|
SUCCESS
ON ALL FRONTS: THE EFFORT-LESS BUSINESS TRANSFORMATION
When
Teresa became a fee-based advisor in 1981, she was excited
and inspired by the work. She received her CFP in 1984,
and as the years passed she built a solid business. But
around the 15-year mark, she knew something was wrong.
"I
hit major burn out," she told me. She began searching
for a way to re-ignite the passion she once felt for her
job. But the seminars and training programs she attended
all missed the mark in some way. For Teresa, success wasn't
just about money, it was about creating a great life.
It
was around this time that Teresa and I met. She was part
of an education committee conducting research on the top
coaches and training programs for financial advisors.
As she learned more about the Effort-Less Advisor Coaching
Program, Teresa realized that it was a perfect fit for
her needs. She says the program not only reshaped her
life, it elevated her business to a level she never would
have achieved otherwise.
SPIRALING
TOWARD BURNOUT
Teresa
says that, over time, she began to realize something about
herself and her peers. "An awful lot of us were very
unhappy people," she told me. "We were working
extremely hard, we were very committed to the ideals that
bought us into the business, but the idea of trying to
build a business with so little assistance in the area
of practice management became increasingly difficult."
She
explained that during the periods of prosperity, she would
hire more employees and invest in new computing systems
and other infrastructure - all of which added overhead
cost. "The more 'successful' I became, the harder
I had to work to keep up, and the unhappier I became,"
she said. The same was true for her peers. Marriages,
families, friends and personal interests all suffered.
"I
realized there were things that really needed to change
if I wanted to make this the life-long career I had intended
it to be," she told me.
To
breathe new life into her business, Teresa zeroed in on
what she considered her "weak point": marketing.
While her customers were very satisfied, she didn't feel
like she had an organized, strategic marketing approach
to systematically attract great clients. She attended
a number of marketing seminars put on by top producers.
They all emphasized massive marketing activity, aggressive
overselling selling and gross production. But none focused
on the really important things; values, vision and creating
a wonderful life.
"These
programs mirrored the problems I was trying to get away
from," she said.
When
Teresa and I first met she was collecting information
about the top coaching programs for financial advisors.
The information was to be used by an education committee,
but she immediately recognized the relevance to her own
situation. She enrolled in the Effort-Less Advisor Coaching
Program and went on to participate in the second-year
Mastery Program. During this time, she used the five-step
process to create a vision for her ideal life and her
ideal business. Then she started building the business
and the life of her dreams.
"The
idea that I could live the kind of life I chose was new
to me," she said. "A key component of the program
was an inner-driven discovery and transformation process."
TRANSFORMATION
FROM THE INSIDE OUT
Teresa's
first step was one of the most difficult: develop a long-term
vision, and put that vision into words.
"I
was shocked at how difficult my vision was to articulate,"
she told me. "It became clear that my goals and dreams
were too vague to ever become a reality. I was 50 percent
successful because I had strong values and beliefs, but
I would never reach my full potential on such a weak foundation."
She
began gathering information through a series of research
interviews - with her husband, with her staff and with
her clients. Each interview moved her closer to a vision
and mission statement. The information she received also
prompted her to make a number of business improvements.
With
her husband, Teresa discussed the "big picture"
- how they wanted to live their lives, and how the business
played a role. She knew that she wanted more free time,
as well as a business that integrated her personal values.
But to move in that direction, Teresa had to determine
where the business currently stood.
She
asked for feedback from her staff - anonymous if preferred
- about the business and the way it was run. The entire
office also filled out personality profiles. "These
profiles helped us identify our learning and communication
styles so we can build on our strengths and manage - not
try to fix - our individual weaknesses," Teresa told
me.
The
surveys and profiles helped Teresa better understand her
staff, and clarified some decisions. For instance, she
helped one staff member find other employment - a move
that significantly improved the harmony of the office.
The
feedback also encouraged Teresa to create "departments"
centered on the talents and competencies of the staff.
To support this structure, the staff developed policies
and procedures that integrated all aspects of client service,
administration, trading, financial planning and compliance.
Teresa also upgraded the staff's licensing and the firm's
errors and omissions insurance so junior staff members
could meet with clients under her supervision. "This
gives me more time for marketing, networking and entertaining
to attract new clients," Teresa said.
Feedback
from clients also helped Teresa clarify a vision for the
business. "A small group of clients helped me craft
a business purpose statement and the brochure we use for
our business," she told me. "They helped me
find the words that would have attracted them."
The
firm's marketing material openly discusses Teresa's values
of faith and family, and her belief that "you can
have everything you want in life if you help enough other
people get what they want" (Zig Ziglar).
Clients
were excited to be part of the process, and many have
become "marketing apostles" for the firm. "One
of my clients in particular has become actively involved
in introducing new clients," Teresa told me. "She
also sends me newspaper and magazine clips with new marketing
ideas."
RESHAPING
THE CLIENT BASE
As
she worked through the five-step program, Teresa also
revised her service offerings, identified niche markets,
and shifted the profile of her ideal client.
"The
research interviews indicated that my clients were busy
and wanted help with a variety of activities, from taxes
and mortgages to shopping for new cars and negotiating
employment contracts," Teresa said.
