Now’s the Time to Review Your Client List and Set Goals for 2010
By Martin R. Baird

As we roll into the waning weeks of 2009, some of you are starting to slow down a little. You’re probably thinking about Thanksgiving and that you need to start your Christmas shopping list. Perhaps you’re starting to makes plans for your annual holiday party. This is a wonderful time of year.
 
It’s also a great time to think about the clients you want to work with next year. Do you like the clients you’re working with now? Would you like to make some changes? This can be a great time of year to look at your client list and make some decisions about your future.
 
I’m sure you’ve all read about “firing” some of your clients or getting rid of the “dead wood.” Even though we are in tough economic times, I think it’s a great idea to take a critical look at your clients twice a year and decide if they’re the ones you really want to work with. When clients are actually removed, it frees up some of your time and energy to find more of the ones you want.
The challenge as I see it is deciding which clients are desirable.
 
As I speak around the country, I hear advisors say they only want to work with clients who have more than $1 million in assets. Some say they want to work with “high-net-worth” individuals. We all know that means rich people. I know many of you are thinking you can be comfortable by just working with a few very wealthy clients. If that description fits you, then ask yourself some serious questions. Are those the people you really want to work with? Do you truly prefer to work with people who are wealthy? Does that give you the satisfaction you want from your career?
 
A gentleman who started a successful chain of pizza places in Arizona was talking with me one day and he said, “Marty, if you feed the rich, you eat with the poor. If you feed the poor, you eat with the rich.” I think that is a powerful statement. It’s often easier and more profitable to work with people who are not wealthy today but who need your help.
 
Identifying your target market is a very important step in any business. The sooner you have it defined and the better you can define it, the more it will help you grow your business. Right now, you have an opportunity to invest some of your time and energy defining your target and where you want to go in the next year.
 
After you’ve developed your target market, you need to start thinking about your goals. As you do this, it’s important that you develop SMART goals. SMART as in Specific, Measurable, Attainable, Realistic, Timebound. So what are your goals for the new year? Have you even thought about them? It’s time to get your goals in place so you can outline your plan for 2010.
 
When you’re setting your SMART goals, I want you to look at your sales goals as well as goals in other areas of your life. Studies show that people who have a well-rounded set of goals tend to reach more of them. Some areas you may want to develop goals for include family, relationships, health/fitness, spiritual and financial. As you look at each of these areas, think about what you would like to do in each of them to make your life better.
 
As you develop your SMART goals, it’s important that you keep in mind who you are doing them for. When people work on goals, they often do it for the wrong reasons. They do it because their boss wanted to see their goals for next year. Or they set goals because the guy next to them is doing it and they have this urge to be a copycat.
 
You want to put time and energy into your goals so you can use them as a tool during the new year. I know you’ve all heard about the importance of having written goals, so I won’t bore you with that. But it can be just as important to simply start with a focus for 2010.
 
Everything is possible when we start a new year. You have a blank slate. This is your opportunity to reach your SMART goals.
 
Here’s one last thought and it has to do with the holiday season. After you have identified your target market and written down your SMART goals, how about making a little time for people who are less fortunate. After you’ve worked on your goals, it’s a great time to see how other people live.
 
Many wonderful organizations need extra help during the holidays. They can use your assistance any time or day of the week. I know it’s easier to write a check, but great things happen when you use your hands, back and heart to help others. You may even find that a few of your SMART goals change after the experience!

Martin R. Baird is chief executive officer of Robinson & Associates, Inc., a consulting company that helps financial professionals measure and manage the quality of client service and improvements to their internal operations to enhance business performance and increase revenues. He is a highly regarded speaker in the areas of marketing and client retention and development. Baird is author of “The 7 Deadly Sins of Advisor Marketing,” a book that offers easy-to-implement marketing ideas for financial professionals. He may be reached at 206-774-8856 or mbaird@raresults.com.