by Neil Wernick
First in a Five-Part Series
As advisors reach for a potent Cup of Joe, take a deep breath, and exhale slowly they are revving themselves to jump-start 2015. Coming off an excellent year by all counts, they are wondering, with excitement and trepidation, what problems, opportunities, threats and challenges await them.
Speaking tactically, the day-to-day of being an experienced financial advisor will present its usual flow of circumstances, situations, considerations and reactions. Strategically, however, the most disciplined and focused advisors will pause today and reflect on that fresh New Year's resolution to become even more organized and identify methodical approaches to leverage the enviable value of their books of business. The remaining 99.9% of advisors will, right out of the gate, resume the familiar routine of reaction, recoiling, and response, aka business-as-usual.
There is, of course, another way and it is neither difficult nor time consuming. Rather it is simple and even elegant in its simplicity. It is thinking and executing strategically with the help of a classic 2x2 matrix of Clients and Assets where each of these dimensions exists in only two states: current and new. Each of the four resulting quadrants represents a segment of the advisor's book and names the strategy for addressing the distinguishing needs, priorities and preferences of the clients comprising that segment.
Retention is the set of touch points, programs, and initiatives with the central goal of keeping the client and their current assets. Growth Acquisition Succession.
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