In order to differentiate yourself as a financial advisor, it is important that you clarify and articulate your vision — your individual goals, aspirations and ideals for the future. Creating a vision statement is one of the most important steps you will take in developing your career.
“The vision statement really sets the stage, the foundation of your business,” says George Hartman, CEO of Market Logics Inc. in Toronto, “and for all the other decisions you will make.”
Before you sit down to write a vision statement, you should ask yourself the following questions:
1. What are my values? The values you identify will be the guiding principles you use toward both your vision statement and your mission statement. Ask yourself: what do I want to provide my clients? If your answer is that you want to provide them with knowledge, understanding, empathy and community, those will become your guiding principles.
2. How big do I want to become? Not every advisor wants to build a huge practice. Decide an ideal size for your business, in terms of number of clients, staff, assets under management, revenue and any other measures that are important to you.
3. What role do I want to play? You may not see yourself in the “leader” role, but as the investment specialist, in which case you will need someone else to run the business.
Hartman offers a hypothetical example of a the shape a vision statement might take. “In 10 years time, my practice in Brandon, Man. will look like this: it will have this type of a clientele. It will be this large. It will have this many people associated with it.”
To find your vision, step away from your office, isolate yourself from daily distractions and reflect on your goals in life and in business, says Simon Reilly, a coach with Leading Advisor Inc. in Parksville, B.C.
“Get away from your business,” Reilly says. “Get away from your area and take a time out. Go someplace where you can be anonymous, where you are not going to be interfered with or distracted by day-to-day things. Vision will not find you until you find space.”
How far-sighted should you be? You might have difficulty looking 10 years down the road, Hartman says, so it’s not uncommon to have a vision statement that looks ahead by only three to five years.
Hartman offers the following additional tips on writing a vision statement:
– make it inspiring. Your vision statement should inspire not only you but everyone who reads it;
– make it clear;
– paint a vivid picture of a bright future for your business;
– be realistc. Make sure you create a vision that you can achieve;
– revisit your vision statement frequently.