December Week 1: Reviewing 2008

Successful advisers plan. They work from an annual business plan that includes a clear segmentation of their client base, appropriate service levels for those segments, a focused communications program with investment and lifestyle ideas, goals for assets under management and a top-client asset retention strategy. Top advisers also integrate their own life goals into their plan. The challenge: Creating a workable and measurable plan when you’re not sure how to start or where you’ll find the time to do the necessary work. The solution: Use an existing template and tailor it to your practice. Preparing the plan — including research, client reviews and assessments to find out what has and hasn’t worked over the past year — will take two or three hours a day for one week. Over the next four weeks, we’ll go through the process of developing a business plan. By spending a few hours each Monday following our steps, you will have a plan ready before the end of the year and you’ll be able to jump-start January. Week 1: Completing and reviewing 2008 tasks Before you focus on your 2009 business plan, take this week to complete your top client year-end reviews and client appreciation event. It’s important to take the time to complete year-end reviews because they signal to clients that you are a professional who focuses on them. When you are finished, review your formal 2008 business plan — or the informal one you were working from throughout the year. What were your goals for revenue and assets under management? What were your actual revenues and assets under management? What are three most important areas your practice focused on in 2008? Did any significant changes or client alignments happen? What were your top three revenue-generating activities? What were the three main challenges faced by your practice? What two or three changes in practice management and investments would you have made, had you known the market would tank? Did you do quarterly business plan reviews and updates? Did you have an effective communications plan in place for top clients? What were your monthly or quarterly communications with top clients? Next week: Outlining your goals for 2009 and beyond. December: Planning now to jump-start 2009 Week One: Completing and reviewing 2008 tasks Week Two: Outlining your goals for 2009 and beyond Week Three: Identifying life goals Week Four: Building your activities for January