Compensation Conflict? What Employees Really Want

Is your compensation and benefits package aligned with your firms goals and designed to attract and retain a winning team? Firms with a mediocre compensation plan are likely to lose potential qualified job candidates and deal with high turnover. Costs involved with employee turnover are high. Retain your team by giving them what they want.  Incorporate fundamental components into your compensation package to enhance morale, performance and employee retention.

In addition to salary, an employee benefits package should be standard. It is expected by today’s leading employees. Employees equivolate their value by how you compensate them. They are more productive, focused on common goals of the firm and acquire loyalty.

Most business owners are in denial when it comes to what employees want and what it takes to retain them. A new study by MetLife found that employee loyalty has dropped steadily since 2008, but employers mistakenly believe it’s on the rise.

What employees really want in a compensation package:

Base Salary– Provide a base salary along with a structure of ranges. Employees want and need something to strive for. If they can’t visualize “moving-up” and advancing in the firm, chances are they will find another place where they can excel. No one wants to be in a dead-end career.

Bonuses- Bonus dollars based on performance are a great incentive to increase productivity. Set goals that are measurable and attainable, yet stretch your employee to develop and reach new heights. Performance based bonuses don’t need to be a competition in the work place, use bonuses individually or as an entire group effort.

PTO: Employees need time away.  Without it comes burn-out resulting in reduced productivity. Many firms are choosing to offer a Paid Time Off program or PTO. PTO offers a flexible arrangement that give employees a set amount of days off to be used at the employees discretion for vacation, sick leave, personal days, etc.

Health and Wellness– If your firm is not offering a complete health and wellness package, you are going to fall short in attracting and retaining qualified and loyal employees. A total health and wellness package should include health insurance with dental and vision benefits, long and short term disability and life insurance. The good news for employers employees would rather pay for a portion of their benefits rather than not have them at all.

401(k) or Other Retirement Plans– Employers are in the dark when it comes to determining what benefits are key drivers to employee loyalty. As referenced earlier, the study by MetLife revealed more than half (52%) of employees named retirement benefits as a vital payback. Financial insecurity has become more widespread, therefore, employees are looking for ways to plan and enhance their retirement years. Retirement plans give employees a compelling reason to remain loyal.

Flexibility- Offer some flexibility and your employees may be willing to give up some of the other “perks”. Telecommuting’s popularity is on the rise. Working from home has never been easier with the growth of mobile technology. Employees, particularly those raising families, are in desperate need of flexibility. Place trust in your employee and provide flexibility. The trade off could benefit your bottom line by lower costs of “housing” another employee along with increased productivity from your telecommuter.

Your firm’s compensation program will need continual reinforcement. Communication is vital between managers and employees to keep your compensation strategy alive. Plan frequent reviews of your firm’s compensation plan as well as frequent communication with each team member. Talk open and honestly. Encourage feedback and be willing to make changes. As a successful leader, it is important to know in today’s economy you will need to reach and maintain high levels of employee motivation, engagement and contribution.

Ironstone’s Vision is to forge and guide the personal and professional lives of entrepreneurs and business professionals alike to realize their full potential. Coaching and consulting allows us the opportunity to form an environment where success happens and goals are reached.

Read more about our coaching and consulting program here >>

 Start your transformation with Ironstone as your Partner for Performance

Contact Ironstone with your branding questions & let’s get started! 

Have a question or comment for Ironstone? Contact us!>>

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:

10 Marketing “Musts” To Reach The Finish Line First

Ready to kick your marketing plan into overdrive this year? Consider these 10 marketing ideas used by elite advisors to achieve your goals, increase revenue and take your firm to a new level of production.

When implementing the following strategies, don’t just look at the list, engage in the tactics to make them work. You must apply your tactical plan and stick to it, analyze the results and make changes when needed.

1.      Teach your clients and prospects: Like most firms you probably have a vision and mission statement, but have you created a unique value proposition? Your value proposition should describe what you do along with your promise of value in a few sentences. Focus on providing clients with the words to refer you. Your unique value proposition should be prominent in your marketing materials as well as your conversation.

