Has the Fire in Your Practice Gone Out?
As an advisor, taking on new business from a retiring colleague is tempting, but not necessarily always the right decision. An exercise in self-awareness can help you ask yourself the tough questions before committing to a relationship that may not be in either party’s best interest.
Take Brian, for instance. His driving, analytic and results-driven personality means he loves poring over such details as tax-loss harvesting with his engineer-type clients. But his enthusiasm falters when it comes to working with clients of a more social bent. Humorously, he recalls returning flowers to a client who had brought the gift in after he recovered from a surgery.
In other words, awareness of what is your signature style and with whom you enjoy working with is a big deal – a really big deal.
But let’s say another advisor at Brian’s firm is particularly adept at working with socially driven people. If Brian can funnel these clients to his colleague, that can make both of them – as well as the people they’re guiding – happy.
So, if you’re considering taking on clients from a retiring colleague or on-boarding business in another way, try to dial in to what type of client energizes you. Don’t be afraid to delegate those that don’t to other members of your team who thrive on other personality types.
“It does not matter how much wood you put in the fireplace, if there is no fire.”
Let’s get a snapshot of what is happening in your practice right now:
- What clients maximize your joy?
- Are you revenue-driven or relationship-driven?
- Are you prospecting new clients broadly or intentionally?
Now, let’s figure out what we refer to as your “ignition” point:
- Who are the clients that make you feel greater positive energy?
- Take a moment and evaluate why. What are the common themes?
- Last, what are the personality types that get you energized?
By going through this exercise, you are on the way to fueling your practice with energy and clients you love to work with. Ready to begin? Take our Personality Self-Assessment to uncover your dominant personality style and emotional dynamic. Self-awareness of your dominant traits will help you understand your tendencies and relate to the tendencies of your clients.
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