Latest / The Efficient Advisor: Tactical Business Advice for Financial Planners / 164: Ideas to Implement - Common Themes Among Successful Practices & One-Page Financial Plans with Matt Jarvis

Transcript

164: Ideas to Implement - Common Themes Among Successful Practices & One-Page Financial Plans with Matt Jarvis · The Efficient Advisor: Tactical Business Advice for Financial Planners

• 0:00
  Speaker 1: Welcome back, gang.
• 0:01
  Speaker 1: I am so glad you are here.
• 0:03
  Speaker 1: Every week, I want to create a follow-up episode that is short, sweet and all about the action steps from this week's longer podcast.
• 0:12
  Speaker 1: So the objective is, every week, that I want to distill the episode down into really just a couple of bullet points that I want you to be able to act on and implement immediately in your business to make a big impact.
• 0:26
  Speaker 1: I am your host of the Efficient Advisor, libby Greiewee, and I built a 100% referral-only planning practice and grew it to seven figures as a solo advisor, all while working just three days a week and taking off 14 weeks a year to lean into being a mom, a wife, a friend, a sister, a daughter and, frankly, a travel obsessed human.
• 0:44
  Speaker 1: And I'm here just to walk alongside you and to show you how to do exactly the same to help you take immediate action on the most important strategies for scaling, organizing and creating less stress and overwhelming your business.
• 0:57
  Speaker 1: We are about to transform your practice, so move over exhaustion and get out of the way.
• 1:02
  Speaker 1: Advisor ADD.
• 1:03
  Speaker 1: It is time to take that one right next step to build a business and a life that you love.
• 1:10
  Speaker 1: So this week's episode, my friend Matt Jarvis from the Perfect RIA was back on the podcast and Matt and I were talking about a couple of different things.
• 1:19
  Speaker 1: We were talking about commonalities and kind of common trends and themes that we see amongst successful advisory practices.
• 1:27
  Speaker 1: And then I'm gonna leave you to fill in the blank for how you define success.
• 1:31
  Speaker 1: Some advisors listening will be looking purely at revenue or her profitability.
• 1:37
  Speaker 1: Some advisors will be looking at lifestyle and happiness factors.
• 1:43
  Speaker 1: I love looking at a couple of different things.
• 1:46
  Speaker 1: I mean I love all of the above right.
• 1:48
  Speaker 1: I love looking at advisors who are not living in a space of overwhelm, that feel like they are running their business instead of it running them.
• 1:55
  Speaker 1: They're doing the type of planning that they love doing with the type of clients that they love doing it with, and they are in control.
• 2:04
  Speaker 1: They get to untether on the weekends and really, you know, kind of like I say in the intro to the podcast, they are building a business that they love while building a life that you love.
• 2:18
  Speaker 1: So you know it's funny because whenever I am out at a conference and I'm talking about how I went from working 70 hours a week down to 24 and I always get those couple of advisors who always kind of want to come at me with the well, I love my job and I don't want to work part-time and I'm like cool.
• 2:34
  Speaker 1: I know that's not for everybody, so for me, my version of success earlier on in my business was different than my version of success in the middle of my practice, and that changed dramatically from where I was at at the end of my business before I sold.
• 2:50
  Speaker 1: So your version of success is what we're talking about here and for advisors that sort of embody some of those attributes or some of those things like regardless of how you define success the ones that are making money, that are happy doing what they're doing, they are not tied to their business, they get to live full, well-rounded lives.
• 3:12
  Speaker 1: That's sort of how I'm looking at this.
• 3:14
  Speaker 1: When Matt and I were coming at this conversation of like well, what do successful quote-unquote, musing bunny ears here what do successful advisors typically have in common?
• 3:23
  Speaker 1: And there definitely are themes, right, and so Matt and I get into this in the episode, but since this is an ideas to implement podcast, some of the major themes that he and I sort of touched on.
• 3:36
  Speaker 1: So when I asked Matt this question of like okay, what do you see as kind of common commonalities amongst successful advisors, and I would consider Matt a student of success.
• 3:45
  Speaker 1: You know he definitely spends time, energy, money getting insight and information from people who have gone before him and who run really successful businesses, and Matt kind of shared a couple of things and a lot of it.
• 3:59
  Speaker 1: You know it's and the craziest part to me is always like when I'm talking or interviewing somebody and we start talking about things like successful practices, it's funny because I laugh every time because it's not rocket science, like when I boil this down into bullet points, I'm sort of like this feels so basic and the good news is is that it is, which means it's attainable by any advisor in any area of this country or of this world.
• 4:23
  Speaker 1: Hello to Australia and all of my UK listeners, what's up?
• 4:28
  Speaker 1: But anywhere in the world you can be successful at this business and it's not.
• 4:36
  Speaker 1: It's just a matter of really embracing these things that we're talking about and taking the time to build the infrastructure in your business that allows you to live out the mission and the vision of your practice.
• 4:48