2.      Form strong strategic alliances: Pay attention to who your clients seek advice from through CPAs, Estate Planners and Attorneys.  Create a list and research to determine which businesses share a common vision with your firm and form an alliance to provide referrals to each other. Lay a strong foundation by defining goals and expectations. Follow up with scheduled meetings to ensure each party is on the same track. Your alliances should not be a one-way street. You don’t need a vast group of alliances. Careful selection within a small group, sharing universal goals and outcomes will be profitable for your firm.

3.      Develop relationships: Get to know your clients on a personal level. Be patient. Relationships take time and consistent effort to form. Start learning more about your clients when they are in your office. Use Ironstone’s Client Personal Interest Worksheet. Client Personal Interests Worksheet  Go a step further to create deep meaningful relationships by hosting small gatherings. Celebrate milestone events in your client’s lives such as birthdays and anniversaries. Ask them to invite a few friends! What a great strategy to solidify client retention as well as implementing another prospecting avenue.

4.       Build credibility: Write, write, write! One of the best ways to build credibility is by providing educational material to your market. Use newsletters, news articles and emails to keep your clients and prospects informed of breaking news and trends in the industry. Offer to write a periodic investment article for your local newspaper. By doing so, you have fueled up your prospect line and those clients that you are working with will be more likely to refer you. Implement your own research and study program to create white papers, articles and blogs. Doing so will set you apart from your competition and create a recognizable name for your firm over time. If you don’t have time, delegate or hire a contract employee to provide research assistance. This is a must do!

 5.      Get Social: There are really two components in this strategy, implement social media and network. If you haven’t implemented social media in your firm, start now. Social media is here to stay and it hasn’t even reached its peak. Outside of the office, get social by committing to time away from the office. Review your community calendar, show an interest in community development and attend events where you can meet community influencers. People like to associate themselves with businesses that support causes within the community. Be certain that you have a genuine interest in the event you attend. It’s easy to spot a fake with ulterior motives. Tip: Your firm could offer to sponsor or host a community event.

6.      Create a referral system: Referrals are still the best and most profitable source for new client acquisition.  Learning how to earn referrals is the key to a successful referral plan. It is easy to ask for a referral, anyone can do it. Elite advisors don’t ask, they earn.  Earn referrals by establishing a trusted friendship with your clients, providing incredible client service and supply resource and educational material readily. Tip: Include a resource section on your website with articles, white papers and blogs you have written. Clients will refer and share articles with their peers.

 7.      Play on your passions: Invite clients and prospects to do something with you that you are passionate about. Create a passion list and choose clients who share the same passions. Ask them to bring a friend to the event. This is a great opportunity to meet new people who share similar interests and to expand your lead generation efforts. Holding three or four of these events each year will provide opportunities to boost your bottom line.

 8.      Establish differentiation: It’s not enough to merely say your firm is different and you provide great service. Everyone says that. You need to show it! When I went to a local drive through restaurant the other day, I noticed an immediate difference from others. What was it? The employees were happy, engaged and initiated conversation with me. They made me smile, laugh and feel appreciated. They made my “drive-through” experience fun! So, I’m easy to please, maybe… But, I can tell you that I will go back and I will be calling the manager to let them know about my experience. They also got my order right! The key is to create an experience clients won’t find elsewhere – don’t be afraid to have some fun!

9.      Understand your niche: You can’t be everything to everyone. Advisors that shoot for the moon may grab a few starts along the way, but it’s much more effective to group the stars that are alike and provide solutions based on their needs. You will position yourself as an expert in your industry, gain credibility and your marketing dollars and efforts will be utilized efficiently.

10.  Appreciate your clients: Let your clients know you appreciate them!Give your clients a reason to be loyal!  Hosting client events are an integral part of your overall business strategy and comprehensive marketing plan.  Taking the time and effort to plan targeted  events will enhance your client retention strategy.

Keep your marketing plan alive by reviewing the status of each objective you implement. You can have the best marketing plan in the world, but if you don’t measure the results continually, the plan will not generate results.

Ironstone’s Vision is to forge and guide the personal and professional lives of entrepreneurs and business professionals alike to realize their full potential. Coaching and consulting allows us the opportunity to form an environment where success happens and goals are reached.

