Part 1: How to Build a Strategic Plan That Drives Future Growth and Success

November 14, 2019



Recently on the blog, we talked about the seeds of a strategic plan, which includes establishing a shared vision for your firm and team, as well as a mission that brings your vision to fruition. Now it’s time to create the structure of your plan, which is sometimes easier said than done. After all, it can be hard to think strategically when you’re just trying to get through the day.


Before you sit down to develop your plan, let’s talk about what it means to be strategic.

What Does It Mean to Be "Strategic"?


The dictionary defines “strategic” as:


adjective: strategic

1. Relating to the identification of long-term or overall aims and interests and the means of achieving them — of great importance within an integrated whole or to a planned effect

synonyms: planned, calculated, deliberate
antonyms: random

2. Carefully designed or planned to serve a particular purpose or advantage

synonyms: essential, key, vital, crucial, critical, important
antonyms: unimportant


Strategic can be as simple as asking yourself, “What are three non-negotiable things I must accomplish today?” Or, when there’s a lot to do, and not enough time, just connect your “why” to what you will make sure you do right now.


Finding Your "Why"


Strategic planning must start with a vision, a “why,” that drives your execution with motivation. Answering one or all of the following would mostly get you there:


1. “Ultimately, I want…”

2. “What matters the most to me is…”

3. “I would be stoked, looking back next year, if […] occurred…”


Every day, we are faced with an impossible gauntlet of to-dos.  Plus, we're often challenged with squeezing our personal needs into work versus fitting work into life (a competition where our personal needs often lose.) Keeping the “why” central to the prioritizing process is essential to helping you commit to the right things, and know when to say no.


So, advisors, what’s your “why”?


You’re Already Creating Strategic Plans for Your Clients — Why Aren’t You Doing It for Yourself?


Good financial advisors already do strategic planning all day for their clients.


1. You help your client think about what they want and need, what they fear,

and what they want their life to be like. Perhaps it is “to live a confident, meaningful, comfortable, loving life with family and not worry about money or the children’s future.” This is their motivation — their vision.

2. Once the “why they’re sitting before you” is established, it’s broken down more specifically, such as “spend more time with my kids,” “not run out of money before I die,” and “make sure the kids develop into thriving adults.” These components are your clients’ mission — the “how.” You take over the financial part of your clients’ lives so they can make their vision and mission a reality. 

3. When you have laid out the big picture of their “why” and “how,” you then lay out the strategic initiatives required to get them there. These might be repositioning the portfolio to optimize the risk, return and tax management opportunities, creating a spending plan that properly balances a great life now with security in the future, and ensuring the kids get a thorough financial education before they are out of high school.


With this done, when the financial markets go awry, and some of your clients get upset or panic, you bring them back to the “why” and the “how,” and how each piece connects up the hierarchy — essentially their strategic plan. It’s something you bring them back to, because it’s what grounds them. And it gets them back on track. 


This breaking-down of ultimate goals comes naturally to you when seated in front of a client, doesn’t it? Are you doing it for yourself?

We’ll show you how to put your strategic plan into action in Part 2 of this blog series. Be sure to tune in — and, as always, you can subscribe to our Freedom & Growth Chronicles series to be the first to see our latest blog content.


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