Excellence is something every advisor strives for. But some advisors aren't willing to wait to achieve what they define as “perfection,” but are instead on a quest to find the fastest and most efficient way to get there.
Rob NelsonCEO and founder of Minneapolis-based NorthRock Partners, stated in a last podcast interview that this quest led him always to ask, “What is the shortest path to perfection?”
Rob said it's one of the most critical questions he asks himself and his team when making big business decisions.
There is so much wisdom in this question, not the least of which is that every advisor, no matter where they practice, should focus on excellence. That means raising the bar in terms of customer service, business management, growth, team support and investment acumen, to name a few.
Whether they're growth-focused or not, the best advisors in the industry are always checking themselves to make sure they're doing everything they can to optimally serve clients and grow their businesses. But, as Rob said, it's not just about achieving excellence; it's about getting there faster.
Why is faster better?
Most will definitely achieve a level of excellence in their business life. So why speed up the process?
Because for advisors, getting there in three years versus seven, 10 or 20 years comes with benefits:
Best for customers: First and foremost, achieving excellence helps clients by accelerating better advice and service, achieving greater results and ultimately equipping them to make a greater impact.
Business value: Creating a business that fires on all cylinders sooner rather than later translates into a business that is valued higher in the long run.
Recruitment offers: Advisors who demonstrate a higher level of productivity with a shorter length of service are often the most sought after and offered the best transition deals if they choose to make a move.
There are no chips on the table: If you don't wholeheartedly believe that the status quo provides everything you need to achieve your goals, then you're leaving chips on the table.
Customer requirements: Unmet customer demands rarely go unnoticed, especially in a hyper-competitive landscape where they have more choices than ever before. Failure to deliver best-in-class service today puts you at risk of losing customers tomorrow.
Burning Torment: It's inevitable to get tired of the daily demands of business and the need for scale. Getting to perfection faster maximizes your energy and resources—and ensures you're still having fun in the process.
How to drive excellence in your business
The good news is that excellence is not only possible, but more attainable than ever, as the ecosystem born to support advisors has never been stronger and more accessible. For some advisors, changing firms or models is the only path to excellence, while others can realize their vision of excellence where they are.
So what are advisors like Rob doing to accelerate their paths to excellence?
Strengthening their teams: It's important to make sure you have the right staff and the right people in the right places. This may mean hiring next-generation advisors or migrating smaller relationships to free up capacity.
Exploring new partnerships: Joining another advisor or team with complementary skill sets and resources can take you to the next level and provide continuity for clients.
Technology improvement: Upgrading your technology stack can increase efficiency and improve the customer experience.
Creating the largest scale: The value of scale lies in improving efficiency, expanding service capabilities and ultimately having the resources to remain relevant and competitive.
Change of brand or models: If you feel limited or held back by your firm, there are more options than ever before to help you accelerate growth and become the best version of yourself.
Considering a sale or merger: Sometimes, what got you here isn't enough to get you there. While advisors are often reluctant to part with capital and relinquish a level of control, the right merger or acquisition partner can lead to significant synergies—and turbocharged growth.
As Rob Nelson said, “I not only want to live a great life, but I want to be able to participate in it, embrace it and have time to enjoy it. I'd rather live in a world of perfection at 50 than wait until I'm in my 60s or 70s.”
You may be surprised how small changes in the short term can lead to tremendous improvements in the long term.
Mindy Diamond is the CEO of Diamond Consultants in Morristown, NJ, a nationally recognized research and consulting firm in the financial services industry.