Ep 73: The Top 5 Metrics Every Advisor Needs to Measure

Financial Advisors Want to Know: The Top 5 Metrics Every Advisor Needs to Measure - Ep 73 Erica Pauly

Welcome to the Financial Advisors Want to Know Podcast, I’m Catherine Tindall a CPA with Dominion where our focus is helping financial advisors navigate income tax planning and compliance for their firms.

Erica Pauly is the Founder of Track That Advisor; a data storytelling company that is passionate about educating Advisors and business owners on the importance of getting clean data, great reporting, and comprehensive understanding of how it all works.

Key Podcast Takeaways: 
Focus on the Essentials: Every advisor should track five key metrics: stick rate, close rate, average case size, cost per client, and pending opportunities. These metrics provide a solid foundation for evaluating business performance.

Benchmarking Matters: Stick to benchmarks like a 70% stick rate and a 30% close rate to understand where your practice stands and identify areas for improvement.

Don’t Wait Too Long to Start Tracking: As your practice grows, tracking data becomes crucial. The moment you’re dealing with more than just referrals and start using digital marketing or seminars, it's time to track your data. It’s not just about marketing—it's about managing growth intelligently.

Advisors Shouldn't Do It All: While advisors are great at sales, they should avoid managing the operational side of their data and tracking. Having an admin or marketing person take on that responsibility allows advisors to focus on growing their business.

Shift from Exploratory to Explanatory: Data storytelling helps you move from simply exploring data (seeing numbers) to explaining them (understanding and acting on the data). By analyzing data more deeply, advisors can identify bottlenecks, optimize workflows, and drive better decision-making.

Connect with Erica:

www.trackthatadvisor.com
https://www.linkedin.com/in/erica-pauly-56330219
Connect with Catherine:
https://www.linkedin.com/in/ctindallcpa/

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