“Setting Your Goals High" By Joseph Lukacs (from Chapter One of his new book, Practice Power - 12 Steps to Take your Business to the Next Level)   In this business, having written goals and a business plan is absolutely crucial to your success. As a coach, I’ve had the opportunity to review more than 2,000 business plans created by advisors over the past 10 years. So, before I take you through the planning process, I will share some of the common planning mistakes made by these advisors.   Six Common Mistakes   Mistake #1: Jumping into the planning process without putting much thought into their plan. It’s nearing the end of December and the advisor is doing his or her best to finish off the year economically, as well as addressing end of year issues with their clients. During the holidays it dawns on them that the year is almost over and they haven’t yet planned for next year. Faced with this reality, they slip into panic mode and scribble out a plan that comes pouring out of them like a leaky faucet. The plan may cover some of the issues that need to be dealt with, but it probably won’t represent their best effort.   These advisors fall short of accomplishing the task at hand be- cause they are not utilizing the bullet-proof planning process I will share with you later in this chapter—the same process that most, if not all, top producers and advisors use to make their business plans work for them throughout the year.   Mistake #2: No compelling goals. By this I mean there is no passion to support what they’re aiming for. Often I come across goals advisors have written in their business plans; but, when I ask them why the goal is important, they can’t answer. Their goals were mere writing exercises that probably will fall short of serving their needs throughout the year.   NOTE: When building your business plan, your goals must be absolutely compelling—goals that keep you excited 24/7 so you remain focused on creating the kind of practice and the kind of life you want.   Mistake #3: Creating plans that are too long or too complex. You’re not getting paid by the page to write it. Short and concise is the way to go, keeping it as brief as possible, while still getting the job done. Unfortunately, some advisors have a difficult time implementing this concept. I always ask clients if I can look at their business plan. When it comes to business plans, don’t be impressed by charts, graphs, color and all those other neat things you might want to throw into the salad. Keep it short. Keep it simple. Keep it complete. It’s the only way to go.   Mistakes #4-6 in our next issue! _________________________________________________________________________ Author's note: Joseph J. Lukacs, Business Coach, is the founder of International Performance Group LLC., a professional business coaching company delivering customized coaching and training, by telephone, to financial and insurance professionals. International Performance Group LLC. is based in Melbourne, Florida. Joseph can be reached at 321-255-2889, by e-mail to joe@ipg-coaching.com, or visit our Web site: http://www.ipg-coaching.com   * * * * * * * * * * * * * * * * * * * * * * Since our inception we have helped over 400 financial consultants make the move to independence. "I cannot express to you the joy and the increase in quality of life that I have found since leaving the wirehouse world." Shane Merritt, Branch Manager Merritt Capital Management      Tired of Searching for the Right Independent Broker-Dealer? Would you like to find your next Broker-Dealer the EASY way? Would you like access to an informed executive who can narrow your options, preserve the confidentiality of your search and save you time and hassle? With over 10 years experience placing reps with independent broker dealers, we are able to offer many unique opportunities and there is no cost to you. For example:    *Companies with deferred compensation or profit sharing    *Producer groups that provide marketing programs    *Independent Broker-dealers that offer Transition funding    *Independent Broker-dealers with 100 percent payout on VA and VUL    *Independent Broker-dealers with 95 percent pay out on investment advisory services    *Firms with proprietary research in Mutual funds, asset allocation and stocks    *Firms offering Equity participation via options or common and preferred stock    *Broker-dealers that can accommodate compliance issues    *Firms specializing in stocks and bonds    *Independent Broker–dealers that are successful with large producer groups    *A firm with 11 years experience in hedge funds that will create your own fund of funds    *Firms who are friendly to custodying assets at Schwab, Fidelity, TD Waterhouse & Fiserv    *Firms with lower ticket charges and monthly fees    *Firms with Syndicate offerings, IPOs, and market making **For a FREE "Guide to Moving Your Book", please visit: www.goingindependent.net. This Month's Registered Representative Opportunity: Since 1986, this Broker-dealer has been committed to giving independent financial advisors the leverage they need for achieving success. Today, it is one of the most progressive broker-dealer firms in the country with more than 1,000 independent professionals around the U.S. and over 250 support staff in its Southeastern headquarters. This B/D provides independent financial advisors support and flexibility to assist them in finding their customers the right investments for more of the life they want to live. Because their executive team and board of directors were all once and currently are full-service reps, they understand the business and the fact that their customers are you, the reps. Regardless of your specific model, whether you are a transactional equity rep, a planner, a fee-based rep, insurance rep or traditional broker, they have the people and infrastructure in place to help you succeed. They believe they have the tools to help you elevate your business and reach your professional and personal goals. If you want a career move that will take you to new heights, thisB/D may be the right place to be. At this Broker-dealer, the entrepreneurial spirit is on. The intense corporate pressure is off. With no incentives to sell proprietary products, you have the flexibility to advise your clients what you believe is in their best interest. If you want it, they have a support team that will scour the industry for you looking for new products and services, to keep you and your clients one step ahead in this fast-changing market. Their approach gives you freedom to do what you do best. They have built a platform that can transform any existing platform, whether you are currently working as a lender, an insurance agent, or a registered rep. You have access to the same resources of any traditional Wall Street firm, as well as multiple clearing arrangements always at your fingertips. With that comes the flexibility to manage business and clients your way, and a payout rate that truly recognizes your talents and abilities. Technology - Their technology department is diligent when it comes to making your tools easy to implement, easy to understand, and easy to use. They have an innovative infrastructure to keep your practice operating at its peak efficiency. And most importantly, their home-office experts are here to help you with your transition and provide ongoing support anytime you need them. Payouts - They recognize your talents and expertise, and feel strongly that you should be highly rewarded. At this B/D, independent financial advisors typically enjoy 70-90% payouts, one of the most rewarding plans in the industry. However, payouts are flexible and often depend on the financial advisors performance and volume. A recruitment consultant works closely with you to determine a beneficial arrangement based on your individual business model. Volume benefits and discounts - When you join this B/D, you will immediately benefit from the full-scale of benefits associated with a large organization. You gain the best of both worlds: independence with total access to a multitude of volume advantages. Because they function as a collective group with more than 1,000 advisors nationwide, they are able to contain costs and help you keep fixed expenses as low as possible. If you know someone who might be interested in the above opportunity or who might be ready to go Independent, please have them contact Jason Burke directly at 727-725-8876.

Here's some additional information from Turning Point, Inc..

www.BrokerBestPractices.com
www.BankBrokerBestPractices.com
www.IndependentRepBestPractices.com (*Sept 2005 REPORT AVAILABLE!)
www.FABestPractices.com (Financial Advisors)
www.InsuranceAgentBestPractices.com

By clicking on any of these links, you will be taken to a webpage where you can Preview these reports, take a short survey, and then print the entire report when you're done. It's that easy.

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