The advice process puts a great deal of importance on defining client goals. As an adviser or a paraplanner developing advice, establishing clear goals is critical – not the least to measuring success.
But how much time have you ever spent consciously considering your own goals? What is it that makes you get out of bed to give financial advice? What is important to you about money? If you had enough money for your fundamental needs, what else would you do?
Consider two quite different examples of goals of two successful people.
Ash Barty, tennis star, retiring at age 24. Her goal since age 5 was “winning Wimbledon, without a doubt”. It’s a clear and concise goal. And it’s easy to imagine the motivation for hoisting the trophy on the winner’s podium. Measuring this using the SMART goal framework, the compliance team might go looking for a time frame. But timing didn’t matter because the goal was meaningful to Ash because it had context and purpose. Barty achieved that goal in 2021 and went on to further success by winning the Australian Open as well.
Queen Elizabeth II said: “… my whole life, whether it be short or long, shall be devoted to your service.” She reigned for more than 70 years, becoming the longest-serving British monarch. Whether you are a royalist or not, it’s clear this lady defined service and was motivated to do as she promised because her goal had purpose and context An unprecedented female leader providing stability in the Commonwealth. Again, her goal may not have met all the SMART criteria. I believe she successfully achieved it because the goal was meaningful to her.
As you might have gathered, I’m not a big fan of SMART goals. They are useful for context, but a starting point – not an end point. Here are my key tips for successful advisers and paraplanners to set their own goals.
✔ MAKE YOUR GOAL MEANINGFUL. Imagine in your mind’s eye a real-time image of you achieving that that goal.
✔ TELL SOMEONE YOU TRUST ABOUT YOUR GOAL. This will help keep you accountable.
✔ ENJOY THE JOURNEY. When times get tough, and they will, remember what gives you joy and makes you smile.
The author, Penny Armytage, is a former advice practice owner and financial adviser, now an accredited leadership coach specialising in growth mindset coaching for financial advice professionals. Learn more at https://www.eagleviewcoaching.com.au/