Read more about our coaching and consulting program here >>

 Start your transformation with Ironstone as your Partner for Performance

Contact Ironstone with your branding questions & let’s get started! 

Have a question or comment for Ironstone? Contact us!>>

  

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:

13 Ways To Reduce Operating Costs in 2013

Apply these 13 cost-cutting-busters as you prepare your 2013 budget. Applying simple tactics will help your business remain profitable.

“Economy does not lie in sparing money, but in spending it wisely.”

 – Thomas Huxley (1825-1895) English Biologist

1. Establish a budget– Before you decide where you can afford to cut costs, you must have control over your costs. A budget helps you analyze expenses and income, as well as forecasting financial variances.

2. Develop and implement systems for everything you do in your firm– Implementing workflow processes increase efficiency which will in turn have a positive impact on your bottom line. Many firms tend to overlook their operational systems and workflows especially during a good economy.  Review your firm’s operational systems regularly and recognize the static processes. Just because “that is the way it’s always been done,” doesn’t mean there is not a more efficient process. Be flexible to change.  This is imperative to reducing your operational costs and remaining viable amid the rising costs of operation.

3. Turn off office equipment when not in use– Sometimes the simplest things can be things we overlook. Turn off all office equipment and lights when not in use. If your equipment is plugged into a power strip, make sure the power strip can be turned off or is on an automatic timer.

4. Use social media to advertise – Still not on the social media bandwagon? Social media provides you with an avenue for fast-paced, high-results and low-cost marketing.

5. Align the responsibilities of your staff members to their specific needs– Review workflow for areas that need improvement or display a lack of clarity. Making revisions in a workflow and ensuring that there are no duplicate efforts or wasted energy will prevent you from superfluous costs.  Besides cost savings, you benefit from a significant increase in productivity.

6. Invest in more training– It may sound ironic to invest more money while trying to reduce costs,  however, investing more in your employees shows them that they are valued. There is an endless source of training models available online, which in-turn will also reduce your travel expenses. Employees who feel valued, are more engaged and more productive at work. SHRM, the Society for Human Resource Management, estimated that it costs $3,500.00 to replace one $8.00 per hour employee when all costs — recruiting, interviewing, hiring, training, reduced productivity, et cetera, were considered.

7. Build strategic alliances– In our blog “Strategic Alliances Build A Strong Foundation For Long Term Success”     we talked about how building strategic alliances positions your firm to stand apart from the competition.  Share expenses with your alliances by implementing joint advertising/media promotions, shared mailing lists and shared educational workshop expenses.  You will reduce your costs and improve your bottom line by meeting client needs.

8. Outsource– Review the organizational structure of your firm.   Pinpoint which roles could be outsourced, such as payroll, HR or mailings. Outsourcing will give you more time to focus on building your business.

9.  Go paperless– Consider converting to an electronic paperless system when possible and utilizing email for a portion of your communication efforts.

10.  Capitalize on technology– Take advantage of the cost savings offered through the use of technology. From telecommuting to teleconference services operational costs can be reduced.

11. Buy in bulk– Negotiate for a better price if you purchase in bulk or agree to purchase all of your supplies from one vendor.
12. Consider contract and virtual employees– Consider housing some of your staff “in the cloud”.  Also consider contract employees.  Hire contract employees for special projects or ongoing tasks or when  in need of specialized skills. The 2011 Employment Review from Elance shows   that despite a stagnant employment market in 2011, online hiring has grown at a record pace, up more than 100% from 2010. For your firm you can expect reduced turnover, employee engagement and fewer workplace complaints.

13. Find Cheaper Space– Renegotiate better terms on your current lease now that real estate markets in many areas are leaning in the tenants’ favor.

Reducing your operating costs without sacrificing the team’s operational effectiveness, the quality of service and the value you provide to your clients, will go a long way toward improving your bottom line.

Ironstone’s Vision is to forge and guide the personal and professional lives of entrepreneurs and business professionals alike to realize their full potential. Coaching and consulting allows us the opportunity to form an environment where success happens and goals are reached. 

Read more about our coaching and consulting program here >>

 Start your transformation with Ironstone as your Partner for Performance

Contact Ironstone with your branding questions and let’s get started! 

Have a question or comment for Ironstone? Contact us!>>

  

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:

A Born Leader? Would Your Office Elect You?

