Importance of Focus and Measurement: You want to stay focused on key aspects of business and measure them accurately. It’s easy to lose focus and not measure what truly matters.
Early Business Planning is Essential: Starting business planning early is crucial to ensure a strong finish to the year. Procrastination or losing focus in the final quarter can impact the next year’s outcomes.
Accuracy in Data Reporting: Accurate reporting of business data is vital for effective planning. You need to use real, reliable numbers rather than estimates or inaccurate data.
Meaningful Metrics over Superficial Numbers: AUM, hours in the chair, and households are commonly tracked but may not provide a comprehensive picture of an advisor’s effectiveness. The focus should be on metrics that truly reflect an advisor’s value and productivity.
Focus on Value Delivery and Improvement: It’s essential to constantly analyze your practice, identify areas for improvement, set goals, and work towards delivering more value to clients.
Matt and Micah are peeling back the layers to reveal what truly counts when it comes to gauging advisor effectiveness. They expose the delusion of conventional metrics like AUM, office hours, and household numbers and reveal the real deal: the true number you need to measure. They share that it’s easy to get caught up in so many other numbers that are more like a badge of honour, but considering whether those numbers are really moving you and your practice forward. Listen in to learn how to measure what matters, what’s the most impactful, and how to keep moving forward with your goals.