Jason Pereira talks to Grant Hicks, a known financial advisor coach who has been out there basically helping advisors build better practices. He is going to share more powerful and more effective means or strategies that he has seen advisors put in place for business owners that have really helped elevate their business practices.
Episode Highlights:
- 01:07: Grant has been in the industry for 33 years, he now focuses on practice management and all facets of practice management.
- 01:35: He is going to share a story of one of the advisors he has worked with and their mastermind group, how to build it, and how to manage it.
- 03:24: We are all business owners, at the end of the day, working on our businesses together.
- 04:30: Every business has different issues that they are working with.
- 07:35: Grant talks about processes and running effective processes and how do you map with the process.
- 09:53: The HR piece is fascinating, and it's invaluable there because you probably have multiple real time experiments going on, says Grant.
- 11:04: The more time you give something without a deadline, the less like it is going to get done, you give it a deadline and it gets done.
- 12:32: Grant explains how he works through the succession and transition issues.
- 15:11: Grant talks about various priority changes in any business.
- 15:47: Grant talks about the different success stories.
- 16:58: Everyone thinks their baby's pretty, especially when it comes time to put a price tag on it and get the entire endowment effect to play there. But reality is, it doesn't matter people are going to judge it for their own what they consider beautiful.
- 21:02: This is the long game where you are trying to find the ideal clients, and you are trying to find your ideal niche, which would be probably business owners that are selling their practice, and it's the long game where you are getting to help solve the problems.
- 22:30: Benchmarking is used for financial advisors, but we also use benchmarking for business owners and you could look at how benchmarking is used as a tool to help people guide them as well.
3 Key Points:
- Jason and Grant talk about succession and transition
- Grant shares what is a very common challenge for most business owners today in the economy.
- Grant shares how mastermind group is contributing to bring together a bunch of people who have walked a bunch of different paths. It may or may not be relevant to what you are looking for, but can definitely help.
Tweetable Quotes:
- "We are going to talk a bit about today is the growth aspect of growing your practice." - Grant
- "I have a weekly poker match with a bunch of buddies from university, and they are at different executive positions, and you listen to the different changes in the work life during COVID, and the entire remote work thing saw a massive productivity spike." - Jason
- "God knows the statistics on succession are not great. I remember, even in our industry, I have heard statistics in the US say the average successful session takes about seven years to nail down and get completely done, start to finish out the joke that failure Is a lot quicker than that." - Jason
- "Some people are spending a ton of money on marketing and SEO and different Internet strategies." - Grant
Resources Mentioned:
- Facebook – Jason Pereira's Facebook
- LinkedIn – Jason Pereira's LinkedIn
- advisorproductmanagement.com
- advisorpracticemanagement.com
- https://mobile.twitter.com/davideedey
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