients (ROI) and conduct a needs analysis where you fully understand your client’s goals.

But how can you do that if you’re straining to hear them through a laptop? You can’t afford to be messing around and waste your client’s valuable time. If you haven’t already, invest in great audio devices that won’t distract you and help you actively listen during a meeting. You can’t actively listen if you’re straining to focus on what they’re trying to say through the muffled computer audio.

Only 16% of buyers believed they understood the ROI when being sold virtually in a recent study. It’s time to up your performance game and do an audio check before moving forward. If you have to, you can always chat with our clients on the phone for a clearer message with zoom running for the full visual experience. Learn more about the ultimate guide to plan, market, prospect, and close, whether it’s live or virtual, on our blog.

Are you overwhelmed at the thought of creating a self-manging business? It all starts with just one page that will guide your planning with less time, less effort, and more profit. Learn about our One Page Business Plan and how it’s helping financial advisors protect their greatest asset – their consciousness.