Nobody likes adversity, but it can bring out some of our best qualities. Over the past year, our ability to persevere in challenging times has been put to the test. It’s an essential trait, but it’s not universally applied. It often separates those who succeed from those who do not.
Many years ago an unnamed author wrote, “Every failure is a blessing in disguise, providing it teaches some needed lesson no one could not have learned without it.” Let’s broaden the word “failure” and think in terms of the challenges brought upon us by COVID 19.
Today I’d like to share with you an exercise that requires you to take a long hard look at the past year and then turn everything upside down. The goal is to take a handful of action steps that will transform all adversity into a blessing in disguise.
We know that some major firms in the industry are having serious trouble adding new households. It says to me that perhaps their financial advisors aren’t as active as they should be right now. It also screams opportunity for advisors who are proactive and visible right now.
Volatility creates confusion and anxiety and can easily lead to dissatisfaction with a financial advisor who isn’t proactive. Dissatisfaction is the primary ingredient for selling intangibles — your world of financial advisory services. This creates a phenomenal prospecting opportunity for financial advisors willing to take action.
So let’s look in the mirror, review 2020, and identify two to three lessons learned that warrant a change for 2021. I’m going to list fundamental areas associated with a typical financial practice to get you started and your job is to assess on a 1 – 5 scale (5 excellent) your 2020 performance in each area. Have pen and paper in hand to jot down a few thoughts on what you did well, what you learned, and where you could improve.
Team Communication: team meetings, business planning, performance reviews, etc.
1 – 5 ranking _____
Did well ________________________________________________________
Lessons learned _________________________________________________
Where to improve ________________________________________________
Action step _____________________________________________________
Business Development: social prospecting, COI outreach, digital marketing, referrals, and introductions, etc.
1 – 5 ranking _____
Did well ________________________________________________________
Lessons learned _________________________________________________
Where to improve ________________________________________________
Action step _____________________________________________________
Client Service: video-conference reviews, small gifts, deepening personal connections, socializing virtually, etc.
1 – 5 ranking _____
Did well ________________________________________________________
Lessons learned _________________________________________________
Where to improve ________________________________________________
Action step _____________________________________________________
Technology: remote access, communication within the team (Slack, Monday, Asana, etc.), video conferencing equipment, etc.
1 – 5 ranking _____
Did well ________________________________________________________
Lessons learned _________________________________________________
Where to improve ________________________________________________
Action step _____________________________________________________
Team Goals: long-range (5 years or more), annual goals, activity metrics, etc
1 – 5 ranking _____
Did well ________________________________________________________
Lessons learned _________________________________________________
Where to improve ________________________________________________
Action step _____________________________________________________
If you’ve been following me, you understand why I suggested pen and paper. This exercise is more involved than meets the eye. You will want everyone in your practice/team to participate.
Once you reach a consensus on what was learned and where to improve, it’s important that all action steps are specific, doable, and have ownership. It’s worth reminding yourself, and others, that this approach works for overcoming any type of adversity.