We have all heard it, “He/she is a born leader!” Do you believe that to be true?

Leaders are not necessarily born as leaders, instead, they encompass the desire and willpower to become an effective leader. Successful leaders develop through education, training, self-study and experience.

With the election behind us, we can wonder what changes will take place under the leadership of our elected officials. Will our leaders serve our country, states and communities keeping promises and the  hopes and dreams of us, “the people” in mind? If you held an election today in your office, would your team choose you as its’ leader? What characteristics and qualities does a leader need in order to be chosen to lead our nation, our community or yet, your firm?

We have identified that leadership is primarily learned. The skills and knowledge a person possess contribute to the development of leadership, while other attributes make a leader unique such as:

• Beliefs
• Values
• Ethics
• Character

At the most basic level, a leader is someone who leads another. That alone probably isn’t going to be enough to land a leadership victory. A true leader carries vast qualities under one hat. People are naturally drawn to successful leaders because they inspire others, they are likeable and they lead through example. Failure of leaders to live up to employee expectations is the heart of leadership tribulations.

So, How Do You Get Elected To Run Your Office?

We have gathered a list of the most important qualities employees want in a leader.  Here they are:

• Trust– Employees typically rank trust as the #1 trait essential to that of a leader.
• People skills– Employees prefer an environment where they can thrive, share and grow vs. the traditional “command and control” style of leadership.
• Good communication skills– Be honest and open about what is happening in your business.
• Decisive– Provide clarity and direction in decision making and use structured dialog to aide in reaching group decisions.
• Motivational– Strive to bring passion and positive energy to the workplace every single day. Consider the rollercoaster of the nation’s economic status – you still have your business. Provide your employees with a source of positive energy.
• Inspiring– Those that can inspire a group of people to perform at a higher level, produce more effective, efficient and productive teams.
• Accountable– Being accountable means accepting responsibility for outcomes both good and bad.  You don’t blame others.
• Developers– Leaders develop and empower their team in ways that allow their employees to feel successful, most of the time.

Leadership doesn’t happen haphazardly. It takes a lot of self discipline, a vision and a goal to continually develop and enhance your own set of leadership skills and knowledge. Leadership also means you are leading a group, working together to accomplish common objectives and goals. Being a successful leader also means you have a successful, engaged team by your side.

Management is doing things right; leadership is doing the right things.

-Peter F. Drucker (1909-2005) Political Economist & Author

Ironstone’s Vision is to forge and guide the personal and professional lives of entrepreneurs and business professionals alike to realize their full potential. Coaching and consulting allows us the opportunity to form an environment where success happens and goals are reached. 

Read more about our coaching and consulting program here >>

 Start your transformation with Ironstone as your Partner for Performance

Contact Ironstone with your branding questions & let’s get started! 

Have a question or comment for Ironstone? Contact us!>>

 

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:

Is Your Brand On Your Balance Sheet? It Should Be!

Your face to the world is your firm’s brand. Grounding your firm with a recognizable brand is invaluable in today’s ever changing and competitive world. Successful brands incorporate a conscious association of products and services a firm offers by providing a visual image to your target market displaying who you are, what you offer and how you are different. Sounds easy enough, but is your brand holding up?

Your brand should:

• Deliver a clear message
• Build creditability for your firm
• Establish a differentiated presence in your market
• Create a connection between your clients and your products and services
• Generate a call to action

Creating a unique name and image for your firm is no small undertaking.  Branding is a key component in the success of your firm. You can sink or sail. Your brand should manifest itself through icons to provide clear identity and appeal to your target market. Focus on how you are perceived by getting into the minds of your existing clients as well as your target markets.

What images are you projecting with:

• Your name
• Your logo
• Your colors
• Your team
• Your phrases and taglines

Each of these symbols manifest together to give your brand an identity. Your brand is your firm’s face to the world visually expressed through these key symbols.  Consider each of them as anchors which ground your firm and provide you the means to construct a larger “ship” by embedding a consistent set of beliefs, awareness and image to your target markets.

Construct consistency with your brand

Make sure you deliver a consistent image with your firm’s look. Your branding should project the same message in all avenues of your marketing strategy. Your ad may change but your logo, colors and taglines should always stay the same. If you decide to change your brand, do so over time so clients and prospects don’t lose you.

