Jun 5, 2023
As a financial advisor, it is possible to set your firm up in such a way that the eight-figure exit is possible. But simply trying to take on more clients as a primary means of growth could be a recipe for disaster. Instead, developing and implementing a system of KPIs could be the answer. KPIs or Key Performance Indicators can provide important insights into the health and direction of your firm.
this episode, I discuss some of the many KPIs you could choose to
explore within your finance department. I also talk about the
importance of keeping your KPI tracking simple, and getting your
team involved. With the correct KPIs, you could generate increased
buy-in from your team while also driving more efficiently toward
your objectives. You don't want to miss this episode!
This week on The Financially Simple Podcast:
(2:45) How do we determine if we made the right decision?
(5:55) What are the KPIs that RIAs need to track?
(7:56) Financial KPIs common to the financial world
(12:20) Create a system
(15:58) Use KPIs to modify behavior
(16:30) A strong KPI system provides a bottom-down approach and a top-down view
Our Favorite Quotes:
"What gets measured gets improved." - Peter Drucker
"You've got to address the fact that building KPIs, tracking KPIs,
and examining KPIs is an investment of time and resources." -
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.