Time For Your Own Quarterly Review

AdviserBlast – Quick Tips to Accelerate Your Practice

In this issue: It’s not only your clients who need a quarterly review. How are you doing at the end of Q1?


Q1 is over, and it is a great time to touch base with clients to review their financial situation. But what are you doing about reviewing your own situation?

With the year one-quarter of the way over, where are you at with your business goals for 2010? Now is the time to also review your own business affairs and realistically analyze the effort you have put in and the fruits of your labor.

As of March 31st, one of my clients just narrowly missed his first quarter production goal. However, by the end of the first full week of April, he had well exceeded his target figure.  Because he had his big goals written down and had developed a step-by-step plan to achieve them, with built in checkpoints along the way, there was no panic over missing his March number: he knew he had production in the pipeline, and he was well on-track toward his longer-term goals. We could step back and see that if March had an extra four days, not only would he have reached his quarterly goal, he would have surpassed it convincingly.

Have a long-term goal, such as a certain value of assets you wish to manage by the end of 2012. From there, determine a mid-term goal in line with the longer-term objective, such as a particular value of assets to achieve by December 31, 2011. Then, keep working backwards, determining where you need to be by the end of 2010, and quarterly numbers for this year.

This process allows you to break down a big, far-off goal into achievable smaller chunks. You will reach your big-goal by taking monthly, weekly and daily steps, that gradually, but surely, move you forward.

So, take the time to assess where you stand at the end of Q1: Did you hit your first quarter numbers you had written down? How many of the right clients did you begin paid relationships with this quarter? Between January 1 and March 31, how many new assets did you bring into your practice? How much were you aiming to bring in?

If you achieved your goals comfortably, and they’re still in line for you to achieve your year-end goal, great! If you missed them, are there activities you need to change?

What can you do? Here are a few ideas:

Are you holding seminars to find new prospects? Did you hold as many this past quarter as you had hoped you would? How many do you wish to have during Q2? What kind of response and follow-through did you get from attendees?

One of my clients holds one seminar a month. Because he asks attendees for evaluations and suggestions of topics they’d like to learn more about and then responds to the responses he receives, he’s developed a reputation for bringing in helpful speakers and wholesalers. His attendee numbers are growing, and clients and prospects are eager to attend. They now ask him when the next event will happen because they know they will learn something valuable. Because he keeps track of his results, it is easy (and even exciting) for him to plan several months ahead, allowing him time to effectively publicize these events, leading to even better results.

Maybe you had planned on starting a monthly newsletter this year, but let that slip. So, start now! If you’re struggling to create a monthly article, set aside three hours on a Monday or Tuesday afternoon and treat it as if you were off-site, at a client meeting. Think of three helpful subjects to write an interesting and informative page about, then sit down and make yourself start and complete three newsletters.

If that’s still too much, at the very least, begin one. It’s amazing how much easier it is to come back to something that’s already started, than actually beginning something from scratch.  Take the first step!

Personal Balance
On a personal note, are you taking care of yourself and those you care about most? Did you stick to your exercise plans over these past three months? Did you follow through with your plans to have a weekly date time with your spouse or your children? If not, honestly figure out why not. What will make it easier for you to ensure these things remain priorities for you?

Ask yourself, and answer, the following:

  • Were my Q1 results what I could honestly have expected from the effort I put in?
  • Did I do all that I intended?
  • Did my results reflect that?
  • What must I keep doing this quarter to continue building toward my longer term goal?
  • What must I alter slightly or change completely?
  • Who will hold me accountable for doing this?

Continue to think about what you would like to have achieved by June 30, 2010, and get excited about what that picture looks like! Considering what you’ve done so far this year, what needs to happen to make that a reality?

Remember – what gets measured grows!

Copyright Paul Kingsman 2010


As a motivational speaker and executive coach, Paul Kingsman provides financial services professionals practical tools to overcome distractions and stay focused so they can get the money they need, clients they want, and time to do what they love. Combining his experiences as an Olympic medalist and his background as an adviser for Morgan Stanley and Wells Fargo, Paul understands how to stay focused over the long haul, as well as the unique business challenges faced by advisers, and equips them to build the businesses they desire.

To find out more about how he can equip you or your team to achieve your own Split Second Success® through his presentations or executive coaching, visit paulkingsman.com/coaching or email him at Paul@PaulKingsman.com

Leave a Reply

Your email address will not be published. Required fields are marked *