Your Brand and Your Balance Sheet

Your brand holds incredible value for your firm.  Many companies put the value of their brand on their balance sheet. A branding strategy will encompass everything you do. When you are needed by clients and prospects the ship begins to sail. You will recognize an increase in client retention, advertising effectiveness, word of mouth referrals and goodwill you have created. This is nothing short of an asset on your balance sheet.

What is color saying about you?  

 Have some fun when establishing your brand or making changes but remember to use the core guidelines listed above. I love Jason Miller’s article about “True Colors-What Your Brand Colors Say About Your Business.” Read Jason’s article to see what your colors are saying about your firm.  http://blog.marketo.com/blog/2012/06/true-colors-what-your-brand-colors-say-about-your-business.html

Ironstone’s Vision is to forge and guide the personal and professional lives of entrepreneurs and business professionals alike to realize their full potential. Coaching and consulting allows us the opportunity to form an environment where success happens and goals are reached.  Read more about our coaching and consulting program here >>

Start your transformation with Ironstone as your Partner for Performance

Contact Ironstone with your branding questions and let’s get started! 

Have a question or comment for Ironstone? Contact us!>>

 

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:

Put Me In Coach, I’m Ready to Play…..Today!

Singing the song yet!   Sorry, it will be stuck in your head all day now, if you’re like me….but, maybe it should be.  Are you ready to play in 2013?

What Is Coaching?

Coaching is an intentional function where active interaction with employees is implemented to align unique skill sets and competencies with overall business goals and objectives.

Advisors should consider coaching as a management style rather than a tool.  Integrating coaching and consulting into your management system will incorporate recruitment, team building, leadership training and provide an independent objective resulting in management and team members gaining clarity directed to the overall strategies and goals of your firm.

With the help of a coach more hard work can be achieved!

“Talent is a dreadfully heap commodity, cheaper than table salt. What separates the talented individual from the successful one is a lot ofhard work and study.” – Stephen King, American Writer & Hard Worker

The Value of Coaching

Many advisors don’t feel the need to hire a coach.  My response is, “Would you expect any team to perform at its’ best without one?”  Suddenly the perspective changes and many questions arise.

Coaching supports professionals who desire major and comprehensive improvements in all aspects of their firm.  Collaboration with a coach encourages breakthroughs in change, helps manage evolution and supports the implementation of desired outcomes.

Adding value to your firm with the amalgamationof a coach will provide your firm with interpersonal processes and strategic focus by integrating generations,  aligning people to goals, building trust, managing expectations, providing constructive feedback and holding managers and team members accountable.

Building team loyalty with a coach has proven to produce positive results leading to higher levels of job satisfaction, employee engagement, higher productivity and retention of key employees through team development and learning processes.

How Does Coaching Work

Coaching provides awareness within a firm and identifies areas in need of focused attention.  Firms with limiting structures block progress in reaching and exceeding new goals and identifying new trends within the industry.  Limited structures also lead to a disengaged workforce discouraging commitment and desire to contribute to the firm. Coaching can cultivate a culture to encourage growth, awareness, responsibility and development removing stumbling blocks preventing the firm from true success.

Firms realize they can improve the performance and motivation of their teams through coaching.  A coaching style of management is preferred to the traditional command and control approach.

An effective coach will take the big picture of your firm and break it down into manageable milestones to help you make necessary modifications for positive and significant change by:

• Assessing values, priorities and goals
• Designing focus goals
• Collaborating with management and team members
• Implementing a plan for change
• Follow-up through accountability

Coaching programs will provide inspiration, passion and new awareness to firms and identify key values needed to create a winning team. Holding each member accountable for their contributions and roles in the firm will solidify a successful coaching plan.

“A coach is someone who tells you what you don’t want to hear, who has you see what you don’t want to see, so you can be who you have always known you could be” – Tom Landry

Ironstone offers coaching and consulting programs that are tailored to the needs of your firm:

Read more about our coaching and consulting programs here >>

Ironstone’s Vision is to forge and guide the personal and professional lives of entrepreneurs and business professionals alike to realize their full potential. Coaching and consulting allows us the opportunity to form an environment where success happens and goals are reached.

