PracticePower Academy Podcast #1133 “ Knowing Your Numbers”

I recently had the opportunity to consult with a client during a strategic day to really “dig-in” and make suggestions into how they could optimize their business and really grow their revenue. We look at all their processes, especially their business development process and client profitability. They found the process to be so valuable, I wanted to share some of the most important ‘KPI’s” Key Performance Indicators that, once you determine what your are, will give you a whole level of new insight into your business.

I have found over 40 KPI’s for a practice. For the sake of time I want to discuss some of the highlighted ones. These are in no particular order:

  • How many clients do you have? How are they segmented? What is the standard of care for each segment?
  • What is the average annual recurring revenue (AAR) per each segment?
  • What is the average length in years of your average client engagement per segment?
  • What is the lifetime value of the average client per segment?
  • What is your average cost to serve the average client per segment?
  • What does it cost you to acquire a client?
  • What does it cost you to onboard a new client?

These are just a few KPI’s that all advisors need to know. Remember, you are a business owner.

I am hosting a webcast on Wednesday May 10th at 11:30am EST. For details and registration info head over to:https://attendee.gotowebinar.com/register/308512349773829890

This podcast is brought to you by PracticePower Academy, the financial service industry’s only 100% free coaching and training resource. Create your business plan, marketing plan, learn how to structure your mornings and days for success, access over 300 hours of training free.  Go to http://practicepower.net/ and claim your free membership.

PracticePower Academy Podcast #1131 “Understanding Advisor Head-Trash”

What holds an advisor from creating their ideal life and business? Their intelligence? Their lack of resources? Their firm? Their Team? We can keep going, but I think you get my drift. As I dive deeper into creating my advisor P.O.S workshop (Personal Operating System), what holds you back is the basic fact you have some “trash” that must be felt with in order for you to take action and proactivity create your ultimate vision. Many advisors don’t want to go down this road because of their ego and arrogance. My advice, put that aside and you will start to see a transformation in yourself and your results

In this episode I will cover the following:

  • Ego & Arrogance the million dollar advisor tax
  • What defines “Head-Trash”
  • The direct effect to your success and bottom-line
  • Time to get real and “take the trash out”
  • Proven strategies to make the shift you need to make

This podcast is brought to you by PracticePower Academy, the financial service industry’s only 100% free coaching and training resource. Create your business plan, marketing plan, learn how to structure your mornings and days for success, access over 300 hours of training free.

PracticePower Academy Podcast #1130 “My Magellan MasterMind Debrief”

Last week I hosted our winter Magellan MasterMind meeting in beautiful Del Mar CA. This group meets twice a year to mastermind, brainstorm, and discuss what the business will look like in 10 years. We also look at how we and our businesses need to evolve in order to continue our growth. I decided to dedicate this podcast to briefing all of you on some of the key takeaways from our meeting.

In this episode I will cover the following:
  • Trends that I am seeing in our industry
  • Is flat fee asset management the future?
  • What does the practice of 2025 look like?
  • A brief overview of why your “P.O.S” is THE MOST important resource you have.

This podcast is brought to you by PracticePower Academy, the financial service industry’s only 100% free coaching and training resource. Create your business plan, marketing plan, learn how to structure your mornings and days for success, access over 300 hours of training free.

 

Practice Power Daily Coaching Video #771 7/03/13 Your Approach to the 2nd Half of 2013

As you review your goals at the mid-point of 2013, there is one point that I want to make to you. No matter where you are, ahead, behind, or on target. Never lower your standards or what you expect from yourself. Take a moment a review my video for today. Have a great 4th of July holiday and I will see you on Monday.Please make sure you have done your recap & review and have a well thought out July monthly game plan. Please register for our Practice Power Webinar ” How to Market to Your Warm Market”.

Here is today’s Brain-Food           Click Here For Our YouTube Feed.

 

If You Are Committed to Taking Your Results to the Next Level Watch the Video Below

Practice Power Daily Coaching Video #763 6/21/13 It’s a Great Time to Market

I know, some of you are wondering why its a great time to be in business development mode with the markets being so choppy. This is a great time because people become aware of their investments. Also, fear can be a motivator as well. Lets’ have a strong finish to the week and have a great weekend. See you on Monday.

