This month, many advisors are working on next year’s business plans.
For many advisors, these business plans will end up like a black hole in space – lots of energy will go in and little or nothing will come out.
Causes of the “black hole” effect
There are number of things that cause business planning to fail to translate into results.
First is underestimating the impact of entrenched habits – and failing to build in routines around new initiatives emerging from the business planning process.
Over the past few months, we’ve all read about “the new frugality” that has become part of our culture.As a result, many consumers have been rethinking their spending – with some surprising insights about the importance of personal connections in tough times.
A recent Wall Street Journal article described the impact of personal connections on decision making. Lawn and pool services that send a different crew every week are easy to cut. On the other hand, it’s much harder to pull the plug on someone that has cut your grass or cleaned your house for years, who has brought vegetables from their garden and shown you pictures of their kids.
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Stay on top of the latest headlines from the Wall Street Journal Online.
WSJ's What's News Early Edition, March 16, 2010by The Wall Street Journal 16 Mar 2010 at 5:00am
Sony has inked a $250 million album deal with Michael Jackson's estate ... the former president of New York's small Park Avenue Bank was arrested on fraud charges ... and a finance-overhaul proposal advanced by Senate...
Jeffrey Saut Daily Audio Comment Raymond James
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Jeff Saut’s Daily Audio Comment is recorded every weekday, except Wednesday, at 9 a.m. ET. It is made available to the public on this Web page at approximately 1 p.m. ET.
Over the past few months, we’ve all read about “the new frugality” that has become part of our culture.As a result, many consumers have been rethinking their spending – with some surprising insights about the importance of personal connections in tough times.
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