7 Steps to Building Your ‘Firm of Dreams’

In the 1989 classic film Field of Dreams, Kevin Costner’s character, Ray Kinsella, hears a mysterious voice whisper, “If you build it, he will come.” Driven by faith, he constructs a baseball field in the middle of his cornfield, and the players and fans eventually arrive. This iconic phrase has transcended its origins, becoming a metaphor for creating something great and trusting that it will attract the right people.

During a recent Business Builders Academy™ session here at ClientWise, Robert Steinberg, Founder and Wealth Manager at Blue Chip Partners, LLC, leaned into this metaphor to explain his ‘firm of dreams’ philosophy. Starting with a vision of the types of clients he wants his firm to serve – both now and in the future – he’s able to become more certain about the services he needs to offer as well as the talent, skill sets, and competencies he seeks to acquire, develop, and cultivate the future owners of his business.

Pointing to his firm’s success and track record, he confidently shared with the entire group of his peers: “If you build it, they will come!”

Does it require a leap of faith? Absolutely. But suppose you’re serious about creating a business that attracts ideal clients and elite talent through visionary planning, execution, and a commitment to excellence. In that case, the following seven steps will be essential to build your firm of dreams successfully:

1. Vision: Define Your Firm of Dreams – just as Ray Kinsella imagined a baseball diamond amidst his cornfield, you must have a clear, compelling vision of what your ideal firm will look like. You’ll need a:

   1. Mission Statement crafted to encapsulate your firm’s purpose and values; focused on delivering personalized financial solutions, fostering lifelong client relationships, and embracing innovative technologies.

   2. Client Focus that clearly identifies your target market, such as business owners considering a liquidity event, high-net-worth families with a solid social and philanthropic drive, or young executives needing help navigating the tax impact of complex compensation plans.

   3. Service Offering that reflects your target market's unique needs and challenges (e.g., income and cash flow planning, access to customized credit and lending, trust and estate planning, etc.).

This vision should guide nearly every decision you and your team make, shaping your firm's identity and helping to differentiate you from your competitors.

2. Planning: Create a Blueprint – building a successful business requires meticulous planning. Much like constructing a baseball field, you’ll need a detailed blueprint to guide your journey and measure your progress against, including a:

   1. Business Plan outlining your objectives, strategies, and financial projections. This plan should include marketing, operational, and financial strategies.

   2. Technology Integration Strategy will guide you in selecting the right tools to enhance client service and streamline operations. This might include CRM systems, financial planning software, and client portals.

   3. Compliance Framework to ensure your business adheres to regulatory requirements, avoids legal entanglements and builds client trust.

A well-structured plan transforms your vision into actionable steps, laying the groundwork for sustainable growth and long-term success

3. Team Building: Recruit Your Players – ultimately, realizing your vision will depend on your ability to assemble the right team. Just as Ray’s baseball field attracted legendary players, your firm must attract elite professionals who share your vision and values. Focus on:

   1. Hiring individuals with the expertise and dedication necessary for your firm's growth. This includes advisors, support professionals, and administrative personnel.

   2. Culture that fosters a positive, inclusive environment that promotes collaboration, innovation, and continuous learning.

   3. Ongoing Training and Development to keep your team updated on industry trends, regulatory changes, and proven practices is one of the best investments you can make.

A cohesive team aligned with your mission will help drive your business' success and create a supportive environment for clients and employees.

4. Client Acquisition: Attract Your Audience – in the same way a well-built baseball field draws loyal fans, a well-structured firm attracts loyal client advocates. Effective client acquisition strategies (including the following) will be essential to filling your stands:

   1. Marketing comprises robust digital outreach, content creation, and community engagement. Social media, blogs, and webinars can all help showcase your expertise.

   2. Networking events, industry conferences, and partnerships with other professionals are highly effective strategies for building new relationships.

