Practice Pre-Assessment

Rate each statement from 1 (Not at all) to 10 (Strongly agree). Category totals and a combined score are calculated automatically.

Personal Life Goals & Values

1) I have clearly defined goals that I move towards every day.

2) I have identified my top five values.

3) I hardly ever engage in negative self-talk.

4) I exercise regularly.

5) I have a hobby that I enjoy, and I’m active in.

6) I spend plenty of quality time with my family.

7) I have friends that I enjoy socializing with frequently.

8) My personal finances, retirement plans, insurance and estate planning are excellent.

9) I rarely have trouble sleeping.

10) I am involved in my community (volunteering, religious, etc.).

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Vision / Value Proposition

1) I have a compelling vision for my practice.

2) I have a healthy grasp on the potential roadblocks to realizing my vision.

3) I am prepared to adjust to potential changes and still achieve my vision.

4) I can easily and clearly articulate my value proposition to anyone.

5) My value proposition is dramatically different from my competitors.

6) My value proposition addresses our target market and their interests.

7) My value proposition is on display at my office.

8) All my team members are able and willing to share our value proposition.

9) Our clients know and have shared our value proposition.

10) We consistently “under promise” and “over deliver” on our value proposition.

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Business Planning

1) Our business plan is up to date with the current business landscape.

2) Our business plan considers client feedback from surveys, including any areas of dissatisfaction to improve our systems, service, and training.

3) I spend most of my time working ON the business (planning) rather than IN the business (tasks) in a manner that focuses on executing our business plan.

4) We have a company mission, vision, and culture that is inspiring to our team.

5) We have clearly defined revenue goals for the practice for the next three years.

6) We have identified our top three priorities and are working on them consistently.

7) We continually improve our methods for delivering plans and product solutions.

8) We have clearly defined our strategies for achieving our objectives.

9) We revisit our business plan at least quarterly with the team to stay on track.

10) Our business plan is effective and delivering excellent results.

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Marketing Planning

1) We have a current marketing calendar outlining our strategies and campaigns for the year that is being implemented in an optimal way.

2) We are current and relevant to our target market on our website and social media.

3) Our practice’s brand and message is consistent across all mediums we use.

4) Our marketing message tells the prospect exactly what to do next in making contact with us (call to action).

5) We know exactly which marketing strategy brought the prospect into contact with us.

6) We are constantly looking for ways to adapt or add new products/services to meet the current demand.

7) We know which marketing strategies yield the highest return on investment.

8) We communicate with clients on a systematic and personal basis to cultivate our relationship and gain additional business and referrals.

9) We have developed profitable centers of influence and alliance partners.

10) We are considered a thought leader and have developed community and media relationships that call on us regularly.

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Financial Planning & Product Solutions

1) We have developed a clear and compelling menu of services.

2) We know the costs for delivering our services and the fee schedule reflects appropriate profitability.

3) We have an on-boarding process for bringing on new clients that leaves them delighted to have engaged with our practice.

4) We have an end-to-end process for delivering high-quality planning and product solutions that are consistent, systematized and personalized.

5) We are confident that we are utilizing the best tools available to us to support our process.

6) We have a defined product solutions strategy to address clients’ needs and we believe we are delivering the best products available to us.

7) Our clients are fully engaged; e.g., their current asset information is in our aggregation system and their important documents are stored in our online statement and document storage.

8) We believe we are delivering strong value in the areas of tax, retirement and estate planning without stepping over the line and providing tax or legal advice.

9) We have a clearly defined, collaborative process in place to work with the client’s other tax and legal advisors.

10) We are well compensated for our work and the value we deliver in tax and estate planning.

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Business Management

1) I prioritize my activities daily and focus on the most important tasks.

2) I structure my time so that I’m working on proactive activities within the business.

3) I take calculated risks and I’m confident in exploring new opportunities.

4) I understand human behavior modalities and I adapt my behavior.

5) I hold relevant meetings with a written agenda with both individual team members and with the entire team to foster relationships and keep the vision clearly before them.

6) I receive, read and respond appropriately to regular reports on key measures including team productivity, client acquisition, client satisfaction and profitability.

