Vision statements benefit advisory firms

We are all so busy playing a variety of roles each day that it is easy to get lost, seeing only the very next tree ahead instead of the forest.

That is where vision statements come in.

Although words such as “vision” and “mission” mean different things to different experts, let’s define “vision” here as a picture of your company in the future.

It should be clear, simple and based on the values most important to your organization. It should also align with and direct behavior.

Creating a perfect vision statement isn’t easy. Beautifully crafted statements are typically the result of repeated attempts.

The point is to get a draft down on paper and perfect it over time and with future inspiration. Your initial attempt to create such a statement shouldn’t take more than an hour, and there are several different ways to get started.

Build a word collection. Collect words such as “vitality,” “compassion” or “independence,” that resonate with you about your firm. Discuss the words with your team. Then, as a team, sort and string the words together to make an initial draft.

Create a “mind map.” Write the word “vision” in the center of a circle and draw lines radiating from that circle. On each line, jot down words or ideas about what vision means to you and your team (longevity, simplicity, 20 clients, boutique, sophisticated, wealth management, top 10, $1 billion, etc.).

Under each line, note pertinent examples or relevant stories. If you wind up with a mind map that has 10 stories on one line and none on another, you will have determined what your firm’s priorities are in a very natural way.

Next, organize what is on the picture into an initial statement.

Take the technology approach. Google “how to create a vision statement.” Search results will lead you to websites asking you to complete statements such as, “My talents are …” or, “If I knew I would succeed, I would …” (Statements can be rephrased to ensure that they are applicable to a business.) By completing, compiling and editing down the statements, you will come close to your vision statement.

Write a eulogy. A company’s eulogy should explain what it stood for. In putting one together, consider how anyone who comes in contact with your firm would describe your character and that of your staff, as revealed in the way that you conducted your business. Work backward from the eulogy to uncover what you would most want to have stood for. Then draft your initial vision statement.

Creating a vision statement is also an outstanding opportunity to enhance team building, but if the task seems overwhelming, consider using a third-party consultant to facilitate the process.

The following vision statements are works in progress — starting points to be revised over time:

• We are a cooperative of wealth managers, each with a direct obligation to our personal clients. We join together in mutual respect and support to serve our clients and sustain ourselves. We laugh a lot.

• XYZ provides financial confidence by allowing its affluent clients to fulfill their life’s dreams. XYZ offers wealth-planning expertise for those preparing for or enjoying their retirement by efficiently and carefully tending to their assets while enjoying an increasingly profitable business.

• We deal with clients and staff with honesty, integrity and respect, focusing on their needs and the needs of the business simultaneously. We provide the highest-quality portfolios available, always keeping in mind the clients’ unique needs. Our work environment encourages all staff members to serve clients with zest and authenticity.

A vision statement is a proactive and, ultimately, an efficient shortcut for figuring out what matters most to a firm. It serves as a starting point for building a strategy and tactics to move the firm toward where it wants to be.

Moreover, it helps individuals and groups cut through politics, clarify conflicts and make difficult decisions less challenging. It also helps managers make good hiring decisions, supports new hires, prioritizes among competing initiatives for limited resources and serves as a foundation for future planning.

That is a pretty good return on investment for one hour of work. Take time to finesse the words, and have some fun in the process.

Most important, get started. If you never start, you are guaranteed never to have a successful company vision.

Joni Youngwirth is the managing principal of practice management at Commonwealth Financial Network. She can be reached at [email protected].

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