Jul 3, 2023
As a financial advisor, does it ever feel like you're trudging through mud? You work, and push, and drive to try to reach your goals but no matter what you do, you just end up exhausted and frustrated at your results. If this is you, strategic planning might be the key to start seeing real movement in your RIA.
In
this episode, I explore strategic planning in the RIA space. I
discuss some interesting statistics surrounding planning and
breakdown how you can predictably plan to reach your eight-figure
exit. The strategic planning principles I cover can be applied to
all industries, however. So don't miss this episode!
This week on The Financially Simple Podcast:
-
(0:25) The Recurring Question I Get from Financial Advisors
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(2:15) An Introduction to Strategic Planning in the RIA Space
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(3:43) Why "Shooting from the Hip" Doesn't Work
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(5:35) 8 Stages of Strategic Planning
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(14:16) The Problem with Strategic Planning
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(16:31) Grandiose Ideas
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(17:59) How to Approach Your Strategic Plans
Our Favorite Quotes:
"A strategic planning discipline creates a shared vision for the operational, financial, and talent aspirations of your firm. The most successful strategic plans harness the power of a proven framework that challenges conventional processes and forces critical thinking to answer hard questions." - Kim Kovalski, Managing Director, Marshberry
"Strategic planning is simple in terms of concept but it's hard to implement. It's hard to execute." - Justin Goodbread
Reference Links:
Understanding the Difference Between Vision and
Mission
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/
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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.