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Mark

The TrustedAdvisorToolkit.com™

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I could use your advice...

by Mark Little — last modified Sep 03, 2009 04:50 AM

I appreciate all the questions and ideas related to the launch of our turn-key practice managment operating system scheduled for 9:00 A.M. Pacific Time this Friday (September 4th), BUT I HAVE ONE QUESTION FOR YOU...

assessment? NOTE: Keep an Eye On Our Countdown Clock

Of the many creative ideas I received today regarding the launch of our platform one stood out for me. The idea is to offer an objective and comprehensive practice management assessment for every financial advisor joining our comprehensive practice management operating system (possibly including a session with me by phone to create a plan for each office).

At first I dismissed the idea because I don't really want to consume my calendar with one-on-one coaching calls reviewing practice management assessments.  Then I thought about it.  I might consider doing this just for the folks who sign up during the first few days of the launch.  In that way I could limit the numbers of advisors I'm committed to serving one-on-one. 

I'm really curious what you think about this.  After watching advisors over the past six years, I agree that a big stumbling point for many advisors is at the very beginning.  The need to objectively assess "the current state of the practice" is there for many advisors.  Some advisors get stuck perfecting things that I coach them to "move on" to implement the next item on our list.  Other advisors seem content with things that clearly don't serve their practices.  So, I'm intrigued with the idea of including an assessment of your office as a benchmark to help accelerate your journey effectively implementing our tools and resources.

Another idea would be for me to include an automated practice assessment (not involving any one-on-one interactions with me).  What are your thoughts about this?

Sooo, after seeing this suggestion today, it appeals to me to "bundle" some form of a comprehensive and completely objective "practice assessment" with our system.  Do you agree this is important?

I'd be grateful for your comments on this issue. Just "Add Comment" below.

Many thanks,

Mark

Document Actions

practice assessment

Avatar Posted by Rick Zurbriggen at Sep 03, 2009 08:29 PM
I think a practice assessment is a good idea, especially to get new people started and also to help with those of us that have implemented parts of the program to see how far off we are from the real deal.

Practice assessment

Avatar Posted by Mark Scorer at Sep 03, 2009 08:29 PM
I feel a benchmark assessment would be of great value. From all you've shown us at office in action and the trusted advisers Toolkit, I have a vision of the finish position. the quick launch guide is a great a springboard. the benchmark assessment would help me understand where I am on the run up.

Assessment numbers might be:
# ICs # maybe IC, # IC exception, #non ICs;
Total PARR for business;
number and quality of deliverables;
quality-of-life numbers: hours per week worked; number of days per year not working;
# processes documented;
# of staff on the team;
# of SMEs.


 and by the way Mark, what was the name of the UK's "Mark Little" Nick??? I couldn't work it out through your giggling.

Many thanks for all your fantastic material

Mark scorer

Practice Assessment

Avatar Posted by Terry Oehler at Sep 03, 2009 08:29 PM
Hi Mark,

I think it would be very useful to have you do a practice assessment at the beginning of this process just to benchmark where we are. Perhaps it could be optional so advisors don't have to pay for it if they feel they don't need it. Whether it is one-on-one or automated may not be critical. If it was automated and we had questions about it after maybe we could just email you.

You may be swamped with doing the one-on-ones... but it would be great to have your input!

Terry

Assessment

Avatar Posted by Marcus at Sep 03, 2009 08:29 PM
It would seem to me that it would be a good thing. It would assist in getting advisors off on the right path without having to reinvent the wheel.

practice management

Avatar Posted by Tony Lofaso at Sep 03, 2009 08:29 PM
I think the bundle approach will be great

Personal Coaching vs Automated

Avatar Posted by Lisa Hall at Sep 03, 2009 08:29 PM
Hmmm....I think you said it "At first I dismissed the idea because I don't really want to consume my calendar with one-on-one coaching calls reviewing practice management assessments." If its not a definate yes its a no. Plus, without getting all gushy on you...your online voice presentations and email missives and data are so good AND personable that I'm pretty sure you can save yourself "talking" to each one of us by using an automated practice assessment. But, since you seem truly concerned with providing value and helping us all...then maybe this will solve it... Decide how many you want to schedule as personal calls, actual hand holding coaching. Offer that if we sign up early, AND complete an automated practice assessment...if we still have trouble or need the personal touch then you will offer this for the first #(whatever your max number is) - but they have to be signed up, and completed the assessment - thus you know they are doing the work, processing their practice and would get the most benefit from your time.
Best. LMH

recent request

Avatar Posted by mark daviau at Sep 03, 2009 08:29 PM
I agree coaching might be good. More one on one than automated, that's just me though. It will never get done if I have to do it w/ out a coach.

