Note from Annick – “Success leaves clues”
By Annick Donat
These past few weeks, we have been speaking to Principals researching options for a new licensee. No doubt you’re across the dislocation and disruption in our industry as the institutions make their “future of advice” tactical moves. As they say, “all’s fair…” however resoundingly, we are hearing some common themes and frankly, they are worrying.
This week Rod & I spoke to a Principal of a very successful business. In the last five years she has grown through three medium size acquisitions, fully integrated the acquisitions into her well-structured business & client processes and made them profitable. What’s worrying you ask? Rod asked her “what does success look like?”, she responded “I’d like to stop working 7 days a week and spend time with my family”; “I’d also like some support to help me get to my five goals.” The next natural question (which I asked), “what support do you get from the Licensee?” (this is the worrying part) “None, despite repeatedly asking, no-one has come to my office to help”. Now, I know we don’t always get it right, and there are times you’ve been frustrated by our late responses or not enough support. It frustrates us too. We’re a team of 11 (albeit we’re now growing)! This is a team of 40+ people across several business units. And whilst one of the questions commonly asked from prospective advisers is, “how many people in your team?”, it’s not the real question. These advisers want to be heard, they are afraid of feeling isolated, they want to be part of something, to “grow together” (as this Principal put it), they want to know they are part of a community who cares.
On that note, thank you to everyone who has completed the recent Net Promoter Survey sent recently. Early results indicate a positive score. It’s a point in time result. The real ‘gold’ is in the feedback you provide. Thank you for being candid, respectful, and constructive. We’re looking forward to reading the insights, working through the suggestions and feedback you’ve provided and sharing this with you. This information will help shape our priorities and direct our focus on things that matter to our community. This will be an annual survey, it’s part of the Clime Group client engagement process. Feedback from client surveys can be daunting, but not knowing is much worse! Recently I’ve heard myself saying “success leaves clues” when coaching my team or a practice. NPS is a great clue.
As we head into the last quarter of 2020 (where did the year go?), our focus turns to building the new services and support model for 2021. Over the next few weeks, we will host webinars with the Principals to discuss the new Service & Pricing model, what it means for each practice, how it will be delivered and importantly, what it costs. The new program is segmented by stage of business, the services delivered will support the segments. Our intention is to prepare you for the regulatory change scheduled for 2021, assist with creating momentum for business efficiency and growth, keep you connected with each other and create a community we can continue to be proud of. Our thanks to the Adviser Panel for their time, robust conversations and numerous questions during the design and build phase of this project. At times, the meetings were challenging, but it is very clear we all want the best outcome for our community.
As part of the implementation, Sarah Bolouri, (Clime COO), has developed a comprehensive plan for our new program, this also includes the 2021 Education and Event schedule. Sarah and her team will bring to life our brand, resources and solutions (including ongoing support). Not only is it wonderful to have access to their experience and creative genius, it’s a huge relief for the team and me!
Towards the end of this week, look out for our Professional Indemnity Attestation, the survey which asks you to declare any potential claims. Please take the time to complete the survey. We will receive terms and despite the insanity of this year, the Insurer’s increase is nominal (approx. 4%). In a market where many licensees have faced premium increases between 30% – 70%, we are very proud of this result. It’s a testament to the transparency and quality of our community. Final premium and policy details will be shared once we have all the documentation.
I’ve been reading the individual Practice Efficiency Reports Megan Thompson has prepared for you. Megs has used the information and results to design the weekly training webinars (if you haven’t joined one, I recommend you do) and the tailored coaching program for your business. I encourage you to read these reports once received, share them with your team and formulate a plan to implement the recommendations. Allocate the time to build the efficiency in your practice, stabilising the foundations to create scale and momentum…ready for 2021. More clues…
In closing, I would like to acknowledge Anthea Fordham, Choice FP in Brisbane. Last week Anthea sent Sophie and I an email. Here’s an extract… “I loved hearing your weekly updates and how you went to this meeting or spoke to that adviser who did something great. It made the newsletter feel really personable and was a quick read where you still felt connected. I think it needs to come back!!” I have missed writing to you and creating this connection…thank you for the reminder Anthea.
We hope you are all well, safe and taking the time you need to stay connected with those who matter most.