To
meet these needs, her firm now offers two categories of
asset management services. One offers typical asset management
and asset allocation services. The second tier offers
a wider range of services for a higher annual fee. "Almost
every new client selects the higher services option,"
Teresa said. "We can meet these higher services through
a network of strategic alliances who are trustworthy and
'client-centered.'"
When
she stepped back and examined her client base, Teresa
discovered that it was quite broad. "There were no
groups I could identify, much less target," she told
me. To uncover more information, she interviewed a small
group of clients who were enthusiastic and responsive
to her business - clients with whom she had a natural
affinity. "I grew more and more excited as I talked
with my clients," Teresa said. "Trends began
to emerge."
For
one, Teresa discovered that she served a large number
of high-level military officers, most of them retired
Generals. "Looking back, I had probably received
more referrals from this group than any other group, but
I didn't identify this pattern because I wasn't tracking
it," said Teresa. "It truly is a growing niche
for my business."
Because
of her father's military service, Teresa says she has
a great deal in common with these clients. "We share
common ideals about the country, faith and family,"
she said. "Serving these clients strengthens the
link between my values and my work."
Focusing
on military officers also helped Teresa upgrade her client
base. Some officers pull in a salary of $400,000 to $500,000
after they retire and set up consulting businesses - and
they enjoy generous pensions and consulting fees once
they retire.
"In
their military lives, everything is handled for them,"
said Teresa. "I can help with the transition to their
retirement lives, when they must make critical decisions
on their own. They often have to operate like entrepreneurs
in retirement. This can be a major change."
Another
niche Teresa discovered: families. "One of the reasons
my client base was so broad was because we often received
referrals within family groups," Teresa told me.
"We realized families can be a niche of their own,
and we started to perfect our outreach to this group."
Now,
Teresa's firm regularly reminds clients that some of their
best work is with families. Since the business began focusing
on this target market, referrals from family members have
risen 60 percent. And because these clients are often
served by Teresa's staff members, they receive high quality
service without requiring a great deal of Teresa's time.
Identifying
target client groups was just one step in reshaping the
client base. Teresa also categorized her clients as "A,"
"B" or "C." And she quickly discovered
the most populous category was "C." By transitioning
most of the "C" clients to other, more appropriate
advisors - such as her junior staff members - Teresa was
able to dramatically shift the make-up of her client base.
Though the total client count stayed the same at 145,
she more than doubled her number of "A" clients.
Now,
Teresa has a number of programs to keep her business top
of mind with these clients. She developed "Special
Activities Surveys" to learn more about client interests
so she could provide the right information and plan effective
client-related events. In addition, "Customer Satisfaction
Surveys" solicit feedback on what the business does
well, and where it needs to improve.
"We
actively call clients and listen to their needs,"
Teresa told me. "I have been surprised at how clearly
my clients can articulate the future they desire. They
just need 'permission' to do so, and a good listener.
Clients know when they meet someone who genuinely cares
about them."
RESULTS
ON ALL FRONTS
While
the number of Teresa's clients - at 145 - has not changed,
the profile of clients certainly has. Teresa now manages
roughly $39 million, up from $18 million before she started
the Effort-Less Advisor Coaching Program. "That's
looking at current market value," she said. "So
considering the tough market conditions, the increase
is probably more."
Despite
the difficult market, gross income for the firm has increased
20 percent - a significant leap. And the average account
size for new clients is $1.2 million, up from $350,000
in 2000.
But,
as Teresa noted, financial improvement is just one measure
of success. Based on her research, she also decided to
establish a home office in Austin, about 90 miles from
her existing office - a move that fulfilled one of her
husband's dreams. This not only helps balance her life,
it also allows her to tap into her husband's contacts
in the area - a valuable source of new business.
With
the business so focused, referrals are stepping up as
well. "About 98 percent of our clients come from
referrals now," she told me. "We used to get
one or two referrals per year from a happy client. Now
we get half a dozen introductions from one client."
The
success that she has experienced spills into other aspects
of life, as well. "I have begun to realize the freedom
of not being in the office all day every day," she
said. "My husband and I love to entertain and socialize
and now we have the freedom and flexibility to enjoy life.
We are often approached by complete strangers who say,
'You look so happy. What do you do that makes you so happy?'"
She
says she is at more peace with her job, which "smoothes
out" the rest of her life. But she didn't wait for
luck to strike, and she didn't just hope that everything
would work out. She took action - and through a systematic
approach, she reshaped her job into a business that she
is passionate about.
ADVICE
FOR READERS
Teresa
told me that my coaching program required a lot of work,
but created lasting change. While she had incorporated
bits and pieces of seminars she previously attended, the
Effort-Less Advisor Coaching Program helped her transform
her business to fit her values, her life and her vision.
"This program helped me find my center, then build
my business from that," she said.
For
Teresa, the second year - the optional Mastery Program
- was when she really hit her stride. With the foundational
work behind her, she was able to fine-tune many aspects
of her business.
"The
first year, I was in a cyclone of activity," she
told me. "I made some important changes, but the
second time around I'm actually getting more out of the
program because I have the time to give it the attention
it needs."
In
a business that can be quite stressful, Teresa has carved
out a niche of peace and prosperity. The endless days
of working are gone - along with the burn out they inspire.
"This
program changes you as a person. It changes your business,
how you interact with family, friends, clients and business
associates," Teresa said. "It's making me the
person I always wanted to be."
|