Start your transformation with Ironstone as your Partner for Performance

Contact Ironstone with your coaching questions and needs!  Let’s get started!

Ask Your Questions Here > > >

 

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
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Unleash Your Team

Unleashing your team from the chains of a micromanaged and controlling culture will create positive growth, a winning team and take your leadership skills to a new level!

Leaders are sometimes afraid to let go of the leash and open a new world of possibility to their firm. When team members are afraid to share and contribute ideas, grow and learn in their current environment and expand their horizons, they become bored, unchallenged and will most likely leave your firm for something better.  It is the harsh truth; you must care about your team to create employee engagement, satisfaction and retention.

In our blog, “Implementing Team Development Programs Often Overlooked”, we outlined a process to implement a team development program. By following each step, you eliminate the need for micromanaging your team.  Trust me, your team does not want to be micromanaged!  The four components that Ironstone focuses on to implement a team development program are:

• Preparation
• Incentives
• Benefits
• Technology

Read more about each component in our blog : https://aeschlapia.wordpress.com/2012/05/23/implementing-team-development-programs-often-overlooked/.   Once you have put these components into your human capital mission, you will find that employees are capable of managing their individual positions within the firm.  Support your team members and empower them to be as great as they can be.

How Do You Begin To Unleash Your Team?

Perhaps the first place to begin is to take inventory on your leadership skills.  A team that performs well depends on your leadership abilities, training and development you provide and being a coach your team members can trust.

Being a coach to your team is highly motivational and almost guaranteed to improve performance.  As a leader, your role is to help your team understand their positions.  It is their job to take ownership of assigned job descriptions and design a process to carry it out effectively.  Willingness to support your team’s development sets an example and will contribute to the culture and performance of your firm and team members.

 Tip: Ask team members how you can help them develop their own solution.

As humans, most of us thrive in a continued growth and development society which consists of ongoing training and learning. A team development program will contribute to the natural desires of dedicated employees. Team development will:

 

• Help team members adjust to changing job requirements
• Create a pool of qualified team members for possible new roles within your firm
• Develop a more effective, efficient and productive workforce
• Produce team members capable of taking on new significant challenges and reach firm goals

Understanding Needs of Your Team 

 Identifying the needs of your team is crucial in implementing a successful team development program.  Some training will need to be universal and apply to most, if not all, of your team members.  However, each team member is unique and owns a specific skill and passion set.  Goals and objectives of team members will be parallel when they relate to overall firm goals but will be dissimilar in relation to their individual job duties and responsibilities. Talk to your team to find out what training they want and need.  Work with them to develop a personal plan that will help them get the training they need in an economic and efficient manner.     Start by holding one-on-one meetings to discuss:

• Job Descriptions
• Training and developmental needs
• Current performance levels
• Areas for improvement
• Action steps to fill any gaps

How Well Do You Develop Your People?

*Mind Tools (www.mindtools.com) offers a great quiz for you to take, allowing you to evaluate your leadership skills and identifying areas for improvement. The quiz identifies five main factors related to developing people. This will give you a clear understanding and foundation to develop a plan for yourself to improve your personal team development skills.  Follow this link to take the quiz!  http://www.mindtools.com/pages/article/team-development.htm

(*Mind Tools-www.mindtools.com)

 How did you score?   Let us know!!

In the ever evolving world of change, helping your team adjust to change while remaining successful, sends a clear and concise message that you care.  If you are willing to support your team’s growth and job satisfaction, you will retain good people and an engaged workforce.  Once you have implemented a training and development program into your human capital mission, you will find that employees are capable of managing their position within your firm.  Support your team members and empower them to be as great as they can be.

 “What’s worse than training your workers and losing them? 

Not training them and keeping them.”

– Zig Ziglar, author and motivational speaker

 Learn more about how Ironstone can impact the operational effectiveness of your firm!  Read more at www.ironstonehq.com  Want more information on team development?   Contact us at http://ironstonehq.com/contact/

 

Follow us as we explore each of Ironstone’s Fundamental 4™!

• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:

What Have They Done To Me?!! They Earned My Loyalty!

