The Advisor Process: Create, Coordinate, Execute

For well over ten years I have been entrenched within the Financial Services Industry and have had the distinct pleasure to meet some incredibly talented and brilliant professionals. Each with their own expertise within analysis, forecasting, accounting, communication, presentation, and operations.

Yet, something has constantly been a missing link within the industry and that is a clear, concise, and applicable approach to processes. Processes pertaining to relationship management, articulation of investment recommendation and leadership attributes that lend themselves to conducive relationships with allied professionals.

There are a lot of moving parts when tackling these three different domains and I want to share with you the pillars I utilize that serve as the backbone for the processes within my firm.

Pillar #1: Create

This pillar is comprised of gathering all pertinent data needed to execute any process. This could include financial, tax, estate, investment information, employee feedback, as well as cultural/personal nuances of both clients and allied professionals. Additionally, creation of new and necessary approaches requires the gathering of as many details and insights as possible to make informed decisions on a plan forward.

Pillar #2: Coordinate

The coordination pillar is where your leadership skillset really shines (or not). It will require you to guard privileged information as well as relationship integrity with those who trust you while beginning to put actionable items in place. This matters when considering any implications that involve market risks, lawsuits, creditors as well as unnecessary estate taxes. When coordinating new processes, it is vital you review the plan created (pillar #1) to stay aligned with the original objectives/outcomes of the process at hand. When thinking of how this plays out when executing the financial planning process, coordinating with your clients’ preferred CPA, attorney, and banker while guarding their best interest and ensuring the established milestones and expectations are adhered to will make or break the relationship and solutions at hand.

Pillar #3: Execute

The final pillar is execution. As actionable items become timely, your ability to guide your clients, team members, and other allied professionals while maintaining 100% transparency along the way is crucial. Consistent check-ins followed by critical evaluation of how the execution process is being carried is necessary. Do not be afraid to adjust how things are being done; efficiency, effectiveness, and doing what is best for your clients is truly all that matters. 

Take these three pillars and apply them to all the processes within your firm. I think you will be surprised at how often you can identify pitfalls that may be causing unnecessary work, stress, or inefficiencies within your advisory practice that can be easily fixed.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.