  Speaker 1: So when I asked Matt this question, one of the first thing he said was you know, look, it's never touching your calendar.
• 4:58
  Speaker 1: It's being a student of your time and really maximizing your time and time management.
• 5:05
  Speaker 1: It's not even doing stuff like booking your own calendar, all of these little things that you know are so easy to do.
• 5:12
  Speaker 1: It doesn't?
• 5:13
  Speaker 1: You know?
• 5:13
  Speaker 1: It's not brain surgery.
• 5:14
  Speaker 1: It feels like this little task will only take me a minute or two.
• 5:18
  Speaker 1: By offloading all of these little tasks, all of these little things that just take a minute or two, you will gain so much by training somebody else to do them and giving these little things away.
• 5:31
  Speaker 1: So you know.
• 5:32
  Speaker 1: So Matt specifically called out you know not booking your own calendar, and he mentioned you know being in charge of your, your model week, and you know being intentional about how you're spending your time and that it's easier for other people to say no to your clients than sometimes it is for for you.
• 5:52
  Speaker 1: And we talk a little bit about Model Weeks and something else that he mentioned.
• 5:57
  Speaker 1: And again, this feels like such a no-brainer his never touching paperwork.
• 6:01
  Speaker 1: And it's funny because the other day I was actually filling out my own Solo 401k for this business and I was filling out all the paperwork out and I was like, oh my gosh, this totally sucks.
• 6:12
  Speaker 1: And I in that moment was feeling so grateful that in my business I had somebody else that did all of that account application and forms and paperwork on my behalf, because, a I didn't like it, b I wasn't very good at it and, c it freed up my time to do the things that I enjoyed doing, and so a lot of it is.
• 6:36
  Speaker 1: It seems kind of silly, but giving away some of the tasks that are not in your sweet spot, that even though you can do them and they would only take you a minute or two, like paperwork, like booking your calendar, they feel like small changes, but it's those small changes that add up over the course of an hour or a day or a week.
• 6:56
  Speaker 1: You know a little stuff like I mean, if we're talking you do 30 minutes a day that you're delegating away, that's 2.5 hours a week.
• 7:06
  Speaker 1: And then let's say you're working 47 weeks a year.
• 7:10
  Speaker 1: Now we're talking that's 117 hours, which, if you're working 40 hour weeks, that's almost three work weeks a year for literally just 30 minutes a day of task.
• 7:21
  Speaker 1: And I don't know about you, but I would rather pay someone 30 minutes a day to do some things for me so that I can spend three extra beached weeks laying around somewhere doing something, vacationing, I mean, there's just a lot of things I'd rather do with three weeks than be completing beneficiary change paperwork and things like that.
• 7:42
  Speaker 1: So Matt and I, without kind of recapping the entire episode detail for detail, we also got into templates and creating systems and processes and repeatable things that you can do over and over, where you pour the time into creating and establishing it once and then using it over and over and over again, being able to delegate it, being able to automate it, only doing the things that really matter.
• 8:03
  Speaker 1: And we started talking about templates and Matt, of course, started naturally sharing about one page financial plans and I know he has his masterclass and I've got that linked for you in the show notes.
• 8:12
  Speaker 1: You can also find it out on the resources page.
• 8:14
  Speaker 1: With the Efficient Advisor you can get more information on the one page financial plan masterclass.
• 8:19
  Speaker 1: But that is something that, for advisors, has been an absolute time saving technique.
• 8:25
  Speaker 1: I know for me and I share a little bit in the episode how we went from building out these big giant, super intense financial plans down to these one page summaries or these one page synopsises, and Matt I start pumping in for information and he shares a little bit about what's in the secret sauce and sort of.
• 8:43
  Speaker 1: What kind of things do they cover in a one page plan and what does that look like and how did they come to that formula.
• 8:49
  Speaker 1: So, regardless of whether you do a one page plan or a big advice summary letter or how you do it, it's establishing a template and a formula that is repeatable that you can do over and over again.
• 9:02
  Speaker 1: So just make sure you get into this week's episode if you want to hear more of the details surrounding the one page financial plan and also some of the other commonalities or kind of common trends that Matt and I discuss, that we see amongst like bunny ears again, quote unquote financial advisors that are super successful and take a deep listen to that.
• 9:22
  Speaker 1: And if you're interested in more information on how to craft your own perfect one page financial plan, take a look at the link in the show notes.
• 9:29
  Speaker 1: Get on Jarvis's website.
• 9:31
  Speaker 1: I've got all of that linked for you guys.
• 9:32
  Speaker 1: And again, that is also listed on the resources tab of theefficientadvisorcom.
• 9:38
  Speaker 1: So thank you guys.
• 9:39
  Speaker 1: So much for listening.
• 9:40
  Speaker 1: This week I will be hanging out in the Efficient Advisor community over on Facebook with 2,000 other advisors and operational folks within advisory businesses and we can discuss there more.
• 9:51
  Speaker 1: You can also connect with me out on LinkedIn.
• 9:53
  Speaker 1: Thanks so much and I hope you guys have an amazing rest of your week and I'll see you guys next week.