As we enter a new year it is interesting to reflect on what are the Key Drivers outperforming practices are focusing on.
We have observed that adviser practices can thrive provided there exists the right mindset from the Principal for business improvement & accountability.
We believe the key to success is in a number of Key Drivers.
Key Drivers for Success in 2022
Strategy & Accountability
- Strategic direction documented with clear vision for the Practice
- Business improvement mindset – open to new ideas and willing to implement change
- Accountability – accepting accountability for the actions required to drive the business forward
- Engaging a third party coach and/or a board of advice to assist staying on track
Financial Management
- Fee model based on a minimum of cost to serve plus profit margin
- Fees reviewed annually
- Regular monitoring of business financials
Growth & Value Proposition Alignment
- Well thought out client value proposition
- Defined target market
- Established client & external referral activity driving growth
- Principal maximising time allocation to clients & growth activities
Operations Support
- Support staff structure mixed with appropriate outsourcing
- Adviser is supported by an advice support role (or Associate Adviser)
- Strong focus on process aligned to compliance requirements
- Focus on a strong client experience through ongoing support & service delivery
The successful adviser business owner shooting the lights out is willing to:
- Delegate
- Embrace outsourcing
- Be accountable to your goals
At Futuro we recognise the importance of business support for owners. We offer a mixture of adviser forums & also the opportunity to work with our business consultant on an ongoing basis.
If you would like to know more about how Futuro can help your business, give us a call on (07) 3018 0400 or send an email to info@futuro.com.au.