The need to truly "wow" your clients with exceptional service and customized attention has never been greater than now, when affluent investors are evaluating (and reevaluating) their advisors more closely than ever. That means it's hugely important to manage your business as effectively as possible.

Delivering superior service and optimizing your business practices don't just happen on their own. To get these jobs done, you need to blueprint the right systems and processes to ensure your whole team moves forward in the right direction.

When I say system, I mean integrated components that work together in a predictable fashion. Process refers to a sequence of specific activities performed repeatedly to deliver a consistent result. And blueprint is the description and documentation of these systems and processes in a business plan. This means writing down procedures in detailed steps, often using a flowchart for clarity, and then updating that blueprint whenever you make an improvement to a system or process.

If you want to position your practice at the elite level, your business must become your product. You must create a turnkey operation almost anyone could run, even if you exit. Your goal is to build and blueprint the systems and processes your firm uses to acquire clients and deliver superior service, as well as the business systems and processes that support those efforts and keep your business performing at the top of its game.

KEY SYSTEMS AND PROCESSES

There are two major categories of systems and processes every successful financial advisory business needs to build, master and blueprint. The first consists of your client experience systems, which are dedicated to acquiring, servicing and communicating with customers.

There are four major systems in your business directly responsible for the client experience, from the time a person first becomes a prospect, knowing that your prospects and clients come into direct contact with these systems. Each must be defined in detail, proven and perfected to a world-class level, then blueprinted in detail:

* The marketing system, which makes members of your target market niche aware of your firm and its expertise in addressing their financial challenges;

* The client acquisition system, which pulls qualified prospects into your firm;

* The client service system, which ensures a high-quality experience for every client;

* The client communication system, which makes certain all clients are receiving the type and amount of contact they want.

The second major category of systems and processes is your business systems. These internal systems are collectively responsible for efficient management, generation of profit and creation of equity for your business. These are the systems that you, your partners and staff encounter every day. Each of these systems and processes must also be defined, perfected and blueprinted precisely in your business plan. You should have four primary business systems:

* The business planning system, in which you define and progress toward becoming the practice you want;

* The human capital system, in which you identify, hire, motivate, evaluate and compensate your staff and free agents;

* The financial system, in which you develop and use a robust set of reporting and control tools;

* The compliance system, in which you ensure that your business satisfies the range of regulatory requirements.

CREATING SUCCESSFUL BLUEPRINTS

Chances are you already have ideas about how various tasks should work. There are two problems, however, when these systems and processes exist only in your mind and are not blueprinted: The systems never become a clear reality for anyone else in the firm and, because the systems exist only in your head, they are probably changing often.

By creating a specific set of repeatable systems and processes, you create a defined and high-quality experience for clients and prospects that can be duplicated time and again. You also create that type of experience internally for your staff. When those processes are blueprinted, the documentation itself increases the strategic value of the business by creating turnkey solutions. For example, complete blueprints will show a potential buyer that your records are thorough and that you're running the business well.

That's why every system and process your firm uses should be benchmarked and blueprinted. All employees must become entrepreneurs in their own right. Operations must be transparent, with each key person understanding your financial, operations and marketing strategies. All employees must be responsible for their decisions - and for making the right decisions.