The Velocity Indicator

Do you know where your focus is now?

The Velocity Indicator™ is our unique self-evaluation tool that will help you find out if you and your team are working at peak performance and identify areas for improvement.

When we study successful Advisors, we see a common pattern with respect to the specific areas that they both focus on and execute – driving their business forward. Each category in The Velocity Indicator™ has been designed to give you the opportunity to see how your business measures against the role model. The results are prioritized and from there we will be able to build individual and team plans to close the most critical gaps in your practice, enhancing the strength of your firm.

To begin the process, proceed below and rate your firm on a scale of 0-5 in terms of how well your practice handles the item and how important this area is to your firm in the short term.

1Your Info

2Strategy

3Human Resources & Team Excellence

4Value Proposition

5Marketing

6Branding

7Contact Management

8Advisor Skills

9Maximizing Resources

10Personal Effectiveness

11Leadership

12Financials

13Succession Planning

14Regulatory Risk Management

15Business Acquisitions

16Technology

17Summary

Instructions
1. For each of the statements below, select two rankings – the first is how important that area is to you right now and the second is for how well you handle the area.
2. When you have finished this, view the “GAP” column to the right, which will help you quantify which gaps are biggest.
3. Your total from each section will be transferred to the summary below.
How important is this right now?
0 = not important at this time 5 = I need to deal with it now!
How well do I handle this?
0 = not at all well 5 = very well
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The Velocity Indicator

Instructions

Strategy

1. Our business has an effective planning process in place, a facilitator, and a written plan for the entire team to reference.

2. We have a clear vision for the business that everyone on the team understands and works toward fulfilling.

3. We have specific written goals that we know how to achieve.

4. We have identified critical success factors (activities/projects that will help our business achieve its goals) that we have assigned to each team member with action plans and deadlines.

5. We schedule regular team meetings to review performance against the plan.

Human Resources & Team Excellence

1. We have a structured hiring process in place.

2. There is a written description for each role outlining responsibilities, skills and competencies.

3. There is a written development plan for each team member to help them reach peak performance.

4. Our team has effective, clear methods of communication including regular team meetings.

5. We are proud of our culture and enjoy one another’s company.

Value Proposition

1. I respond with confidence and speed to questions like, Why should I do business with you? What makes you different? How are you compensated?

2. My unique client development process engages my clients; they feel involved, make decisions and take action.

3. I regularly ask for feedback from my clients about the value they receive.

4. Our clients continue to enjoy the benefits of our value throughout the lifetime of our relationship.

5. We are being compensated appropriately for the value we deliver.

Marketing

1. I am satisfied with the number and type of new clients that I add to my business each year.

2. I think we have a comfortable introduction/referral process that I have used on a regular basis.

3. We have outlined our ideal clients’ demographic and psychographic profile.

4. Our marketing strategies are directed to our ideal clients and we are all accountable to implement and monitor them regularly.

5. We have effective processes in place to capture new opportunities with current clients as well as to attract new prospects.

Branding

1. We have an original brand that has a compelling story differentiating our business.

2. We have a company name, logo, slogan, descriptor and imagery that reflect the personality of our business.

3. Our TouchPoints (marketing materials) have a consistent look and feel, reflect our brand and communicate our value.

4. Our team feels proud and confident in communicating our brand message.

5. Our brand emotionally connects to our ideal clients and gives them the ability to introduce others who are like-minded.

Contact Management

1. A segmentation category has been established for each client and each client has been assigned to a category.

2. A relationship management strategy with specific activities/tactics has been identified for each client segment.

3. Each team member knows the role they play to deliver relationship management strategies to each of our clients.

4. A client relationship management system drives all of our proactive contact including client review meetings.

5. We systematically review our contact management, including client feedback, in order to ensure our service levels are being met.

Advisor Skills

1. I am aware of what is going on in the industry and I am positioning my business for the future.

2. I understand the evolving mind-set of the consumer and what they are looking for from their financial advisor.

3. I believe client engagement is important and I create an emotional connection.

4. I have a series of questions that I always ask a new, potential client.

5. I feel confident and competent at every stage of my client development process.

Maximizing Resources

1. Team members understand their strengths and are in roles that maximize those strengths.

2. Everyone has defined areas of accountability, is skilled at their work and feels comfortable making decisions within those areas.

3. The business itself and the team members have procedures that they follow.

4. We have internal processes well-documented and team members cross-trained on key functions.

5. The advisors on our team are focused on the right revenue producing activities (prospecting, meeting with quality clients and providing advice).

Personal Effectiveness

1. Everyone on the team is proactive and in control of their time (e.g. plan the day, follow an ideal week and plan the year in advance).

2. My team and I are prepared well in advance for prospect and client appointments.

3. Even when overloaded, we are able to prioritize and focus on the most critical tasks.

4. Procrastination does not get in the way of our success.

5. Everyone on the team is pleased with their work/life balance.

Leadership

1. I am skilled at bringing out the best in each team member and inspiring a common vision.

2. I have built a high trust environment with open communication with all team members.

3. I promote synergy within the team and we all feel involved and engaged.

4. The team has pride in the organization and confidence in its leadership.

5. I am open to and seek feedback on my own performance and leadership skills.

Financials

1. We have a written annual budget.

2. We have a process for revenue and expense tracking that includes a monthly review of all financials.

3. We have built a historical trend on both income and expenses which is reviewed annually.

4. I understand the ratios (i.e. expenses to revenue). As a result, I’ve identified how I earn profits in the business.

5. I invest in the business (staff, technology, facilities, etc.) at a level that will allow us to continue to grow.

Succession Planning

1. We have a contingency and succession strategy in place.

2. We have established a valuation method for the business.

3. If we sold the business today, it would command a premium price.

4. A plan is in place for transitioning/exiting advisors.

5. We have a funded and documented business continuation plan in place in the event of a death, disability, critical illness or retirement.

Regulatory Risk Management

1. We have a process and approach to note-taking that ensures that we maintain notes and records of interactions that are clear, comprehensive, contemporaneous and credible in every client file.

2. As part of our KYC process, we systematically refresh our clients KYC information on a regular basis.

3. We utilize a variety of tools (including questionnaires) to understand and document our client’s investment risk tolerance and profile.

4. When recommending to clients any investment and/or insurance solution we follow a process that ensures that each client clearly understands and acknowledges in writing all of the costs and risk factors.

5. My team has identified and prioritized our higher risk clients and have a documented plan in place to reduce the risk of any potential client complaints.

Where is your key focus and where do you need to focus?
Your GAP totals for each section have been transferred into the Summary below.