Envision Your Practice

By Patricia J. Abram

Even for the most fortunate among us, life is short. Both 9/11 and Hurricane Katrina have reminded us that many things are far from certain. What is certain, however, is that if your life and career aren't exactly the way you want them, then you owe it to yourself to create a specific, achievable vision of your ideal practice as a financial advisor and to execute on it.

Without such a vision, you have no guiding star and are far less likely to achieve true success and happiness. With such a vision, you empower yourself to achieve your inner and outer dreams, while serving as a role model for your clients, friends and family.

• your personal needs, wants, and desired quality of life (and your family’s)
• your career trajectory your financial, intellectual and emotional resources
• your ability to realistically evaluate and implement a plan
• your willpower, adaptability and facility in gaining others' support

The most important factor of all, however, is your imagination and willingness to dream big. For most of us, our problem in life is not aiming too high and missing, but aiming too low and hitting. For example, achieving a 10 percent yearly increase in gross revenue is an incremental goal—almost a "gimmee"—that will barely keep you in place once inflation and the life energy you've poured into your career are taken into account. That’s not what we’re talking about here. Instead, you must persuade yourself to suspend your disbelief and conjure up the ideal vision of what would make you totally happy and fulfilled. Your aim is organizational transformation, not incremental change.

To dream big enough you must put aside the minutiae—the details that are presently beyond your grasping or solving—and allow yourself to enthusiastically embrace your vision. To get beyond the trappings of your own mind, start out by assuming that you’ll be able to overcome all obstacles. From this non-linear mindset, ask yourself: "Where do I want to be in three to five years? What does my ideal practice look like? How much time do I want to take off every year? And what about my hours? How many and what kind of clients do I have? How about my partners, staff and strategic alliances? How do I feel at the end of each workday? What about my retirement, my kids’ education, and my aging parents?"

The key here is to get very real with yourself, especially about quality of life. If you’re 56 years old, have worked hard your whole life, and been fairly successful, but haven't reaped sufficient personal rewards ... then you must be willing to admit where you've failed and what you really want. Again we come back to your willingness to change your behaviors. After all, repeating the same behavior over and over while expecting different results is one definition of insanity.

Dreaming big enough and embracing the broad contours of your ideal vision is the necessary first step. But according to Albert Einstein, "Vision without execution is hallucination." The second step, then, is to head back to earth by being very specific. It isn't just "I want to work less." It's "I want eight weeks of real vacation each year." It isn't "I want to have fewer clients but still increase my income over time." It's "I want to have only 60 clients, yet double my net income in five years." By being very specific, you set the stage for the next phase: realistically evaluating and implementing your vision.

A SWOT analysis (strengths, weaknesses, opportunities, and threats) is a good way to proceed. Perform both research and analysis on every facet of your existing business, and then work backwards to determine what it will take to achieve your ideal vision. Important components include a financial review to ensure that if you require more capital, you'll be able—and willing—to commit it.

You cannot achieve your ideal practice vision in a vacuum. Openly discuss everything of importance with your family, staff and employees. Make a presentation to your staff: "Here's where we are today, here's where we'll be in three years, and here's how we'll get there." Your staff must be actively enrolled in believing in the vision, in thinking it's possible, and in understanding and accepting their roles. Most important of all, they must know what's in it for them. Monetary compensation, while important, is frequently not the most sought-after reward. Instead, it's recognition and the ability to fully exercise one's creative and professional capacities. Just like you, your staff wants to grow professionally and personally.

If you don't have the right people in place, then some adjustment may be necessary. For example, if you want to work fewer hours, then you'll have to have people on board who can take up the slack. This will require you to manage the expectations of your staff, your clients (who may require some handholding as you transition them away from your constant attention), and your own expectations as well (letting go of the idea that your constant attention is irreplaceably necessary may be harder than you think).

If you find yourself getting bogged down as you begin implementing your vision, ask yourself this question: "What would I have to believe in order for me to achieve this?" For example, you might have to believe that: (1) your current staff can handle additional responsibility, or that you will find new staff if necessary; (2) that you'll be able to properly reward your current or new staff for their increased responsibility; (3) that your business can function without your constant presence as you become better at the "4 Ds" of delegation (drop it, delegate it, delay it, or do it); and (4) you'll find a way to manage your clients' expectations as well. This perspective—asking yourself what you'd need to believe in order to accomplish specific aspects of your vision—amounts to a 180-degree shift in emphasis from excuses and obstacles to possibilities and activity.

Ultimately, achieving your ideal vision is a matter of first allowing yourself to dream big, then being committed enough to make it happen. Remember: It's your quality of life and career that are at stake here. An advisor friend of mine realized that where he lived was not really suitable for raising his family. He started by raising his head, surveying the landscape and creating a radically different vision for himself and his family. It took him two years to make the shift, including some air travel commuting, but eventually he and his family settled in a small, snowboarding-friendly Colorado town. What would you have to believe, and what would you have to do, in order to make your ideal life and practice a reality?

Reprinted from: WEALTH MANAGER