Here is today’s Brain Food  Having trouble viewing this video CLICK HERE for YouTube Feed

Don’t Forget These Items For Today

  • Review Your Business Plan
  • Review Your Monthly Game Plan
  • Create Your Daily Game Plan
  • Ask for Introductions
  • Track Your Results Daily
  • Go to PracticePower.Net

11 Reasons to Become a Member of PracticePower Today

 

  1. Developed by Coach Joe Lukacs who has been recognized as one of the top FA coaches and has over 20 years experience.
  2. Learn how to create powerful business & life plan
  3. Learn how to create a powerful morning success ritual & daily game plan
  4. Receive coaching every business day by Coach Joe Lukacs via video coach
  5. Learn a simple referral strategy that will result in at least 50 referrals per year
  6. Breakthrough the barriers that hold you back from your success
  7. Design a system that allows you to work from anywhere
  8. Access the I-Advisor blueprint that will allow you to grow your revenue by 20% each year and have 16 weeks of strategic/down-time
  9. Track your results with our online goal tracking system
  10. Get access to hundreds of hours of E- learnings, videos, and audios
  11. Full content access as a Priemum member is less than $1.00 per day!

  http://practicepower.net/ for membership information.

 

Practice Power Daily Coaching Video #762 6/20/13 Never Give up on a Prospect

Today is a story of systems, beliefs, execution, and working the model. So many advisors give-up on a prospect because they get frustrated with their timeline. Today’s coaching video is a real-time of one of my teams that just executes the follow-up system.

Here is today’s Brain Food  Having trouble viewing this video CLICK HERE for YouTube Feed

 

Don’t Forget These Items For Today

  • Review Your Business Plan
  • Review Your Monthly Game Plan
  • Create Your Daily Game Plan
  • Ask for Introductions
  • Track Your Results Daily
  • Go to PracticePower.Net

11 Reasons to Become a Member of PracticePower Today

 

  1. Developed by Coach Joe Lukacs who has been recognized as one of the top FA coaches and has over 20 years experience.
  2. Learn how to create powerful business & life plan
  3. Learn how to create a powerful morning success ritual & daily game plan
  4. Receive coaching every business day by Coach Joe Lukacs via video coach
  5. Learn a simple referral strategy that will result in at least 50 referrals per year
  6. Breakthrough the barriers that hold you back from your success
  7. Design a system that allows you to work from anywhere
  8. Access the I-Advisor blueprint that will allow you to grow your revenue by 20% each year and have 16 weeks of strategic/down-time
  9. Track your results with our online goal tracking system
  10. Get access to hundreds of hours of E- learnings, videos, and audios
  11. Full content access as a Priemum member is less than $1.00 per day!

  http://practicepower.net/ for membership information.

 

Practice Power Daily Coaching Video #758 6/14/13 Summer Campaigns

Happy Friday and welcome to the end of the week. Usually, I am not a big fan of campaigns. They usually work and then you stop doing them for some unknown reason. However, I do like to plan some projects for the summer to keep focus, drive revenue, and create the big “Mo” momentum heading into the fall. Please watch today’s video and have a great father’s day weekend.

Here is today’s Brain Food  Having trouble viewing this video CLICK HERE for YouTube Feed

 

Don’t Forget These Items For Today

  • Review Your Business Plan
  • Review Your Monthly Game Plan
  • Create Your Daily Game Plan
  • Ask for Introductions
  • Track Your Results Daily
  • Go to PracticePower.Net

11 Reasons to Become a Member of PracticePower Today

 

  1. Developed by Coach Joe Lukacs who has been recognized as one of the top FA coaches and has over 20 years experience.
  2. Learn how to create powerful business & life plan
  3. Learn how to create a powerful morning success ritual & daily game plan
  4. Receive coaching every business day by Coach Joe Lukacs via video coach
  5. Learn a simple referral strategy that will result in at least 50 referrals per year
  6. Breakthrough the barriers that hold you back from your success
  7. Design a system that allows you to work from anywhere
  8. Access the I-Advisor blueprint that will allow you to grow your revenue by 20% each year and have 16 weeks of strategic/down-time
  9. Track your results with our online goal tracking system
  10. Get access to hundreds of hours of E- learnings, videos, and audios
  11. Full content access as a Priemum member is less than $1.00 per day!

  http://practicepower.net/ for membership information.

Practice Power Daily Coaching Video #756 6/12/13 The Perfect Daily Game Plan

Did I get you with the title? The reality is, the concept of a perfect daily game plan is just that. A concept not reality. So many advisors sabotage themselves by creating what I call the perfect day game plan.  The problem is, there are very few perfect days in our profession. Also, please don’t forget to register for today’s Practice Power Wednesday Webinar.

