This month we're delighted to welcome Bob Blurton as our special guest blogger.
Bob has over 30 years experience working with and assisting financial planners and business owners obtain the most out of business life and reach their goals.
It is interesting that through the COVID-19 work from home period, the issues of productivity and accountability have emerged in both a positive and negative sense in Financial Planning practices.
Feedback I am hearing from my clients has been varied...
Positive – some staff are reporting that they are getting more done, with fewer interruptions. Productivity has increased, and those less experienced find it easier to ask colleagues questions one on one, without others butting in or causing a group chat as may happen in the office together. Some staff have blossomed with “clear space” and been very accountable for their performance. Others have struggled – maybe they lacked the accountability for their own performance and lent on colleagues too much previously?
"Financial planners have found some productivity wins, with client review meetings over Zoom taking less time and with most clients enjoying the experience. Some planners find Zoom not suitable for new client appointments, where relationships are yet to be built."
Principals and Practice Managers have also found it interesting to view some staff and adviser productivity exposed in the negative, as looking at the statistics from Xplan or other sources has proven. Some already weaker performers have fallen further behind their colleagues in the productivity rankings. I am noticing some Principals are being more objective when looking at the numbers, and not swayed by conversations and relationships in the office that may have previously put a different light on the issue.
A lack of accountability in a small business can be devastating to business performance. Principals can be busy working in the business and not focused on the systems and structures for accountability of all team members.
"In the current operating environment for financial planners, where business costs are rising, compliance complexity has increased enormously, and fee income may have fallen off the back of market performance, it is imperative to have correct measures in place for all key business parameters."
For business owners… profit, capital value, revenue growth, attracting new clients & retention, to name a few. Who is responsible for what and how will you measure them is a must for all team members?
The key to accountability within a business is to identify what needs to be measured, how often it should be measured, and the means of reporting.
Making these outcomes clear and agreed to by all relevant parties is critical. This means that accountability becomes a lot more straight forward – a result or target must be achieved, or a process of review is required to ensure the result is achieved going forward. Ultimately, if the target isn’t reached, there is somebody that must be held accountable.
Often, it is not so easy for business owners to set up the necessary systems and structures for accountability. This is where a business coach can help! They can approach the situation objectively and work with all involved participants.
Implementing these systems and structures can be challenging for busy Principals, who are also very involved on a day to day basis.
A Business Coach can bring accountability to Principals...
As a Business Coach, I work with Principals and other stakeholders to bring objectivity to the situation. A Business Coach can also bring accountability to Principals. I specialise in working with financial planning business owners as a Business Coach.
My clients are looking for assistance in reaching goals like these:
Less stress in your business life
Increase in turnover/profit
Increase business value
With over 30 years experience working with financial planners
I enjoy helping business owners obtain the most out of business life & reach their goals. If you would like to have a fresh set of eyes look at your business and improve accountability, please give me a call on 0488 403139 or email at
- Bob Blurton, founder and business coach, Your General Manager
Speaking of productivity...
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Special thanks to Bob Blurton for allowing us to share this article with you all.