7) I know our top clients and have regular communication and strong relationships with them.

8) I stay on top of industry trends and changes and seek to look at the horizon ahead to maintain our competitive advantage.

9) I am confident that we have the right business structure (sole proprietor, LLC, etc.).

10) I have a current, written buy-sell agreement with clear valuation and funding in place with someone with whom my clients and I would be confident to transition their business.

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People Management

1) We have written detailed job descriptions with clear role duties and lines of authority.

2) There is an appropriate workload balance between team members.

3) There is camaraderie and an atmosphere where we all love coming to work.

4) We have an effective and formalized hiring system.

5) All new employees read and understand our employee manual; it is current and adhered to including policies on how they represent the company, dress and grooming, work hours, and what is expected in terms of benefits, their conduct and how they can expect to be treated.

6) Our new hires are effectively trained in a systematized process.

7) I am an excellent communicator with my team and they know I will listen to them. They get regular feedback from me; I am able to inspire my team while holding them accountable to their job functions.

8) We have a compensation package that encourages everyone to give their best and addresses financial and personal wellness, development, growth, and recognition.

9) We spend time learning through reading, classes, etc. to stay current in our industry.

10) Our people are our greatest asset and they represent our brand well.

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Accounting & Financial Data Systems

1) Our cash flow is good and easily meets the demands of the business.

2) We understand our financial statements, and they are current.

3) We have the right bookkeeper, accountant, tax preparer and banker.

4) We meet with our accountant at least quarterly and review our retirement plan once a year.

5) Our business accounts are kept separate from personal funds. We maintain good banking relationships and receive great value for the lowest cost possible.

6) We prepare budgets and adhere to them monthly.

7) We measure both recurring and non-recurring revenues.

8) We are confident our budget includes proper allocations to marketing, human resources and further investment in the practice. We have an appropriate percentage of profitability and a plan for allocating our profits.

9) All fixed costs of operating the business are at a minimum.

10) We use the best accounting and payroll system for our practice and it integrates well with our other tools.

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Workflow Operations & Technology Management

1) We have defined and documented our workflow.

2) Our workflow processes include how to prepare, conduct and follow up after client and prospect appointments for onboarding new clients as well as servicing existing clients.

3) We know how long it takes to execute tasks associated with our workflow process.

4) We are clear on how many client meetings are required each week to fulfill the client service expectations and ensure adequate hours are committed to accomplishing this.

5) We know how many clients we can take on in a given period while still maintaining the integrity of our workflow process.

6) Each member of the team has a model week and all key tasks are covered.

7) Our team consistently follows our processes as outlined.

8) We fully utilize the technology available to us.

9) Our technology setup and use is as efficient as possible (e.g. Internet speed, old equipment replaced, screen setup, laptop vs. desktop).

10) Our team members are trained and getting maximum time and leverage from their use of technology.

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Legal, Compliance & Real Estate

1) We have an effective process that assures documentation, timelines for execution and disclosure that helps protect our client’s interests and our practice.

2) Our compliance record is excellent and our team is committed to maintaining this standard.

3) Our practice has transitioned to a paperless process for meeting prep and follow up.

4) All our historical records are scanned and uploaded.

5) We have a current business continuity plan that we could realistically and effectively implement in the event of a disaster.

6) The outside appearance of the business is up-to-date, orderly and professional (building, signage, lots, etc.).

7) The inside of the business is professional, clean and designed with the client in mind.

8) We are always able to efficiently find anything we are looking for in our office.

9) The setup of our office and personal spaces maximize effectiveness.

10) We have a plan for practice growth that considers our current office and potential need for space.

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Combined Score: 0 / 1000

Tip: any unanswered item is treated as 0. Aim to fill all fields.

Scoring guide: Review strengths to leverage; note lower-scoring areas and list actions/resources to improve.

Practice Pre-Assessment

Personal Life Goals & Values

Vision / Value Proposition

Business Planning

Marketing Planning

Financial Planning & Product Solutions

Business Management

People Management

Accounting & Financial Data Systems

Workflow Operations & Technology Management

Legal, Compliance & Real Estate

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