Joyce Wu, BA (Hons), FChFP, believes an advisor’s onboarding is so important that she developed a training system to guide them toward excellence during their first 90 days.
“This period of time is vital — the key to their success,” said Wu, an experienced leader whose agency boasts a 70% MDRT qualification rate. “If they can develop well-established working habits and a relationship with the agency leader along the lines of a mentor/mentee, they can be expected to develop and grow.”
During a recent MDRT Center webcast, Wu shared her 90-day performance review system and invited fellow Center members to ask any question they had about managing new advisors.
Below are Wu’s three biggest onboarding priorities:
1. Make time management focused yet flexible, using the Advisor Model Week tool to help new advisors structure their days according to personal and professional goals.
“In our industry, we enjoy the flexibility and freedom that comes with making our own schedules, but it is an advantage and a disadvantage at the same time,” Wu said. Some new advisors respond to newfound independence with inactivity, while others throw themselves into the role with intense hours and lose sight of work-life balance.
Wu and all 15 of her advisors use the Advisor Model Week tool to plan their daily schedules, starting with quality time earmarked for family and self-care. Next, they slot time for meetings, team-building activities and study groups, where initiates are paired with senior advisors who serve as their mentors.
“This is a crucial habit,” Wu said. “Once the new advisors adapt to our environment, this category of time helps them learn to not forget about these priorities while managing their own business.”
Next on the list is time for production, including a minimum of 15 client meetings. Those meetings should include “every step in the selling cycle,” she said — prospecting, approaching, fact-finding, presentation, closing and after-sales service.
Last on the list is individual study time dedicated to improving financial services knowledge or exploring personal passions.
Wu’s approach to her team’s time management helps to prevent new advisors from feeling overwhelmed by the demands of the job while still working toward personal and professional goals.
2. Monitor new advisor activity daily, reinforcing that consistency yields results.
“Once the new advisor has a model week to manage their work and life, we will begin an activity management program, or AMP, to monitor their activities daily,” Wu said. “They should understand that if their time allocation is appropriate, and if their selling-cycle steps are effective, then they can reach their decided goals.”
The AMP is simply a log of selling steps taken and the results from those processes. New advisors update their AMP log after each workday with numbers related to production. Each week during onboarding, Wu expects them to connect with at least 20 prospects, work on five fact-finders, secure three client meetings and close one sale.
During their first 90 days, Wu wants to see a high level of self-motivation from new advisors. The goal is to ensure that their time and efforts are translating into tangible results. She also wants them to consider how they can help the agency connect with new markets once they’ve expanded their prospecting list beyond initial family, friends and professional groups.
Over time, Wu’s advisors develop a customized log that reflects their own success patterns, allowing them to adjust and improve.
3. Conduct regular performance meetings based on the DOME principle.
In Wu’s system, performance reviews are a key element, providing an opportunity for new advisors to receive constructive feedback and assess their own progress.
During onboarding, she meets with each new advisor daily, then weekly, to discuss their activity logs, client interactions and challenges they’ve encountered.
“In the performance review meetings, we should be rational and empathetic simultaneously, to create an open atmosphere for the new member to discuss their past performances,” Wu said. “We need to guide them through their journey on the team.”
To do this systematically and objectively, she applies a performance management framework called DOME, which stands for diagnosis, objective, method and evaluation. While meeting with new advisors, Wu tries to uncover their challenges, clarify or emphasize their goals, discuss helpful actions and reinforce continual improvement. She believes this approach to performance reviews ultimately cultivates advisors who are resilient, consistent and aligned with the agency’s vision.
Building habits for long-term success
Ultimately, Wu’s goal is to instill habits and systems that will support new advisors throughout their careers and lead them toward MDRT qualification.
By prioritizing time management, consistent activity tracking and regular performance reviews, she sets her team up for both professional success and a balanced life. After the first 90 days, new advisors begin to develop their own productive routines and the confidence to operate more independently.
“The power of enjoying harmony in personal life and professional life is so impactful,” Wu said. “They will enjoy success, and at the same time, lead a balanced, fruitful life. It gives them the best support to move forward, to excel in their own production or to create their own team.”
Darin Painter is a freelance writer and editor in Strongsville, Ohio, USA, and owner of the content development business Writing Matters (http://www.writingmatters.com).
Joyce Wu shared this advice during the MDRT Center Webcast, “The 90-day performance plan: Guiding new advisors on the path toward excellence.”
Contact:
Joyce Wu, joyce.wu@aia.com.hk
