Last year, I lost a long-time client with more than $1 million of assets under management (AUM). That really hurt. He is a good friend and client, so it was difficult seeing him move on to another advisor. He said that he just wanted to try something different.
Has that ever happened to you? Have you ever lost a client? Have you ever lost a really good client and friend?
To overcome adversity, you and I need to refocus on what's going right. What's currently going right for you and your firm? For us, a lot is going right, including a 13% growth rate and lots of new clients. We also have opened up a new business unit that has identified $183 million of promising possibilities that may lead to our 2012 goals. We hope to grow our AUM by 46%, gross revenue by 20% and net revenue by 40%. How about you? I give you those details to let you know what I'm thinking about for 2012. Measure, measure, measure everything! Know your numbers and ratios.
You may want to write an annual report every year that looks back at the previous year from a positive point of view. Recall everything good and the progress that you made and hang your hat on that memory. Clear the negative out and put the positive in.
Meet with your team and create four or five strategic initiatives and appoint a champion over each initiative. Then create a score card to track the metrics of your progress toward your goals. Each champion should report back to your team quarterly with their strategic initiative progress.
