Conclusion
Ten Signals of a Successful Reframe
You’ve made it to the end of this book and, if you’ve been working the program as you go, very possibly the end of the reframing process for yourself and your firm. The question now is, how will you know if your reframe has been successful?
Like smoke signals that are used to communicate from a long distance, there are also signals that will appear after you’ve engaged in the reframe process that will provide you with insight that you are making progress on your reframing journey. These are universal signals for which you can be on the lookout, regardless of your particular reframe.
Then, there will be those signals that are unique to your firm and its particular reframe. This chapter provides guidance on both types of signals, describing what the common signals of success are as well as how to develop a list of customized signals to help you know that your unique reframe is going well.
But first, let’s talk about this notion of an end to the reframing process. While it is true that there are five clear steps to reframing your wealth management firm, the truth is that reframing is an ongoing journey. It’s about dialogue as much as it is about destination. The process of reframing is really one big feedback loop between your firm and your clients that should continue over months and years. This dialogue between you and your clients (as well as between you and your network of advocates) will enable your firm to continue to evolve to meet the shifting needs of your clients as well as the changing demands of the financial landscape. A willingness to treat the reframing process as a continuing journey will enable you to not only grow with the times but also expand your career and practice in a way that satisfies you personally and professionally. In other words, what you’ve now learned is a sustainable process.
The reality is that there is no “shazam!” moment within the reframe process in which your business will be tidily wrapped up with a bow and done evolving. Your vision for your practice will change; you will receive input from clients and professionals that will help shape that change. There might be a need to introduce new services. Your logo might change. The tax code will get updated and you’ll have to adjust to it. Your knowledge will grow and affect the way you run your practice. As a result, the reframe process will, by necessity, need to be continual rather than finite. As you continue to attract new talent to your business, their input will be valuable to co-creating your future firm.
And yet, as you work through any given reframe, you will arrive at clear vistas where you will be able to appreciate the growth you’ve engaged in and enjoy its benefits. From these vistas—solid plateaus to which you will ascend during your journey of reframing—you will discover that all of your strategizing, effort, and teamwork have culminated in something real and powerful. You will be able to assess your success on the basis of the unique milestones you have set for yourself, as well as the list in this chapter of 10 universal signals of success that occur with effective reframing. By becoming familiar with the universal and unique signals of success, you will have the information you need to recognize when your reframe process is going well and when it needs some adjusting.
You Know Your Reframe Is Working If . . .
By now, it is clear that the journey of reframing takes time, patience, and work. There may be times that you and your team will be slogging through the “foggy woods,” unsure of the progress you’ve made and unclear just how close or far your destination really is. Keep the following in mind for just such a moment: Do not quit, because you might be closer than you think. Instead, keep your antennae up; look for clues that your reframe is working; and, when you discover them, notice, appreciate, and celebrate them.
After the reframe has begun, you will start to see things change; you will see flutters of progress, inertia that is transforming into movement. Be attuned to these initial signs of change because it is in these areas that you will discover the “juice” of motivation to keep you going; these initial signs also will give you the confidence to continue moving ahead with the reframe. Don’t forget to take the time to look up, either—you may just see a smoke signal in the distance letting you know you are close.
Universal Signals That Your Reframe Is Working
The signals that your reframe is working track well to many of the aspects of the reframe that you’ve worked through, so they will likely sound familiar.
You will know that your reframe is working when:
- Your team works excitedly together to enact the frame you’ve mutually designed and you can see that team members feel they’re partners in the delivery of the new frame.
- Your clients exhibit confidence in working with members of your team because they trust their technical capability, relational capability, decisional capability, problem-solving capability, and so on.
- You ask clients to describe what it is you have achieved in the number of years you’ve worked together and they have a powerful and valuable answer, one that reflects the very frame you intended to build.
- Each client review is more powerful than the last.
- Your business profits are rising and doubling every three to five years.
- Another professional invites you to join in serving one of his or her clients and that professional frames you in a way that’s exactly as you want to be framed.
- You find that it has gotten easier to run your business because your team, your advocates, and your clients want you to succeed.
- You are attracting new young talent to your team each year with ease.
- You see loyalty and longevity in your existing employees, who are excited about the strategic plan for growth because they’re equal partners in having created that plan.
- You’ve got an operating agreement and a mechanism in place for the other talented members of your firm to find their “path to partner” and potentially (or have already) become owners in a sustainable and growing business.
The universal signals of success are many, then, and these represent some of the top ones. There will be unique signals of success, too. Read on to learn more about detecting them.
