Episode 12: Ginny Hudgens on Strategic Planning for Advisory Firms

“ . . . I think interest has always been high [in strategic planning] for advisors who understand our value proposition and understand the need to have a plan. It's interesting to me that advisors understand the vital need of their clients to do planning, but they don't see the need in their own firms. They don't necessarily put the two and two together. And generally their firm is their biggest asset. As you know, most small business owners have the majority of their wealth tied up in their firm. So even firms who do strategic planning should use an outside party, because getting staff to speak honestly with you about the challenges and the firm weaknesses is very difficult because you're the ones signing their paycheck. So in a lot of cases, you're just not getting good information.”

Like the cobbler’s children who never got new shoes, Financial Advisors do a wonderful job of planning their client’s financial futures, but often fail to plan for the success of their own practices. Strategic planning is a central tenet and best practice for almost any viable business of any size in other industries, but is only now finding acceptance among the solo practitioners and small ensembles of financial planners and wealth advisors. In this episode, Ginny Hudgens kicks open the door to the reasons why this is, how Financial Planners can easily embrace and benefit from some basic strategic planning exercises, and what small practices can do RIGHT NOW to get back on track and plan their own way to a successful practice. Don’t miss this intriguing episode of “ . . . For Advisors”!

Ginny Hudgens at The Strategic Implementer, based in Baton Rouge, Louisiana, started out in the financial services industry in 1992 as a Vice President in the Investment Banking Group of J.C. Bradford & Co. In 2000, she accepted a position with a fee-only financial advisor, his only employee at the time, as the "jack of all trades". From a small advisory with less than $7M they built the firm to over $115 million. Ginny was responsible for managing all aspects of the firm, leading team strategy sessions and implementing the initiatives that drove the firm’s growth. In 2006, she founded The Strategic Implementer to share her skills with other advisors who are READY to take their business to the next level. A speaker and author, Ginny has written for The Journal of Financial Planning, Investment News and Bob Veres’ Inside Information. Ginny has a B.S. in Business Administration from University of Louisville.