I am always surprised and humbled when I walk into a business and am greeted by my name, and particularly impressed when one of the team associates asks me about an event we spoke about during my last visit. WOW! That’s impressive! It’s refreshing, invigorating and makes me feel connected and engaged to the team of professionals I am working with.

What have they done to me!!?  They have earned my loyalty by:

• Developing a relationship
• Creating trust
• Connecting and engaging

Do you bestow this feeling to your clients? How well do you know them? Building meaningful relationships for powerful and effective client interaction is paramount in establishing client loyalty and retention. Client loyalty lies in several factors, but today’s affluent investor is looking for an advisor that:

• Creates trust
• Adds value
• Shares mutual values
• Demonstrates high ethical behavior
• Goes above and beyond

This is not to say that you don’t have to provide quality service each and every time, but without the above factors, no matter how great you are at your job, it probably won’t matter much.

Gathering Information

Start by creating a process that outlines each step of developing deeper client relationships.  Decide what information you want to gather and learn about your clients, then systematically collect, organize and store records for the most powerful and effective client interactions and campaigns.  Below is a list of some of the information you may want to start collecting and, of course, tailor the form to include additional information that is pertinent to your firm.

• Hobbies-fitness, bicycling, arts/crafts, camping
• Cuisine-American, Italian, Indian
• Books/Authors– biography, mystery, health/fitness
• Activities-golf, dancing, fishing
• Birthday’s
• Children’s Names
• Pets

Download Ironstone’s Client Personal Interests Worksheet to start getting to know your clients!  Client Personal Interests Worksheet  

Use the information you collect to make contacts and conversation with clients throughout the year.  Clients like to do business with firms that express care and interest beyond the sale.  By cultivating relationships that clients can count on, you earn loyalty and trust.  Clients know that you have their best interests at heart.

Organize

You will need to include a system and process to organize the information you collect for each of your clients. Some options to consider:

• CRM application
• Individual files including a profile sheet
• Note cards
• Address book

Make sure that you and your team continue to learn about your clients on an on-going basis. The client profile sheet should be updated with your clients before, during and after the “sale”.

There is not a right or wrong way to store your client data – as long as it is organized, secure and readily available! Strive to set and attain goals that hold you and your team accountable for going above and beyond in getting to know your clients.  Set periodic checkpoints to evaluate your progress and make changes to improve your process as needed.

 We are curious! Do you collect client personal interest information?  How do you organize the information?

 Learn more about how Ironstone can impact the operational effectiveness of your firm!  Read more at www.ironstonehq.com

 

Follow us as we explore each of Ironstone’s Fundamental 4™!

• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element

 Coming up next, Human Element & Team Development

  

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:

Does Your Niche Notice You?

Answering the question, “Does Your Niche Notice You?” may give you true insight to the effectiveness and impact of your marketing strategy.

Being all things to all people is impossible in personal lives and in your business life.   I suggest relying on the old 80/20 rule. The message of the 80/20 rule is that it reminds you to focus on the 20 percent that matters. 80% of your potential target market probably won’t buy from you.  Choosing a target or niche market is tough, but identifying the 20% who are most likely to become clients will give your firm a laser-like focus.  Without that focus, you expose yourself to presenting a message that is full of fluff to 80% of your market.

 Identifying Your Niche

Start identifying your niche with a narrow focus, but remain flexible to expand as new business is generated.  Define a high degree of specialization in order to differentiate your practice.   Avoid placing limitations on your firm and turning away business by defining your market too rigidly.

Choosing to specialize in a niche will allow you to:

• Use your time more effectively
• Provide better service to existing clients
• Differentiate your firm

Navigating Your Niche

By placing focus on the niches you have identified, your ability to hone in on select groups and provide specialized service will open the door to more referrals. Existing clients and your strategic alliances will be more inclined to refer new clients in your direction.  Remind them of the ideal clients you are looking for.  Providing specific descriptions, such as “retirees between the ages of 55 and 70”, will make it easier for others to identify connections they have in a specific group.  When you simply ask for a referral without providing a descriptive landscape, it is hard for others to refer the ideal and compatible potential client. They may refer their next door neighbor who is in their mid 20’s, just starting a family…. It is your responsibility to steer your clients, alliances and COIs in the proper direction with a clear and concise description of the type of client you are looking for.

