Increase the value of your financial planning practice
RadarBC, a division of Radar Results, now has six of Australia’s best business coaches engaged to provide its unique business coaching program to financial planners. Using RadarBC’s coaches will increase the value of a financial planning practice, leading to a higher sale price, a shorter succession timeframe for an existing partner, or just making the planning business more profitable. Increased profits can then flow into many areas, ensuring a happier business and a happier personal life for everyone. Clients of RadarBC vary from small boutique businesses, earning at least $500K in revenue, through to larger institutions.
With the Future of Financial Advice (FOFA) reforms, the financial planning industry will need to cope with disappearing passive income, banning of commission trails and the introduction of renewal notices, ‘opt-ins’. The ‘opt-in’ will lead to planners having to validate the client’s value proposition, aligning it with the fees they charge.
If there's one industry in which business coaching makes a great deal of sense, its financial planning.
Importantly, RadarBC can implement the strategy it recommends to planning practices. This is quite different to most business coaching services, which simply provide advice and then walk away, leaving the client to do the implementation themselves. RadarBC has developed its own business coaching program, which specifically works for financial planners. John Birt, the founder and principal of Radar Results, has used this program for 15 years, implementing the correct strategy to grow his businesses. Genuine business coaching is an area of expertise that can be outside the knowledge of many financial planners.
RadarBC is unique, offering a blend of coaching, consulting, mentoring and implementation services to supplement a practice’s operational resources. You pay only for what you need, when you need it. Upfront there are strategy coaches working with the principals and executive team, and mentors who have been there and done it. The strategy plan and set of projects are prepared specifically for your culture, for your development and for your business’s vision; they are designed to increase the value of your business, usually within a time frame of 6 to 12 months. However, you choose the speed and depth of implementation.
John has been joined by his Principal Coach, Michael Wynter, who’s a veteran; they will oversee every transformation project RadarBC undertakes. RadarBC offers a whole professional team; John Birt, consulting on buying and selling planning businesses and increasing their value; Michael Wynter, Principal Coach and change specialist; a Strategy Coach, who will design your specific strategy; and an Implementation Coach, who is a subject-matter expert in one or more key business areas. The Implementation Coaches specialize in client services, products, systems, staffing, culture, promotion, revenue and succession.
Radar offers its clients three levels of coaching skill:
- The Principal Coach – guides the coaching methodology on all engagements, assists the strategy and implementation coaches and oversees the business transformation
- The Strategy Coach – provides mentoring to the client, introduces concepts, develops the overarching client strategies and monitors the implementation
- The Implementation Coach – assists the client to implement the changes and document the results
Coaching Objectives
- Transform the client's business
- Allow the business to learn Work with the emotions to build momentum and release constraints
- Improve productivity and therefore, increase the business' value
- Support individual and team development