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We're excited to share with you the official Beyond AUM newsletter, “Designing the Future RIA.” We know your mailbox is likely already full of great practice management content. Our promise to you is that no more than twice a month, you’ll receive our team’s expert insight on the growth, marketing and technology trends affecting RIAs today, plus actionable tips and tricks to help you succeed. In doing so, we’ll be looking outside of financial services to the best of what’s working in the broader business world. 

Have topic suggestions or want to see something covered in future editions? Please let us know — we welcome your thoughts and feedback!

Why You Shouldn't Give Up on Goal-Setting

February 28, 2019
It’s a love-hate relationship — the candy heart that says, “It’s complicated.” It’s equal parts exhilarating and exhausting. You know the feeling. In fact, you probably know it well.

We’re talking about goal-setting — the annual activity that so many of us embark on with good intentions but often fall short of expectations. Some firms kick-start the goal-setting process at the beginning of every new year. Some use goals as guideposts for performance reviews. Some have let the practice fall by the wayside for more urgent, important priorities.  
 
Regardless of your past experiences with the practice of goal-setting, two things are certain: 1) You likely have an opinion on it, whether it’s positive or negative; and 2) You know that it’s necessary to the long-term success of your firm and your team. In other words, it’s complicated.
 
In our opinion, you can’t start the goal-setting process without considering these questions first:
 
“How does the business benefit?” Is your firm launching a new service line? Entering a new niche market? Think of your big-picture business goals as an “umbrella” under which your individual goals should fall. This ensures you aren’t spending time on competing initiatives that take away from what your firm is trying to accomplish.
 
“How will you measure your success?” Have you ever heard the saying, “If you can’t measure it, you can’t manage it”? If you haven’t, write it on a Post-It note. Commit it to memory. Evangelize it across your entire team. You get the picture. Your goals are just words written on paper if you can’t quantify your success.
 
“What resources will you use?” Say it with us: Collaboration. If your goals are tied to major firm objectives (like they should be), you won’t be able to achieve them without the strengths and abilities of other departments. Cross-collaboration across all facets of your firm — from front-stage advisors to operations — produces more meaningful results.
Don’t Just Meet Your Goals — Exceed Them

That’s the Beyond AUM way. Our methodology — the objectives and key results method (OKR) — has helped countless advisors set and achieve goals, outcomes and measurables that have positioned them for sustainable, long-term success. The OKR method allows for flexibility, alignment with your most important strategic initiatives and cross-functional collaboration across every department. This is the recipe for continued growth and improvement — and yes, it'll actually help you make your goals a reality.
 
To achieve the best-possible results, we encourage our clients to think
SMART when deciding which goals and objectives they want to accomplish:
  • S: Specific. The more defined and detailed you make your goal, the clearer the outcome — and the better your chances of achieving it will be.
     
  • M: Measurable. Remember the “if you can’t measure it” mindset we talked about earlier? Choose a goal that can be distilled down into measurable elements to assess your success. More than anything, measurements help you establish a clear benchmark that tells you when you've actually achieved your goal.
     
  • A: Attainable. Now it's time to ask yourself the tough questions. Is your goal realistic? Is it actually possible for you to achieve, while challenging your abilities and knowledge at the same time (in a good way, of course)? Be honest with yourself and focus on the goals that are actually within your control.
     
  • R: Results-oriented. Your goal should focus on the results you want to achieve, not the tasks or tactical activities you need to accomplish in order to reach the finish line.
     
  • T: Timely. Every goal needs a deadline and a time frame — something you can work toward and, most importantly, something to hold you accountable. With a firm deadline in place and expectations set, you can prevent unnecessary or irrelevant tasks from getting in the way of the activities that actually add value to your business.
Ready, set, goal! Want to learn more about our goal-setting methodology and how we can help your firm? Give us a shout.
 
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Beyond AUM · 1628 W Irving Park Rd Suite 1W · Chicago, IL 60613-2586 · USA

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