Here is today’s Brain Food    Having trouble viewing this video CLICK HERE for YouTube Feed

 

Don’t Forget These Items For Today

  • Review Your Business Plan
  • Review Your Monthly Game Plan
  • Create Your Daily Game Plan
  • Ask for Introductions
  • Track Your Results Daily
  • Go to PracticePower.Net

11 Reasons to Become a Member of PracticePower Today

 

  1. Developed by Coach Joe Lukacs who has been recognized as one of the top FA coaches and has over 20 years experience.
  2. Learn how to create powerful business & life plan
  3. Learn how to create a powerful morning success ritual & daily game plan
  4. Receive coaching every business day by Coach Joe Lukacs via video coach
  5. Learn a simple referral strategy that will result in at least 50 referrals per year
  6. Breakthrough the barriers that hold you back from your success
  7. Design a system that allows you to work from anywhere
  8. Access the I-Advisor blueprint that will allow you to grow your revenue by 20% each year and have 16 weeks of strategic/down-time
  9. Track your results with our online goal tracking system
  10. Get access to hundreds of hours of E- learnings, videos, and audios
  11. Full content access as a Priemum member is less than $1.00 per day!

  http://practicepower.net/ for membership information.

Practice Power Daily Coaching Video #755 6/11/13 The Big Picture

What is it that you do? Why do you do it? Do you believe what you do creates significance for you? These are just some questions that I asked a client during a recent coaching call to make my point, there has to be more then just commissions and fees in our mindset. Also, please don’t forget to register for this weeks Practice Power Wednesday Webinar.

Here is today’s Brain Food    Having trouble viewing this video CLICK HERE for YouTube Feed

 

Don’t Forget These Items For Today

  • Review Your Business Plan
  • Review Your Monthly Game Plan
  • Create Your Daily Game Plan
  • Ask for Introductions
  • Track Your Results Daily
  • Go to PracticePower.Net

11 Reasons to Become a Member of PracticePower Today

 

  1. Developed by Coach Joe Lukacs who has been recognized as one of the top FA coaches and has over 20 years experience.
  2. Learn how to create powerful business & life plan
  3. Learn how to create a powerful morning success ritual & daily game plan
  4. Receive coaching every business day by Coach Joe Lukacs via video coach
  5. Learn a simple referral strategy that will result in at least 50 referrals per year
  6. Breakthrough the barriers that hold you back from your success
  7. Design a system that allows you to work from anywhere
  8. Access the I-Advisor blueprint that will allow you to grow your revenue by 20% each year and have 16 weeks of strategic/down-time
  9. Track your results with our online goal tracking system
  10. Get access to hundreds of hours of E- learnings, videos, and audios
  11. Full content access as a Priemum member is less than $1.00 per day!

  http://practicepower.net/ for membership information.

Practice Power Daily Coaching Video #754 6/10/13 Staying In The Zone

Happy Monday! I hope you enjoyed your weekend. All of us have experienced some event that causes us to loose our focus, and most likely put us in a negative state. Let’s spend a few minutes today discussing strategies on how to regroup and refocus each day. Also, please don’t forget to register for this weeks Practice Power Wednesday Webinar.

 

 

Here is today’s Brain Food    Having trouble viewing this video CLICK HERE for YouTube Feed

 

Don’t Forget These Items For Today

  • Review Your Business Plan
  • Review Your Monthly Game Plan
  • Create Your Daily Game Plan
  • Ask for Introductions
  • Track Your Results Daily
  • Go to PracticePower.Net

11 Reasons to Become a Member of PracticePower Today

 

  1. Developed by Coach Joe Lukacs who has been recognized as one of the top FA coaches and has over 20 years experience.
  2. Learn how to create powerful business & life plan
  3. Learn how to create a powerful morning success ritual & daily game plan
  4. Receive coaching every business day by Coach Joe Lukacs via video coach
  5. Learn a simple referral strategy that will result in at least 50 referrals per year
  6. Breakthrough the barriers that hold you back from your success
  7. Design a system that allows you to work from anywhere
  8. Access the I-Advisor blueprint that will allow you to grow your revenue by 20% each year and have 16 weeks of strategic/down-time
  9. Track your results with our online goal tracking system
  10. Get access to hundreds of hours of E- learnings, videos, and audios
  11. Full content access as a Priemum member is less than $1.00 per day!

  http://practicepower.net/ for membership information.