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APR
16
3 Million Calories and Four Factors to Revolutionize your Business

A recent blog (https://www.linkedin.com/pulse/how-i-lost-30-pounds-over-two-years-kept-off-laszlo-bock) by Laslo Bock, SVP, People Operations explained how Google helped their employees cut over 3 million calories from their diets. Food, he convincingly states illustrates how our impulses can override our conscious thoughts, how the broader space around us along with unconscious decisions shapes our behavior. Google tried three types of interventions to support weight loss: providing information so educated food choices could be made, limiting options to healthy choices only and nudging. Nudging is subtle changes in structure that does not limit choices. Nudging worked best.  Proof those small changes can have a large impact.


Small changes that can produce meaningful results can also be seen in investment management. One highly esteemed firm we work with does not reconstitute indexes exactly when companies are added or deleted, as index funds must. They avoid forced rebalancing in favor of a flexible trading approach that helps defray costs. A few days difference can result in better returns.  

 

How does this translate into the everyday business practices of advisors? At least a dozen times a day I get emails containing information that promises a holy grail - quick weight loss, a denial free diet or the secret to becoming a billion dollar RIA, retirement income strategies that never fail, eliminating volatility in a rising rate environment, smart beta that will set you free, and practice management make overs. I read the most tantalizing, delete the rest and go back to munching. "Same same" as my daughter often said when she was 4.  

 

This week Affiliated Advisors is launching our inaugural "Elite Advisor Summit". Our top advisors from around the country are gathering here in NYC to learn how to incorporate small nudges into their businesses that we believe will produce large results in growth and profitability.  We know that the most successful advisors have a well articulate vision that guides their team, their structure and their branding.  Their value is supported with strategy and stability. And behind it all is planning. 

 

We are starting with the first of the four factors we believe differentiates elite practices from merely good ones: "The End of the Dust Covered Business Plan". Every one of our advisors will develop a measurable goals based strategic business plan. One on one consulting sessions will be set up following our two day Summit to ensure that these important foundations are set firmly in place. 

Over the next 12 months we will assist our advisors in implementing three additional differences with consistent nudges:   Articulating their firm's value proposition in various medias, incentives for key employees, and comprehensive client acquisition processes. 

 

What nudges do you need to build a strategic business plan and to substitute fruit for chips?



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 Securities offered through Royal Alliance Associates, Inc., member FINRA/SIPC. Advisory services offered through Affiliated Advisors, Inc. Insurance offered through Rita Robbins & Associates, Inc. Entities listed are not affiliated.


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