Sincerely,
Annick
More from this Edition
Note from Annick – “Success leaves clues”
By Annick Donat
These past few weeks, we have been speaking to Principals researching options for a new licensee. No doubt you’re across the dislocation and disruption in our industry as the institutions make their “future of advice” tactical moves. As they say, “all’s fair…” however resoundingly, we are hearing some common themes and frankly, they are worrying.
This week Rod & I spoke to a Principal of a very successful business. In the last five years she has grown through three medium size acquisitions, fully integrated the acquisitions into her well-structured business & client processes and made them profitable. What’s worrying you ask? Rod asked her “what does success look like?”, she responded “I’d like to stop working 7 days a week and spend time with my family”; “I’d also like some support to help me get to my five goals.” The next natural question (which I asked), “what support do you get from the Licensee?” (this is the worrying part) “None, despite repeatedly asking, no-one has come to my office to help”. Now, I know we don’t always get it right, and there are times you’ve been frustrated by our late responses or not enough support. It frustrates us too. We’re a team of 11 (albeit we’re now growing)! This is a team of 40+ people across several business units. And whilst one of the questions commonly asked from prospective advisers is, “how many people in your team?”, it’s not the real question. These advisers want to be heard, they are afraid of feeling isolated, they want to be part of something, to “grow together” (as this Principal put it), they want to know they are part of a community who cares.
On that note, thank you to everyone who has completed the recent Net Promoter Survey sent recently. Early results indicate a positive score. It’s a point in time result. The real ‘gold’ is in the feedback you provide. Thank you for being candid, respectful, and constructive. We’re looking forward to reading the insights, working through the suggestions and feedback you’ve provided and sharing this with you. This information will help shape our priorities and direct our focus on things that matter to our community. This will be an annual survey, it’s part of the Clime Group client engagement process. Feedback from client surveys can be daunting, but not knowing is much worse! Recently I’ve heard myself saying “success leaves clues” when coaching my team or a practice. NPS is a great clue.
As we head into the last quarter of 2020 (where did the year go?), our focus turns to building the new services and support model for 2021. Over the next few weeks, we will host webinars with the Principals to discuss the new Service & Pricing model, what it means for each practice, how it will be delivered and importantly, what it costs. The new program is segmented by stage of business, the services delivered will support the segments. Our intention is to prepare you for the regulatory change scheduled for 2021, assist with creating momentum for business efficiency and growth, keep you connected with each other and create a community we can continue to be proud of. Our thanks to the Adviser Panel for their time, robust conversations and numerous questions during the design and build phase of this project. At times, the meetings were challenging, but it is very clear we all want the best outcome for our community.
As part of the implementation, Sarah Bolouri, (Clime COO), has developed a comprehensive plan for our new program, this also includes the 2021 Education and Event schedule. Sarah and her team will bring to life our brand, resources and solutions (including ongoing support). Not only is it wonderful to have access to their experience and creative genius, it’s a huge relief for the team and me!
Towards the end of this week, look out for our Professional Indemnity Attestation, the survey which asks you to declare any potential claims. Please take the time to complete the survey. We will receive terms and despite the insanity of this year, the Insurer’s increase is nominal (approx. 4%). In a market where many licensees have faced premium increases between 30% – 70%, we are very proud of this result. It’s a testament to the transparency and quality of our community. Final premium and policy details will be shared once we have all the documentation.
I’ve been reading the individual Practice Efficiency Reports Megan Thompson has prepared for you. Megs has used the information and results to design the weekly training webinars (if you haven’t joined one, I recommend you do) and the tailored coaching program for your business. I encourage you to read these reports once received, share them with your team and formulate a plan to implement the recommendations. Allocate the time to build the efficiency in your practice, stabilising the foundations to create scale and momentum…ready for 2021. More clues…
In closing, I would like to acknowledge Anthea Fordham, Choice FP in Brisbane. Last week Anthea sent Sophie and I an email. Here’s an extract… “I loved hearing your weekly updates and how you went to this meeting or spoke to that adviser who did something great. It made the newsletter feel really personable and was a quick read where you still felt connected. I think it needs to come back!!” I have missed writing to you and creating this connection…thank you for the reminder Anthea.
We hope you are all well, safe and taking the time you need to stay connected with those who matter most.
Sincerely,
Annick