In its simplest definition, Strategic Planning is an organization’s process of defining its strategy, or direction and making decisions on allocating resources to pursue strategic goals.
We realize there are many Financial Advisors are who not ready for or in a position to engage in a full-on consulting arrangement with us at this time. To help Advisors target specific pain points, we will be rolling out a wide array of Stand-Alone Consulting Services in 2021. The first of these is Compensation Planning and Implementation
We work with great financial advisory firms to clarify their vision and create an achievable path to that vision. We do this through strategy, implementation and accountability
BENEFITS OF WORKING WITH US
CLARIFY YOUR VISION
CREATE & IMPLEMENT STRATEGY
ENGAGE YOUR TEAM
RECLAIM YOUR TIME
I first hired Ginny to assist me with our firm’s compensation and incentive plan. After we hammered that out, we began to examine other areas of the firm. Ginny helped me realize I needed a Chief Operating Officer and we have hired a superstar (which Ginny & her team assisted in). We continue to work together tweaking systems to make them better and more efficient. Ginny participates in our quarterly Traction meetings and brings ideas and resources to the table… Read More
Paul Carroll, Principal & Senior Wealth
The Woodlands, TX.
I’ve hired and worked with a lot of consultants over the past three decades and for this very reason I was not interested in hiring another consultant to tell me what needs to be done and not have the ability to implement their recommendations and hang around and be accountable for the results, but I agreed to meet Ginny Hudgens at the behest of one of our vendors. Ginny and I met for dinner and after some discussion she offered to conduct a review of my firm for a very reasonable price…Read More
Ron Roge, Chairman & CEO
R.W. Roge Company,Inc.
I was referred to Ginny by my Client Service Advisor at TD AmeriTrade. I knew we had some staffing issues but I was not sure where the “symptoms” we were experiencing were pointing. In my initial conversation with Ginny, I talked to her about having job descriptions for my staff. Ginny was able to help me realize that having job descriptions was just one of many steps involved in helping me put the right people in the right positions to be able to handle my firm’s explosive growth.… Read More
David Frisch, President
Frisch Financial Group
Okay, maybe it's not that dramatic but learning effective delegation is the key to your firm being able to grow and you reaching your desired quality of life. In fact, not delegating effectively will grind your firm to a halt since everything depends on you doing it...
Tip #2 – How do you motivate the right behaviors in your firm? Depending on where you live, you are in your 2nd, 3rd, 4th, etc. week of a “stay at home” order. Here is Louisiana, we are a hot spot with the Covid-19 most likely coming into the state during Mardi...
Tip #1 – Get your firm’s job descriptions & accountability chart nailed down. So, as I’ve been speaking with my clients, most of who are on “work from home” orders (me too) and they are finding they have time to work on some outstanding projects. They have had...
Hear Ginny talk about Strategic Planning for Advisory Firms
Frequently Asked Questions
How long is your typical engagement?
Our current base of clients has been with us for an average of 4 years with our longest client at 7 years. Our clients like keeping us around to assist with ongoing strategy and accountability and to help deal with any issues that arise as they always do.
The only requirement we have is a minimum of 6 months but after that, our engagement is month-to-month and you or we can cancel it at any time with 30 days’ notice.
How do I know if a coach/consultant is right for me?
Ask yourself these questions:
- Am I working IN my business and not ON it? Do I come in each day and say “today I’ll have time to work on this or that” related to your business but never do?
- Do I find myself frustrated because I don’t have time to be a business owner AND a financial advisor? How do I get out of the day-to-day work of running a business so I can focus on my real value as a financial advisor?
- Do I need advice on how to run my business versus being a financial advisor? Obviously, these are two different skills sets – one being the Technician and one being the Entrepreneur (as Michael Gerber lays out so well in The eMyth).
- You have no strategic plan in place so you may know where you want to go but not how you’re going to get there? You know your clients need a financial plan to meet their goals – same goes for your business.
- You’re not sure you have the right team in place to get you to your goals.
What are the questions you should ask when evaluating a coach/consultant?
- What do I want from a Consultant? If I were to look out a year, what has to have happened in this relationship for me to say “that was great, I accomplished my goals”?
- Do I want high level coaching or do I want more hands on implementation? Do I want someone to provide templates that I and/or my team can implement, or do I want a more hands-on approach?
- What kind of personality would I work best with? Someone more laid back or someone who will push me a little more?
- Are you seeking personal “life” coaching or consulting for your practice or a combination of both?
- Are they willing to share hard truths with you and are you willing to hear them?
And finally, please know that any consultant with your best interest at heart will tell you if they are not a good fit and will refer you to someone else in the industry. Most of us are just interested in seeing you get the help you need, whether it’s us or someone else.
Please take our 10-question stress test to see if you might benefit from working with a coach/consultant. Take our stress test or you can schedule a complimentary call with us to see if we are a fit and answer any questions you may have. We’re looking to work with a small group of elite advisors so we will be honest with you as to whether we are a good fit. We may also be able to give you a few ideas you can implement immediately.
How do you work with your clients?
At The Strategic Implementer, we use an intensive discovery questionnaire to get to know our clients. We’ve put the initial questions online to make it as easy as possible for them to complete it, but you must complete it. After you complete the initial questionnaire, we always have additional questions and ask for additional clarification, so we fully understand your goals. If a prospective client doesn’t want to complete this step, they are not a good fit for our firm, and we will refer them to someone who does not do this kind of deep dive.
Once we have a good amount of information, we will set up a time to conduct a strategy session with you and your team (could involve whole team or just Senor Management depending on the firm). We usually come to your offices to do this but with smaller teams, we do video meetings. We like your team to get to know us and understand we are on-board to assist the entire team, not just the owner(s).
During the strategy session, we will address many issues and those issues will vary depending the firm, but the format follows along these lines.
- We will ask the Senior Team to complete our Vision Workbook. This will help us articulate the firm’s core focus (what you do best and who you do it for), the firm’s core values, your BHAG (Big Hairy Audacious Goal), your 10-year picture, your three-year goals and your one-year goals. We will also address the top issues facing your firm.
- These will go into a 2-page plan and we will work with you to prioritize issues by quarter. Taking on too many at one time is a surefire way to fail.
- We will load all of this into our project management software which you and your team will have access to.
- We then use this to keep you and your team accountable and assist on any projects we can. We are hands-on so in most cases, we will be working on the quarterly initiatives directly with you and your team.
- We set up weekly or bi-weekly calls (depending on your preferences and the depth of the projects) with you and other team members.
We come alongside you and your firm as an adjunct team member. We intent to keep our firm small so we never lose the ability to do this.
You can schedule a complimentary call with us to see if we are a fit and answer any questions you may have. Again, we’re looking to work with a small group of elite advisors so we will be honest with you as to whether we are a good fit. We may also be able to give you a few ideas you can implement immediately.
What are the typical challenges financial advisory firms bring to you?
If there is one challenge more predominant than the others, it is staffing-related issues.
- Do I have the right team in place?
- I know I don’t have the right team in place. What changes do I need to make?
- I need a compensation plan.
- I need career paths.
- I need to recruit.
Other challenges we see:
- Lack of strategy
- No way to implement strategy
- Lack of accountability in the firm
- Owner is spending too much working in the business and not enough working on the business
- Owner wants the firm to run without him/her
- No marketing strategy/no understanding of what marketing strategy will work best
- No processes or no one is using the processes
- No articulated or consistent service model
Do you offer “Hiring Only” services for non-retainer clients?
Yes, we do! We have a proven process for hiring the right person the first time. You can follow this link to learn more about this. Here is a link to our current fees.