Get Your Niche To Notice You

Avoid aiming for an undecided percentage or portion of the already saturated broad market.  This will place your firm with every other financial advisor in your area and provide no means of differentiation.

By identifying a market position or niche, you will be on the path of instilling operational effectiveness, success and a clear vision for you and your firm. Your service and product offerings will be aligned with your niche, thus providing a solution to client’s unique needs.

When you identify and market to a niche, your firm is:

More likely to have an impact – strong positions in a target market provide your business with identity.

Able to stand apart from competitors – your firm is positioned to connect and engage in meaningful solutions to specific needs.

Positioned to grow organically – by providing laser-focus service, your clients will be marketing your firm for you.

There are a plethora of niches you can choose from.  Choose niches that you have a genuine passion for and reap the benefits of being viewed as an expert in your field. You need to work with clients you are comfortable with.

 “Please all and you please none.”   -Aesop, Greek Author

We are curious! Who are your niche markets? How is your firm benefiting from niche marketing? 

 Learn more about how Ironstone can impact the operational effectiveness of your firm!  Read more at www.ironstonehq.com

 Follow us as we explore each of Ironstone’s Fundamental 4™!

• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element

Coming up next, Operational Effectiveness & Your Client Database

 

 

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:

Hit the Nail On the Head When Constructing Your Business Model

Constructing a business model should be a vital part of your firms overall business strategy; describing the core aspects of your firm, including services, purpose, organizational structure, operational processes/policies and your strategies.

As the financial services industry has evolved over the years, business models available to financial advisors have changed and expanded. You will want to make certain your business model:

•  Remains as a solid foundation by revising and expanding the structures and systems
•  Incorporates new services and resources available to create value for your clients

Without an updated business model, it will be challenging to move forward, reach goals and experience firm growth. Top advisors are seeking to change their existing business models from firm driven to client driven by providing a holistic model.  Advisors who have implemented the holistic business model are able to position themselves as a trusted advisor rather than a transaction-based sales person.

 Your business model should describe how your firm plans to generate revenue

 and profits while detailing the core aspects listed above.

 High net worth clients are searching for a trusted advisor that is able to provide multiple products and services under one roof.

Providing results for your clients should be a key factor when constructing your business model.  Clients are in search of an advisor who will:

• Make smart decisions with their money
• Assist in mitigating taxes
• Take care of their heirs
• Ensure gifts are charitable

In addition, advisors who provide some or all of the following services will stand far above the competition and can promote a proactive working relationship with at least a few of the following professionals:

•  Tax Attorney
• CPA
• Insurance Agent
• 401k Retirement Consultant
• Estate Planning Attorney
• Health Insurance Representative

When the overall financial plan is coordinated, you have added value for your clients. Your clients are able to:

• Reduce their fees
• Feel clearly organized
• Place their trust in you and your firm

WHY BOTHER?

Ever heard the song, “The Wise Man Built His House Upon a Rock”? The lesson of this song is just as true in the business world as it is in construction. If you want to run an effective profitable practice, you need to build on a solid foundation and function within a framework that is based on your goals.

The words to that childhood tune also say that the foolish man built his house on sand—without a foundation—and when the storms come, the house crashes down. In the same way, a business without structure will likely crumble when faced with challenges.

Don’t be like the foolish man! By taking advantage of systems and

structures, you can lead your practice toward success.

 There is not a one-size-fits-all solution for every firm.  Ironstone works with highly successful firms operating with different business models.  Design your business model  considering your goals and objectives along with the structures, systems and elements that will serve as your foundation.

 Contact Ironstone for help in preparing your Business Model

We will provide you with a comprehensive plan in developing or updating your business model.  Choosing the best business model for your firm is not an easy task. We will assist you every step of the way by identifying any gaps in your existing model and providing focus on proper infrastructure, market positions, client product and service mix, value-add and how to put it all together!

 We are curious – what changes have you made to your business model recently?   What changes need to be made to your existing business model?  Let us know! 

 Follow us as we explore each of Ironstone’s Fundamental 4™!

• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element

Coming up next, Niche Marketing!

 

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us: