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The 9 Most Common Mistakes Advisors Make: Mistake #1

The 9 Most Common Mistakes Advisors Make

Mistake #1: No Structure

David-Hubbard.jpg.crop_display.jpgWe're cut from the same cloth. You're a financial advisor. So am I. We specialize in helping clients pursue financial goals but are we accomplishing OUR goals?

Over the past 30 years I built an advisory firm from scratch to a firm that employs dozens of advisors and staff, and generates millions of dollars in revenue. Along the way, I have also coached hundreds of advisors, and launched The Next Step Coaching Program focused on assisting independent financial advisors in building strong businesses. As we both know, it's not always easy to make the best decisions, and having a coach alongside you who's made both good ones and bad ones along the way can help you choose the best path forward for your business.

Over the next few weeks, I'll be blogging about what I've identified as the 9 Biggest Mistakes Advisors Make, and the steps you can take to ensure you don't make them.

The first mistake is one of the most frequent: building a business without the right infrastructure.

The first element of a solid infrastructure is building out a business plan. According to Financial Planning magazine, 80% of advisors producing $1 bigstock-Winning-Business-Plan-10861772 (1).jpgmillion or more have a written business plan, vs. 7% making $75,000 or less. Why is this?

Because a business plan helps you focus on a set path for business growth. Your business plan will keep you on the road best suited to reach your specific goals and help you bypass the distractions and latest "shiny objects" that may make you stray off track.

Alongside having a solid business plan, you must have processes and procedures in place to ensure optimal productivity and efficiency within your business. Not only will this ensure your clients have an excellent experience with you, it will aide you in building loyalty within your own walls as well with your employees.

Don't have a business plan? Download our template, as well as a sample, and create an easy, one-page business plan to help you focus on your goals.

Next week I will post about the 2nd most common mistake advisors make, and be sure to check our NextStep website to help you build structure within your business.


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