Unique Signals That Your Reframe Is Working
In addition to the universal signals of success, you can gauge your progress against a list of signals that you’ve laid out for yourself in advance that are indicators of your success. Here are some tips on how to do so:
- Collaborate with your team members to develop a list of items that signal you are meeting with success. Be as specific as possible.
- Include project milestones on your list that will show you have accomplished a meaningful task or an initiative related to your reframe.
- Share this list with your advocates and invite their ideas, comments, and feedback.
- Update your list of unique signals on the basis of what you have learned from your advocates.
- Gather input from your loyal advocates and determine whether they also see a shift in the frame of your firm.
Once your list of unique signals has been completed, you can go about gathering information to help you see which signals are actually occurring.
It’s critical that you do the following three things (which are the most effective) to gather this information: (1) make your own observations, (2) assess business results, and (3) invite feedback from clients and professionals. As for observations, watch your team in action, ask questions of your clients and listen to their answers, and check in with your advocates to get a sense of how things are going from an outside perspective.
Analyze business results by paying attention to important data such as how your client base is increasing, how many introductions you are receiving, for what percentage of clients you are serving additional family members, etc. Create metrics for analyzing your business that link to your strategic goals so you can truly assess how your business is growing.
Most important, return to your clients consistently and repeatedly to gain insight into how they think you are doing. What do they feel you have accomplished together? What do they value most about your services and support? Once you’ve gathered everyone’s feedback and added it to your observations and the business results, you will be in a position to evaluate where you are as a firm and what, if anything, you still need to do to achieve a successful reframe.
Go to the ClientWise eXchange™
Along the journey of your reframe, you’re going to test things out. You’re going to make some new moves and you’re going to try some new things, like a different message, different people, a different logo, or a different service model or approach. If you’d really like to be successful, you’ve got to get feedback from others; you have to test out whether your message is hitting the mark. We invite you to become a part of our community of reframers along the journey toward future success. We invite you to share your own reframes with us and with our community of advisors and leaders who are thinking about their own reframes and success.
When you find yourself in the midst of a reframe in the future, consider going to the eXchange™ to share your story just as advisors in this book have shared theirs. I believe that your own successes and challenges can offer useful lessons for others and, at ClientWise, we’d welcome hearing about it all on the eXchange™, which offers a platform for users to communicate with each other. You will find a specific group called “You’ve Been Framed,” which you’ll be able to join and participate in. We welcome you to learn more about the community and take advantage of what’s been built here for you to learn alongside others who are also committed to growth and reframing as leaders. As you move through the reframe process, your team will learn and grow; your clients will share new ideas; you will deepen your own leadership skills. Those of us at ClientWise and in the ClientWise community would enjoy hearing about it and are willing to help you.
You never have to go it alone, then—not just because of the eXchange™ but because there are coaching and consulting companies like ClientWise that specialize in working with financial advisors and can partner with you to achieve any of the essential steps to reframing, from gathering client feedback and identifying ideal client type(s) to building the marketing assets needed to launch your new frame. What’s more, you can bring coaching into your organization by training to earn the ClientWise Certified Financial Services Coach Designation, the only International Coach Federation (ICF)– approved course designed specifically to assist financial professionals in obtaining the vital skills needed to become an ICF-accredited coach. The options for support and community are waiting for you when you are ready.
Conclusion
No matter where you are in your business—no matter what your level of success—the most important thing is to consistently have an eye toward the future focused on how you, your team, and your firm want to be framed. Be willing to evolve, change, and grow as a journey learner.
Be curious about others, too. How can you help them achieve success? What do they find valuable in your existing partnership—both technical and relational aspects—and what would they love to have more of and less of from you and your firm in the future? Be curious about how others view you, your team, and your firm.
If we are to treat advising as a noble profession, then we must take the servant-leadership approach. This means becoming deeply connected to clients’ needs as well as leading others on your team to connect deeply with clients. When we do our work well, we can truly shape the lives of others—those in our communities and in the world.
That being said, our industry is not without its challenges. We need to continue to raise the bar on fiduciary standards; we need to bring new talent into the industry; we need to find a way to not just help the ultra-affluent or the mass-affluent but also help every neighbor so that we can positively impact everyone’s life. That may mean that your firm donates time to help those others.
We can feel good about the work that we do if we focus on the needs of our clients and also find a way to share the benefits of our work with everyone. It’s time the public really understood the value of advice and the value you bring to helping shape a better world. Get out there and frame yourselves, renew client relationships, and expand your reach, and you will help many others reach their goals and live the lives they wish to lead. We can—and, I’m confident, will—build a sustainable approach to the financial advising business.
Together, we can make this happen.