Assessing progress is vital for determining how well any plan is performing. This is especially true when delivering comprehensive services for your clients. That’s why you develop progress reports, assessing how your client is doing toward reaching their financial goals. If they aren’t staying on target, you can make valuable course corrections that greatly enhance their probability for success.

No doubt you also recognize how important it is to have scheduled assessments of your team, reviewing how willing and able they are in fulfilling their roles in support of your financial business. Not only does this allow you to spot trouble areas, but you can also provide commendation for progress that’s been made, thereby strengthening the commitment of all to continue providing comprehensive financial services.

There’s one other area that needs to have regularly scheduled progress assessments. And this one can’t be delegated to anyone else. The trusted financial advisor must do this one personally. What is this vital assessment?

Are you tracking your own Business Management Progress?

It is absolutely essential to track your own business progress when you want to successfully change your financial business to one that offers more comprehensive services. (In fact, one of the first steps in implementing The Trusted Advisor Toolkit™ is to fill out the Business Management Assessment. This is an online tool that only the trusted financial advisor can access. Find it by going to the Programs tab, select the Trusted Advisor’s Programs and then open the Business Management Assessment.)

Filling out a Business Management Assessment will initially take a little time and effort. It’s good to go back at least three years and document your business revenue, projections and expenses. List how you’re doing in the areas of: client acquisition; regularity and extraordinary value of client meetings; delegation; team performance; revenue targets; and dealings with non-ideal clients.  You can enlist your administrative manager’s help in researching, but it’s ultimately your responsibility to fill out the assessment.

Once the initial work is done, it will be easy to update this three or four times a year. Now, you’ll plainly see what progress you’ve made, which is a real morale booster. You’ll also see where you need improvement to keep your financial firm on track.

If you’re a member of TrustedAdvisorToolkit™, you get an additional benefit. The secure information in your online assessment tells us how we can better serve our community of financial advisors. We can then emphasize training and support tailored to your needs through our webinars and live events. If you’re not a member yet, you can now register for free.