   3. Referrals of friends and family members from satisfied clients can be jump-started with a referral program that rewards clients and new referrals. Better yet, building loyal client advocates with intention and partnership is the most sustainable approach, something we’ve studied here at ClientWise for almost two decades and coaching the best in the business to do well.

Demonstrating your value add and building trust is the surest route to attracting clients who will appreciate and benefit most from your services.

5. Client Experience: Deliver Outstanding Service – providing an exceptional client experience and quality advice will be vital to retaining clients and encouraging others to introduce their networks to your team. Your business must strive to exceed client expectations at every touchpoint through:

   1. Personalization in the form of tailored services that meet each client's unique needs and goals based on a solid understanding of their financial situation, preferences, aspirations, and risk tolerances.

   2. Regular and transparent communication, utilizing a mix of newsletters, updates, and personal meetings to keep clients informed and engaged.

   3. Feedback from clients to better understand their overall satisfaction and identify areas for improvement. Use surveys, reviews, and direct conversations to gather insights.

Lasting relationships that contribute to your firm’s reputation and growth can only be built by prioritizing client satisfaction. One of the tools at ClientWise is The ClientWise Conversation™. It’s five simple questions that every advisor needs to be asking all clients every eighteen months. Check out www.clientwise.com/conversation for more information about this approach to learning what your clients value and what feedback they have for you and your team.

6. Innovation: Embrace Change and Adapt – innovation is the cornerstone of any modern, thriving advisory business. Staying ahead of trends and adapting to new challenges will be essential, especially in the areas of:

   1. Technology where staying updated on technological advancements can enhance client service, improve efficiency, and reduce costs. Explore the benefits of integrating AI, robo-advisors, and data analytics.

   2. Service Expansion such as financial wellness programs, educational workshops, family governance, or more complex investment offerings. Regularly assess and expand your service offerings to reflect evolving client needs.

   3. Process Improvement requires continuous refinement of processes and procedures to improve the client experience, streamline operations, and ensure ongoing compliance.

Embracing innovation helps to ensure your firm remains competitive and relevant in a highly dynamic marketplace.

7. Community Engagement: Build a Supportive Network – building strong connections within local and professional communities enhances your firm’s visibility and boosts your credibility. Much in the way interactions between players and fans energized Ray’s field, your business will benefit from the following:

   1. Community Involvement through local event participation, community program sponsorship, and support for charitable initiatives. It’s a great way to build goodwill and demonstrate your firm’s commitment to social responsibility.

   2. Industry Participation in related associations, article submissions to professional publications, and attendance at important conferences. Combined, these efforts will position your firm and its team members as knowledgeable thought leaders and help strengthen both your reputation and professional network.

   3. Client Education delivered through periodic educational seminars and workshops empowers clients with greater financial knowledge, solidifies your existing client relationships, and generates new business and clients.

Active community engagement fosters trust and recognition, drawing clients and talent to your firm.

Building your firm of dreams is a journey that requires vision, dedication, and a willingness to embrace challenges – from attracting the right clients to nurturing future firm leaders and finding creative ways to stand out in a highly competitive marketplace.

Just as Ray Kinsella’s faith in his vision led to fulfilling his dream, your commitment to building a client-focused, innovative, and community-engaged business will bring success and satisfaction. So, take that leap of faith. Build your firm of dreams. And watch as clients and opportunities come to you. Need a strategic partner or business coach to help you get there? Reach out to a member of our ClientWise team.

Coaching Questions from this Article:

1. What does it look like if you try to envision your ideal future firm? Who are the clients you would serve? And what are their essential needs that most advisory firms would be unable to address adequately?
2. If you were going to CTL+ALT+DEL and start a new firm today, what would you take with you, what would you leave behind, and what would you build new?
3. Considering that ideal firm, what technology, service, and process enhancements would position you to meet client needs and provide better advice?
4. What improvements could you make to your current marketing and referral efforts to attract new clients who accurately reflect your ideal client profile?
5. What leaps of faith do you need to consider taking in the next twelve to thirty-six months?