The Confident Advisor Practice Scorecard

Jan 16, 2018

The Confident Advisor Practice Scorecard

Summary:

In this episode, Bill and Pete Bush of Horizon Financial Group along with Chris Sullivan discuss the importance of financial management, an important metric on the Confident Advisor Practice Scorecard. They outline the practices and ideals that determine your score—one being low on the Scorecard and twelve being high. Find out why a scarcity mindset will only lead to poor, financial management practices and why those who involve stakeholders are given a positive score. Tune-in to see where you stand in your financial management practices and get insights on how you can improve.

 

Time Stamped Show Notes:

 

• 00:11 – This podcast is brought to you by the Horizon Advisor Network
• 00:30 – Brothers, Bill and Pete, from Horizon Financial Group along with Chris Sullivan host this podcast
• 00:53 – In the last episode, we talked about the Confidence Advisor Scorecard
  • 01:11 – The scorecard consists of eight categories
  • 01:32 – Today, we will be discussing FINANCIAL MANAGEMENT
• 02:05 – Rank yourself from 1 to 12 on four statements
  • 02:11 – Find out if your financial management practices have the lowest score of 1
• 03:09 – These are people who are running their financial advisory on a scarcity mindset
• 04:03 – Difficult to make a mindset shift for someone who has adopted these practices for a prolonged period
  • 05:05 – Grade and compare yourself to your best self in the future
  • 05:49 – Do you score a 4, 5 or 6 on the Scorecard?
• 06:49 – A person who knows that there is a better way to manage finances, but finds it difficult to manage it all by himself
• 08:03 – Someone who has made a jump from a producer to a business owner
  • 09:00 – Key metrics that a financial advisor need to be mindful of: net revenue after expenses, revenue per client and budgeting
  • 10:59 – Find out if you can score yourself a 7, 8 or 9
• 11:01 – A comfortable approach which provides for you and your employees
• 12:12 – While this is a comfortable model, it may keep you from progressing from good to GREAT
• 13:01 – Involve other internal stakeholders who are your second set of eyes
• 13:39 – Pipeline management is about adding new clients to your business
• 14:08 – Being overconfident is worse than not being confident at all
  • 15:11 – Do your financial practices merit a top score of 10, 11 or 12?
• 15:40 – A polar opposite of someone who scores a 1, 2 or 3
• 16:58 – Using the Scorecard will enable you to kickstart the process to become an ensemble practice
• 18:02 – Partnering with people and leveraging their skillsets is the best way to move towards the top slot
• 19:00 – We will be tackling the next 7 categories on the Scorecard in upcoming episodes
• 19:20 – Try out the Confidence Advisory Scorecard
• 20:02 – In the next episode, we'll be talking about VISION
• 20:17 – Visit our website to gain more information about our team and services

 

3 Key Points:

1. People who are running their financial practices on a scarcity mindset score poorly in financial management.
2. Key metrics that a financial advisor needs to be mindful of: net revenue after expenses, revenue per client and budgeting.
3. Use the Scorecard to kickstart the process of being an ensemble practice.

 Confident Advisor Practice Scorecard link