The Universal One

by Greg Opitz
Executive Business Coach

Advisors are entrepreneurs. They are small business owners. And, as with most small business owners, they like goals. They write quarterly goals and yearly goals. They have 1, 3, 5, and 10-year goals. Yes, advisors love goals. They simply are wired that way. So, why is it that most advisors are not very good at writing them? With all of that practice you'd think advisors would be great at writing goals that have great impact on their businesses.

Where advisors go wrong is they don't focus on writing goals that would directly help them achieve their vision for their practice. Often I will ask one of my coaching members, “Why these goals?” The response is silence. I will then ask, “If you met all of your 1, 3, and 5-year goals, would you be fulfilling your vision or meaningful purpose?” Again, silence or maybe an “I don’t know,” or a “Gee, I guess not,” are common reactions.

I encourage advisors to stop writing so many goals; stop writing so many goals that sound nice, but, if achieved, don't support their greater vision or meaningful purpose. If done well, every successfully completed goal should get you closer to achieving your long-term vision.

I encourage advisors to think about simple goals that truly can impact their practice. Rethink your goals and focus on the One Universal Goal, a goal that supports literally every vision you have for your business.

A simple concept and story is shared to illustrate the point:

Jack Palance, as Curly, in the 1991 film City Slickers understands the concept as he chats with Mitch played by Billy Crystal:

Curly: Do you know what the secret of life is? [Holds up one finger.] This.
Mitch: Your finger?
Curly: One thing. Just one thing. You stick to that and the rest don't mean s***.
Mitch: But, what is the "one thing?"
Curly: [smiles] That's what you have to find out.

Curly had a clear understanding of vision and purpose. He knew what mattered to him and stayed true to it. Curly’s comments are directed toward long-term vision or meaningful purpose. But, wisdom also applies to shorter-term goal setting. What are some examples of goals that, if met, would render the other goals meaningless or, if met, would likely make other important goals occur. One simple goal that has a tremendous impact on every advisor's practice is, "I will add 10 new A+ clients next year." Meet that goal “and the rest don't... well, matter." Meet that one goal and everything else will fall in place.

Take a moment and think about what your practice looks like in three years if you did nothing else but add 30 A+ clients. What is your revenue? What is your recurring revenue? What are your assets under management? What human capital have you added? How has this goal changed your life? Has meeting this one goal helped you get closer to fulfilling your vision for your business?

Tweak the goal. Maybe it is only 6 new A+ clients per year. Regardless of the exact number, the impact will be the same. You will be closer to your vision.

I regularly share this concept with advisors. I suggest this “one universal goal” and ask what it would do to their practice if it were met for three straight years. The response is almost universal, as well. Usually, there is a long pause. Then, I hear a “Wow,” or an “Oh, that would be huge,” or often times more colorful responses.

So, the next time you start a goal-setting session, please keep a couple thoughts in mind. Focus on your long-term vision. You want all goals to support that vision or meaningful purpose, so have that be your end point. Then, create goals that, if achieved, would really help you achieve your vision and have a truly meaningful impact on your practice. Also, remember that often times “less is more.” Consider having fewer goals versus a laundry list of items that sound nice. And, consider having only one goal… “The Universal One!”

Greg Opitz is one of Peak Advisor Alliance's talented Executive Business Coaches. Greg has been working with financial planners throughout his professional career. Before joining Peak Advisor Alliance in 2006, Greg served seven years as the  Director of Certification Services at the Certified Financial Planner Board of Standards. For the four years prior to his experience at the CFP Board, Greg was the Director, Student Service Center at the College for Financial Planning. He likes to joke with members, “I spent four years educating advisors, then seven years certifying them, and now consulting with them to enhance their practices and their lives."