Every company, no matter what size, can benefit from having a clearly defined mission statement. Financial advisors are no exception. For financial advisors, a mission statement defines their purpose. It tells prospective clients who they are, what they do and how they do it. Having a well-formed, yet concise – even inspirational – mission statement will help give advisors a goal to work towards as they show clients what they represent.
Creating a mission statement is not complicated, but it does require a bit of thought and reflection on your goals. Good financial advisors do more than offer advice; they establish trust and develop relationships with their clients. They help them make important life decisions by developing trust, and offering ideas and advice. These are things to keep in mind when drafting your mission statement.
A mission statement should also declare your intentions as a financial advisor. It should be short, simple, memorable, inspiring – and full of passion. The statement should spell out what you will do for your clients. It is a statement of purpose and regardless of how brief that statement is, there’s no reason it cannot be compelling.
“Every mission requires action, so every mission statement requires verbs,” says Teresa Riccobuono, a professional organizer, business consultant, and practice management specialist for the financial services industry.
When creating a mission statement, it’s helpful to get your goals down on paper. You’ll need to boil down the essence of what you offer. Think about what you can achieve for clients and how your progress will be measured. Don’t make your goals unattainable and don’t overextend yourself beyond the capabilities of you and your team. After you have determined your goals, it is necessary to prioritize them.
Once your mission statement is in place, it may be necessary to review it from time to time. Ask yourself, have I lived up to the vision I set forth? Have I reached my goals? How can I gauge future progress? It’s okay to adjust and rewrite your mission statement as you develop in your career. Revising a mission statement shouldn’t be viewed as failing to live up to the standards you set for yourself. All companies evolve.
The process of creating a mission statement can provide clarity and increase your focus where it is needed most. Consult with your team, get their input and get it written.
Summit Brokerage Services is part of Cetera Financial Group, RCS Capital Corporation’s (NYSE: RCAP) retail investment advice platform.
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