GOALS FOR ACCOUNTABILITY

Goal setting as a financial services professional is a process that starts with careful consideration of what you want to achieve, and ends with a lot of hard work to actually do it. In between you need to create some very well defined steps that transcend the specifics of each goal. Understanding the different types will allow you to formulate goals that you can accomplish.

A. YOUR PERSONAL MISSION STATEMENT
A Personal Mission Statement is a clear statement that represents an advisor’s true motivators for taking action. It goes beyond the superficial to the deep seated reasons why they want to become more successful and what will motivate them to do so. Very often it represents family, feelings and legacy.

  • Inspires passion and feeds the spirit
  • Non-measurable and non-numerical
  • Very personal

Example: “My personal mission is to truly make a difference in the world and to feel personally fulfilled by the work that I do.”

B. YOUR BUSINESS VISION
A Business Vision Statement is a clear statement of what an advisor wants their business to look like in the future, i.e. 1-5 years. It can be stated in terms of size, reputation, prominence and/or production.

  • Congruent with your Personal Mission
  • Long Term
  • Not specific to production or income

Example: “My business vision is to build my practice with integrity to establish my reputation in the community.”

C. PRODUCTIVITY GOALS
Productivity Goals are production levels or outcomes for a specific time period, usually for a Month, Quarter or for the Year, that will ultimately help the advisor achieve their Personal Mission and Business Vision.

  • Set for a specific time period
  • Can be centered around revenue or production
  • Has specific benchmark(s)

Example: “To achieve Five (5) new clients with over $200,000 of Assets under Management this year.”

D. ACTIVITY GOALS
These goals are the activities you execute that are your business drivers. Advisors should choose them based on their own goals, experience and priorities.

  • Focused on sales activities
  • Centered on steps prior to an actual sale
  • Considered to be “business drivers”

Example: “To average 15 Closing Interviews and 15 referrals per month.”

E. PERFORMANCE GOALS
Advisors have another type of goal they can set called Performance Goals which may include a Productivity and/or an Activity Goal as well as some type of mathematical equation or formula and effectiveness ratio.

  • Set around your effectiveness
  • Mathematically driven
  • Often is a combination of Activity & Productivity goals

Example: “To have an average case size of $1,500.”

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