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Transcript

Structured Success Through Proven Processes and Decision-Making From Boardroom to Living Room · The Perfect RIA

• 0:35
  Amber Kuhn: Hello TPR Nation. This is Amber Kuhn. Thank you
• 0:37
  for joining me on today's Follow up Friday where I'll be
• 0:40
  recapping this week's episode highlights and action items. On
• 0:44
  Monday, Matt and Micah were back together after being away from
• 0:47
  recording for some time. The guys shared that they're
• 0:50
  ruthless about effectiveness, but where they see advisors go
• 0:53
  wrong is cutting out steps to do something that may not seem
• 0:57
  important, but those steps end up being critical. This can
• 1:00
  happen when it comes to understanding client
• 1:02
  profitability, surge meetings, your prospect process and more.
• 1:06
  So consider this. You can solve for efficiency and do things as
• 1:09
  simple as possible, but in order to be effective, you need to be
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  focused on solving for a great outcome, and that might mean
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  adding steps to your process. And with a process, you need to
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  consider where it came from and whether every step is
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  intentional and necessary. If someone has a process and is
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  crushing it, then you need to duplicate that 100% and once
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  you've implemented it and it works for you, then you can look
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  to see if you need to modify that those little details
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  matter. Matt and Micah shared a story of an advisor pushing back
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  on a process with running a client ability report and
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  transferring clients, and how it's easy to bring your emotions
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  into it. When you have to remove the names from that list, it's
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  impossible to be objective about your own practice. And really,
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  the only time you want to look at the names with this is when
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  you're doing a report, and you're looking at the names
• 1:59
  without numbers, and any time you see a certain name, you
• 2:02
  cringe. Remember your C level clients are someone else's a
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  level clients. So this advisor that they talked about didn't
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  follow the recommended steps of hiding the names first and then
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  running those numbers. Another example is figuring your gross
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  number or any other real number. When it comes to your finances,
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  you need to know those real numbers so you can then have a
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  discussion about the value that's being delivered with what
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  your clients are paying. Men like I've come across advisors
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  who claim they're making enough money or they're taking enough
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  time off and that they don't need to look at certain things
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  they said once you stop being critical in one area of your
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  practice, it'll spread to every area. Micah shared a comment
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  from Coach Joe Lucas that comfort is the cancer of
• 2:45
  success. Things like this will constantly erode your practice.
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  The guys said that you also need to set deadlines saying probably
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  just means never. You need to have an exact date on your
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  calendar for when you're going to do things. It's easy for
• 2:58
  things to come up and derail your plans. The guys said that
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  the reason people skip steps and processes is because it's hard.
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  You don't know how clients will respond to things like you being
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  out of the office for a while, or what concerns your team has,
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  or hide in the names of your clients when you're doing the
• 3:15
  profitability analysis. But these hard things matter, and
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  you have to be willing to do the work to be successful and
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  transform your practice in your life. Let's get into action
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  items. Get a physical wall calendar and map out your Surge
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  value. Add personal and professional development and
• 3:31
  your family time, and write down your steps inside of your
• 3:34
  processes, or have someone else write the steps down and check
• 3:37
  to see whether you're actually doing the steps you think you
• 3:41
  are. And if you have any great ideas for what you'd like to see
• 3:44
  with the podcast, reach out to us at
• 3:46
  lifestyle@theperfectria.com. On Thursday, Jamie wanted to share
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  her tips on handling decision fatigue and balancing being a
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  financial advisor and being someone significant other. She
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  talked about how with her family, there are some strong
• 3:59
  personality women together, they tend to say some things to each
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  other that can come across as rude or hurtful, but they've
• 4:06
  decided to make a game out of it. This has worked in their
• 4:09
  favor because it adds humor to a situation and to the person who
• 4:13
  the comments are directed towards. Jamie pointed out that
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  there are other options. They could create boundaries, but
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  who's to say that other people are going to adhere to those?
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  And it also creates a sense of walking on eggshells. She said,
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  when families get together and agree to keep the peace for one
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  person, the only person's peace that's kept is that one person
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  so ultimately, in her family, they choose laughter and
• 4:36
  happiness, and they don't let this derail their family. But
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  Jamie said when she does fight with her spouse, it's typically
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  because she's suffering from decision fatigue. She said with
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  being the boss in so many different organizations, she has
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  no problem making decisions, and that she may not always know
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  exactly what she wants, but she knows what she doesn't want, so
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  she's quick to make those decisions that are needed. Same
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  thing with communicating with employees. If there's a
• 5:02
  corrective action needed, she doesn't wait to deal with it.
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  She brings it up immediately in private, so things get corrected
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  on the spot, and the team is on. But where the decision fatigue
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  comes into play is within her own household, especially with
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  her spouse. She doesn't want to make the decisions and have the
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  repercussions if they're pointed out to be the wrong decisions.
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  Jamie talked about how so much of what you do every day is a
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  choice from your thoughts and your feelings to how you present
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  yourself to others and how you navigate your relationships and
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  balance who you are to your clients, your team and your
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  family. You spend the day being the authority with your clients
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  and their money, and then you come home, and you tend to shed
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  that part, and you want someone else to make the decisions.
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  Jamie said, you need to talk with your significant other
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  about this and explain how your day goes and the decisions that
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  you're constantly making, and how when it comes to smaller
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  things at home, helpful, turn that over to someone else. You
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  have to communicate that with them, or they won't know or
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  understand. Let's get an action items. Make a gift. Find joy and
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  laughter in the things that can make your family crazy. Keep an
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  open dialog with your spouse and talk about the pressure that you
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  have during the day. That wraps up this weeks recap. So TPR
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  Nation, if you're looking for more resources. Or if you have a
• 6:20
  question, be sure to email us at lifestyle@theperfectria.com.
• 6:23
  Thank you for joining me, and please share this or any of our
• 6:27
  episodes with another advisor or team member who you think might
• 6:30
  benefit from listening. And be sure to subscribe to The Perfect
• 6:34
  RIA podcast so you don't miss an episode until next time. Happy planning.