One-on-one coaching

Avatar Posted by Reagan Pflug at Sep 03, 2009 08:29 PM
I really like the idea of one-on-one coaching I would be open to the idea for those advisors who made a commitment to sign up to your site. You have probably already thought about this but some form of a fact-find we would submit to you prior to the coaching conversation would make me feel that there is good communication prior to the advice you would give.

Practice Assessment

Avatar Posted by Randy Albertson at Sep 03, 2009 08:29 PM
I do believe that this could be very helpful. I can see the value in having an independent person access our current state of affairs and recommend a clear course of action to get us jump started. Having a clear concise step by step action plan or implement plan based on your current reality could really help us implement the VBFP Office. Thanks for everything.

Practice assessment

Avatar Posted by Jerry Black at Sep 03, 2009 08:29 PM
Practice management is critical. Execution is the key!! I think a practice should be carefully assessed to determine its inefficiencies and determine next steps needed for greater execution.

practice assessment

Avatar Posted by peter washburn at Sep 03, 2009 08:29 PM
interesting question - i know we have recently figured out we need to stop trying to add everything. This because we did not totally clear our calendars to implement 30 day quick launch, which I think is the norm. Some way to assess how to implement so over a 90/180/270 day period first things first are implemented would help, then move to next. Sometimes its a matter of getting caught between a combination of our old/your new instead of just your new process. While lots of time spent in first 30 days communicating with Sara, I found it was when I jumped back to seeing people and working on details or new processes like outsourcing Fin Plans (sorry, not all done by DT yet) that the delegate and put out of my mind left her feeling stressed from uncertainty that she was doing what she was supposed to do.

so I guess the bottom line is - yes to some sort of method to assess and put in timely game plan.

Turnkey System

Avatar Posted by Nick P. Doelman at Sep 03, 2009 08:29 PM
Hi Mark,
The idea of some kind of objective assessment really appeals to me. I totally agree that "getting started" is the most difficult. To have someone provide guidance would be very helpful.

I missed the WebEx the other day. Is that available for replay before tomorrow?

Thanks,

ND

Good information

Avatar Posted by Tom Hirsch at Sep 03, 2009 08:29 PM
I agree -- a practice management assessment tools is necessary.

one-on-one coaching

Avatar Posted by Nic Dilaser at Sep 03, 2009 08:29 PM
Mark, I would welcome a one-on-one session; in fact in my case I think it would be very useful becuase I am somewhat curious about how your system might dovetail with what we have alreday. I need to be see how we might be able to customise what you are offering to our practice; it's not like we are new to this and so we have documented processes, meeting planning mind maps, etc already in place. I want to review your system however because I think that we can always improve and we may be missing something or actually doing too much in certain areas. The other main attraction of course is by using your system and not ours, it effectively detaches me completely from the admin function; so if we can smoothly transition the turnkey process into our business I would gladly move away form our in-house process.
Of course the key factor here is price; because of course by relying on a third party system you effectively have to pretty much commit to that system indefinitely.
Regards,
Nic

Personal Coaching

Avatar Posted by Adam at Sep 03, 2009 08:29 PM
Hi Mark

I think you have hit the nail on the head. I think there definitely needs to be some personal practice management attention as part of your package. From a personal point of view without helping on my specific practice needs I would find it very difficult to fully implement your process or at least i think it would take a lot longer to see the rewards.

Regards
Adam

Advice

Avatar Posted by Troy Stine at Sep 03, 2009 08:29 PM
Mark,

I do agree wth help from you anyway to help implement your tools would be of great value.

