by Tony Vidler
Imagine if you were an ambitious athlete who worked hard, trained well and was in peak fitness, but never actually competed against another athlete. In fact, you never even competed against the clock. You didn’t time yourself for anything….didn’t keep any records of personal bests….never actually entered a competition against other athletes….in fact all you did was work and train hard. By yourself.
Imagine how demoralising it would eventually become. What is the point of it all?
Many financial advisers find themselves in that position throughout their careers. They work hard, and continue to train or learn hard….but they have no idea how they are actually doing in the competition called “business”. Perhaps that is why things like “sales competitions” and “incentives” continue to motivate many – because it is a way of measuring themselves against their peers and competitors. They are often imperfect and very one-dimensional measures, but they are at least A form of measurement.
One of the best things an adviser can do is become part of a benchmarking group or study (if available), and in this video we discuss the benefits of doing so. There is also a great pointer to a form of benchmarking that you can use if you don’t have other choices….
…watch the video to learn more about each of these key points… and feel free to check out the benchmarkng tool!0