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The Advisor

An Investment Advisor 

(In Brokerage House, RIA, Independent Firm, Insurance Company, etc.)

Name: Believe

Believe has a book of business that was built the past 9 years. Current AUM is $52 million and 50% of the practice is in a specified fee-based platform of mutual funds and the remainder is in a variety of wealth-practice solutions (annuities, SMA’s, trusts, stock, bonds, 529s, etc.)  Believe’s business has stalled out the past 18 months but during this time a serious desire developed to upgrade the practice.  After a meeting with DCB Strategies, a goal was Decided upon for Believe’s business in three distinct areas (sub-goals):

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  • Increase size and quality of existing household accounts.

  • Increase total AUM of practice. 

  • Refine the use of wealth accumulation and distribution solutions so Believe can become professionally proactive vs. reactive. 

To Decide (The Goal)

Believe plans to reach the goal of $65 million AUM within 8 months and understands this will require an announcement and display of renewed expertise (i.e. CIO mentality) with current and future clients.  With this, we together Decide on future optimized use of wealth solutions and habits that attract the largest pockets of assets.  Now for the plan…

 

To Commit (Create the Persistent Plan)

  • Discussed and agreed on the energy, time, data and practice requirements to Become.

  • Believe understands the discipline that this effort will take.  We identify and eliminate unproductive habits and replace them with persistent habits that work in the lane of Believe’s 8 month goal: 

    • Developed vision and set of action steps that are required for Believe’s renewed expertise to existing clients. 

    • Provided in-depth data review on existing clients for potential AUM addition.

      • Initiate “visibility & voice plan” for those identified clients. 

    • Optimized the Wealth Management offerings for all current and future clients:

      • Wealth Accumulation

      • Wealth Preservation

      • Wealth Distribution

  • Defined monthly progress measurements for habits of persistence, client conversions, etc. that get Believe closer to achieving the monthly goals. 

To Become (Believe Achieves Goal)

  • Bi-weekly communication and confirmation of achievements are in place toward main 8-month goal. 

  • Created mutually agreed monthly expectations (new habits, utilization of data, presentations, visibility and reputation reinforcements, etc) for the above 3 sub-goals that drive focus of energy for 8 month main goal. 

  • Monthly trend-line data of household accounts, assets, etc. is showing evidence-based progress.

  • 6 months in, the market turns negative and becomes distracting, but not for this enthused and committed advisor. Upgraded business building habits have allowed Believe to display a renewed and valuable expertise with all existing and newly acquired household accounts.  The momentum of success is powerful for Believe through this current market distraction. 

  • 8 months after initiated this Decision, Believe can now applaud the success of meeting all three sub-goals which propelled the AUM to $65 million.  This advisor is now equipped to reignite another goal for their future.  Way to Go Believe!

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