Thanks,

Troy Stine

Practice Assessment Ideas

Avatar Posted by Dave Gossett at Sep 03, 2009 08:32 PM
I love the idea, but personally don't want any delays in the launch schedule. To add these ideas as you go would be totally consistent with "tuning the engine-while driving" that you and Bill have discussed before. A personalized assessment of my practice by you would be "to die for" and highly sought after however, I am wondering if an on-going self-assessment tool designed by you and your team would be more useful over the long term and more useful as we grow on the journey. That way, as we accomplish key steps, it is critical we do move on to the next step and be reminded of the big picture. Amazing ideas, and it's inspiring just to be involved. Thank you Mark.

No Delays!!!!

Avatar Posted by Mark Little at Sep 03, 2009 08:39 PM
I appreciate this comment and there will be no delays in the launch. We're committed to 9am pacific time on Friday Sept 4th (tomorrow). What I should have said is that I've already created a draft assessment and when the suggestion came up from an advisor yesterday I simply was debating whether to bundle it with the site launch AND whether it would be valuable stand-alone or whether a quick session with me on the phone would create an action-plan with more clarity.

To "bottom line it"... whatever I decide it won't delay the launch.

VBFP Office

Avatar Posted by Chris Reilly at Sep 03, 2009 08:42 PM
Great Work Mark: Will the "bundling", "comprehensive practice mgt" be apart of the CAPP plan via VBFP? Thanks.

practice assessment

Avatar Posted by Luana Corral at Sep 09, 2009 03:25 AM
Whether or not you choose to do the one-on-one, some form of practice assessment would be beneficial.

practice management assessments

Avatar Posted by Dean Kendall at Sep 09, 2009 03:25 AM
I would be interested in improving my current practice and processes through an objective and comprehensive practice management assessment and joining your comprehensive practice management operating system.

practice assessment

Avatar Posted by Craig Weisman at Sep 09, 2009 03:25 AM
For me it would make more sense to utilize the automated practice assessment at this time. Believe after following the website for some time, Kate's study and now the 30 day quick launch, 1) very overwhelmed 2) do not have full time support (administrative manager). Would not want to waist your time until ready for the one-on-one.

For New Advisors

Avatar Posted by Lisa at Sep 09, 2009 03:25 AM
Hello Mark,

I'm sure this would be a very valuable service to many financial advisors. Our situation is a bit different. I'm a CPA and my partner is an Enrolled Agent. We will be launching a new comprehensive financial planning, tax and small business accounting practice the first of the year. So, we would not really benefit from a practice current state assessment. What we hope to gain from your toolkit is to put in place processes up front that will get us started on the right foot. Some form of coaching and/or networking with other advisors would also be of great value to us. Your e-mail mentioned that we should pose additional questions we have to this blog as well. Yesterday, I sent you by e-mail a few questions that I will repeat below in case I was supposed to ask them here instead:

1) At the end of the case study you offer a 50% discount on the 30 Day Quick Start Program which would include 30-days of access to the beta toolkit site for 30 days with the premium version. We would like to see what the full toolkit access website costs before we make the decision on whether to join the website or simply purchase one of the toolkits. Will the 50% offer still apply if we wait until after launch on Friday to decide? Will we still have 30 days of free access to the toolkit website in order to try it out to decide if we want to upgrade?
 
2) Can you tell me the major things that the toolkit website access will have that will not be included in the quick start program?
 
3) Will the toolkit website have any coaching/mentoring features and/or networking with other advisors?
 
4) Will the toolkit website provide more information/training/tools on the values-based financial planning model?

Practice Assessment

Avatar Posted by Melissa Blaylock at Sep 09, 2009 03:25 AM
Mark,

For us, we feel going through the 30 day quick launch and doing the activities involved within it, helped us tremendously in gaining perspective of where we are and what we need to do in our practice. However, an automated practice assessment would help confirm/verify if our assessment is correct.

Thank you. Melissa Blaylock, Administrative Manager for John Zeilor

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Weblog Authors

Lorri Morin

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Mark Little

Mark Little

Mark Little

Mark Little
Mark McKenna Little Speaker, Author & Trusted Advisor. In 1999 I was ready to leave the financial services industry; not because I wasn’t financially successful (I had built a multi-six figure business), but because I was overwhelmed. I had waaay too many clients & worked 84 hours per week. Rather than quit my business, I decided to try one last thing: I became passionate about relentlessly creating and implementing organized documented systems and processes into my practice. I was able to reduce my workweek to 3 days a week while quadrupling my income to well over $1 million per year of predictable recurring revenue.

Mark Little

Mark Little