How Advisers Can S.H.I.F.T. to Success

by Beverly D. Flaxington

As a business consultant to advisers and a college professor teaching small business management and leadership classes, I'm always curious about how some people and organizations meet their goals while others are unable to do so. The S.H.I.F.T. model was developed after 25 years of researching what works and what doesn't regarding behavioral change, goal achievement and business growth.

This article will outline the S.H.I.F.T. process and talk about how advisers can apply it in their own businesses for greater effectiveness.

Specify the Desired Outcome

The model starts with specifying a desired outcome. It's important to clarify what success will look like once you accomplish whatever you set out to do. Most advisers simply state a goal: "I want to increase AUM" or "I want to increase client referrals." Defining a desired outcome digs a bit deeper-how will you know when you've reached the level you want of increased AUM? How many additional or new client referrals? Painting a picture of success and what will happen when you get there makes the process more tangible and data-oriented. If you can't describe in detail what it looks like, you can't measure whether you have reached it or not.

Highlight Obstacles and Categorize

Once you have determined your success definition and written down your desired outcome, highlight obstacles standing in the way of meeting the desired outcome. Goals and objectives exist because we want to get somewhere we aren't yet. Why aren't we there? What is happening for you or within your firm that creates obstacles to success?

Taking time to brainstorm the obstacles helps to create a plan that will manage around them. But a list of obstacles alone isn't helpful-in fact, it can be discouraging for some people to see how many roadblocks stand in the way. It's critical to categorize the list of obstacles into three segments: (1) obstacles you can't control, (2) those you can't control but can influence and (3) those you can control. When planning, discard the obstacles out of your control (usually the shortest list) and focus on those within your control or within your sphere of influence. It can often be encouraging to identify how many obstacles are actually within your ability to control.

Identify the Human Factor

The third step in the process is to identify the human element. The No. 1 reason most plans fail is that the planner has overlooked the human element in planning. The human element on the negative side, for example, can be the adviser's own fears, lack of conviction or lack of knowledge. It can also be the human capital resources that may not exist within the firm or the existing human capital that together isn't pulling in the same direction. On the positive side, the human element may be the adviser's drive and determination, the human capital that is working alongside the adviser moving toward change and the multitude of clients wanting to help the adviser grow but not knowing how to do so.

To crystallize the human element, think in terms of stakeholders and resources. Stakeholders will range from those with more interest and willingness to pitch in to those with less. Resources may be abundant or lacking. Then, look at your own emotional role-how much commitment, desire and motivation do you have to implement a new plan? Commitment and motivation are the outside boundaries of the model, because without them, most plans will fail.

After identifying obstacles and the human element, it's time to brainstorm your alternatives. Before writing on the whiteboard, however, you'll first want to establish your criteria for assessment. Each alternative will have its own pros and cons. How will you determine which one is right for you? Every adviser and every firm has a criteria list or list of what's important. Most haven't taken the time to identify and record them, but they're there. For example, criteria could include "Less than $5K to implement" or "Takes between one and three months but no more to achieve" or "Won't rock the boat with my partners." Criteria are very personal to the adviser and to the firm, so there isn't a standard list. Figure out what matters most to you and record it so you can check every alternative against the list.

Find Your Alternatives

Now, find your alternatives. What options do you have to reach your desired goal? If your desired goal is "Increase client referrals by 20 percent by year-end 2011," and you've highlighted your obstacles (clients are scattered all across the country, advisers don't like to ask for referrals, etc.), and you've identified the human element (clients are happy and want to help, advisers feel awkward and untrained in asking for referrals, etc.) then you can list possible alternatives. For example, find a consultant to work with, take a training class offered by your custodian, create a plan to ask for referrals more aggressively or create a client advisory board to learn why clients don't refer as you'd like them to. Think about any possibility to help reach your outcome.

Once you have your list of alternatives, check them against your criteria, against your obstacles and against your human element. Which ones meet your criteria most closely? Which ones help you overcome the obstacles instead of creating new ones? Which ones leverage the human element most effectively? For most people at this stage, the obvious possibilities will emerge for taking the next steps.

Take Disciplined Action

You've identified the best path for you and your firm and it's now time to take disciplined action. This is the area of goal achievement where most good plans fail. Disciplined action means we don't stop with our solution by saying, "We will begin to ask our clients for more referrals." If it were that easy, you'd be doing it. You need a step-by-step plan. What will you do first; who will do it; how will they do it; what might each step cost in terms of budget; what will you do next? A plan for disciplined action is absolutely critical. I recommend using a simple template like the one shown below, but you can create a plan however you like-you just need to do it in discrete, understandable, specific steps.

Once you have your disciplined action laid out, you can begin to implement it. The saying "Rome wasn't built in a day" applies here. There are few silver bullets. Most advisers reach their goals step-by-step.  

Beverly D. Flaxington is principal of Advisors Trusted Advisor (www.AdvisorsTrustedAdvisor.com), a division of The Collaborative. She is the author of Understanding Other People: The Five Secrets of Human Behavior, winner of the 2009 Reader's Favorite Gold Award as the best book on relationships, and 7 Steps to Effective Business Building for Financial Advisors, both published by ATA Press.

Project Planning Template

Goal: What will be accomplished at the end (overall goal) Write a very specific description of deliverables:

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Break down major components of reaching goal into separate tables with the actions required to accomplish it.