Metrics of the Ultimate Bank Advisor

Almost every advisor desires to increase their production and fee-based assets under management. Ask them their goal for the rest of the year or for next year and they can give you a number without hesitation. Ask them the specific actions they need to take, or appointments they need to make to achieve that goal and you are more likely to draw a blank.

This module shows advisors the specific metrics they need to track to optimize every area of their practice. Presented in a way that makes them want to do it, it is a tool that allows them to do so in only a few minutes per day.

If you want to build the practice of your dreams, you must master both the science and art of peak performance. Most advisors can only quote metrics that the firm tracks on their behalf. Yet most advisors intuitively know that Mastering the Metrics is one of the Common Threads of Uncommon Performance, the problem is they don't know what to track or how to track it, and they believe that it will take too much time. Join Ultimate Financial Advisor's President and CEO Bob Cobb as he explodes these limiting beliefs and reframes the role that metrics play in Building the Practice of your Dreams as this module explores "The Science of Success".

This module covers:

• Employee or Entrepreneur- There is a fork in the road and you must make a decision, only one path leads to your destiny. We begin by modeling Michael Gerber's timeless classic the E-Myth, and challenge your advisors to work on their practice as well as in it. We challenge them to take responsibility for their own success and be the cause, not the effect. We review case studies of advisors who made small changes that lead to quantum leaps in their performance.

• The specific metrics of success- We define the key metrics of the Ultimate Bank Advisor (they are not anything that you are tracking currently). We discuss the role these metrics play in peak performance and show you how simple it is to track them. We introduce leading production indicators that both contribute to the advisor's end results, as well as serve as an early warning system if any part of the advisor's practice gets off track. We show the advisors peak performance benchmarks to guide them along their journey until they have developed their own baseline results and we discuss how other areas of the program apply directly to this tool.

• The Power of the Tweak- We explore a real life example of an advisor who optimized every area of his practice, but made only small marginal improvements across several small areas (percentage of qualified referrals, percentage of referrals leading to an appointment, percentage of appointments opening an account, average assets gathered, average commission percentage). Over a 12 month period this advisor refined and optimized every area of his practice and although the individual changes seem small (in fact, to many advisors they seem so small as to be insignificant) the changes on the whole when compounded with other changes led to an increase in production from 571k to 1.31 million. Jaws will drop and paradigms will shift as the advisors begin to wonder just what is slipping through the cracks in their own practice.

• GoalQuest--Creating a GPS that targets the practice of your dreams- Finally, we demonstrate a simple tool to allow them to track all of their metrics in less than five minutes a day, and also, lay out a path to their goals in about 20 minutes a month. This can be used in paper form or on their computer. We also show them how to identify weaknesses in their practice and what to do about it. This module and tool has advisors planning and executing on goals by design and with purpose, rather than blindly guessing at a number and hoping that it all works out "this time".