Customized One-on-One Business Coaching for Financial Advisors

Originally published Oct 2014. Revised in February 2021. 

Effective Team Meetings

“Meetings are indispensable when you don’t want to do anything.” 

- John Kenneth Galbraith

Many people share Mr. Galbraith’s view of meetings – they are often seen as a waste of time and they can be if not structured properly. When you have a team of two or more people however, meetings are a key part of effective communication in an office.

Here are some tips to make your meetings a more productive use of your time: 

1) Have a set time for your team meetings and schedule them in your calendar for the year. For example, day long annual planning meeting, quarterly team meetings and weekly meetings. If you are doing virtual meetings, plan them in 2-hour spans to avoid zoom fatigue.

2) Find a day of the week and time of day when energy levels are high. Tuesday morning meetings often work well. Consider each team member's convenience. 

3) Have an agenda for every meeting with a clear outcome. If you like a sample, let us know.

5) Set a time limit for meetings so people stay on point.

6) Build in team accountability. You can use a worksheet or shared to-do list which has key responsibilities, time frames and have each team member report on their own items to ensure everyone is involved.

7) Hold the meeting even if the whole team isn’t there. Even if the lead advisor is away, the remaining team members should still get together to touch base on things.

8) Have someone record minutes even if only in point form.

9) Add some variety (i.e. guest speaker on a topic that is relevant to the group, training on software, or watching a short TED talk). 

Do you remember Moxie Soda?

A lesson about business adaptability and perseverance.

If you look up the word “Moxie,” you will see it is a noun meaning energy, courage and determination. It is also the brand name of a carbonated beverage, which is among the first mass-produced soft drinks. 

We have all heard of Pepsi and Coca-Cola, but we may be surprised to learn that Moxie Soda, originating in New England in 1876, outsold Coke at a time and was so popular that the word “Moxie” became a part of the American vocabulary - every marketer’s dream! So why have most people today never heard of this soft drink? According to historians, after the onset of the Great Depression in 1929, Moxie decided to cut almost its entire marketing and advertising budget. Meanwhile, Coke decided to ramp up its advertising budget despite the tough times. The rest is history.

There are parallels that can be drawn from the Moxie story and the hesitation businesses and advisors might be experiencing right now with spending. The good news is advisors are optimistic. In fact, we see most successful advisors investing in their business, despite the pandemic. 

Findings from the Natixis Investment Managers 2020 Global Financial Professional Survey revealed that financial professionals believe they will see annualized growth of 14.3% over the next three years, from new clients and new assets from current clients.

The most adaptable advisors are embracing digital strategies and viewing these uncertain times as an opportunity to boost their visibility. Here are some strategies to consider:

Online Meetings - advisors are going virtual with their meetings to see clients regularly and utilize their time efficiently while also using programs like Calendly to schedule meetings without the back-and-forth emails.  

Online Surveys/Forms - advisors are taking administrative tasks online to fill out forms and surveys when appropriate. This makes it easier for clients. Printing and scanning is tedious when there are much better options now like Monkey Survey and Google forms etc.

Website/Social Media - advisors are focused more on utilizing their online presence as an important resource for clients and prospects to learn more about their business philosophies and topics they feel are most important to their readers.

E-newsletters/Videos/Podcasts - advisors are sending specific messaging directly to their clients with the latest updates/announcements and words of advice during uncertain times. 

You can implement many different strategies that will not break the bank like previous advertising expenses seen in the Moxie days. Advisory businesses do not need to have the budget of Coca-Cola to come out on top either!

Now is the time to turn a crisis into an opportunity and position yourself as an innovative advisor who is ready to service their clients, in the most effective ways - no matter what.

Do you have the moxie to do it?

To hear more on any of the suggestions, please contact us. 

Advisors are always looking for tools and methods that can potentially give them more control of their time. Telecommunication is one specific area that can boost productivity. Our Coach Bob King explains