Ep 245: Leveraging The Entrepreneurial Operating System (EOS) To Scale An Ensemble Practice with John Kennedy
Sep 7, 2021
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John Kennedy, founding partner of CandorPath Financial, shares insights on leveraging the Entrepreneurial Operating System (EOS) to scale his hybrid RIA practice. He discusses the strategic framework that fosters clear decision-making and alignment within teams. The conversation highlights innovative techniques, including engaging social media videos and a custom Alexa skill, to enhance client connections. Kennedy also reflects on the journey of entrepreneurship, emphasizing the balance between business success and personal fulfillment.
Implementing the Entrepreneurial Operating System (EOS) allows financial advisors to make clearer decisions and align activities with core values.
Establishing a long-term vision, including three-year and ten-year goals, enables deliberate practice growth while promoting work-life balance.
Utilizing innovative communication tools like social media and an Alexa skill fosters client engagement and enhances the overall client experience.
Deep dives
Implementing the Entrepreneurial Operating System (EOS)
The Entrepreneurial Operating System (EOS), developed by Gino Wickman, provides a structured framework for running a financial planning practice as a business. This system enables clearer and faster decision-making, allowing advisors to focus on core activities that drive practice growth. By utilizing tools such as the Vision Traction Organizer, John Kennedy and his partner defined their practice's core values, which ensure that their goals and daily activities align with these values. Additionally, the quarterly objectives known as ROCs allow them to maintain focus on significant tasks, even if all goals are not completed on time.
Setting Long-Term Vision and Goals
Establishing a long-term vision is essential for ensuring sustainable growth and successful practice management. John emphasizes the importance of defining a three-year picture and setting ten-year goals, which allows his team to shift away from growth for growth’s sake. This strategic focus enables them to think deliberately about what they want their practice and personal lives to look like in the future, emphasizing balance and alignment with their core values. By clarifying their long-term vision, they can intentionally manage their growth trajectory to match their desired lifestyle.
Measuring Key Business Metrics
Monitoring key business metrics is crucial for assessing the health and performance of a financial planning practice. John and his partner track essential statistics, such as net profit margins, client satisfaction levels, and sales funnels through their EOS scorecard. This real-time data helps them make informed decisions and identify areas for improvement, ensuring that their practice remains on target to meet its financial objectives. By having a clear grasp of these metrics, they can adapt their strategies effectively to maintain sustainable business growth.
Creating Engaging Client Touchpoints
John utilizes social media and innovative tools like an Alexa skill to foster consistent communication with clients and prospects. By sharing valuable content through videos and regular updates, he ensures clients remain connected to the practice between scheduled meetings. This proactive approach not only enhances the client experience but also positions John as a trustworthy resource in financial planning. The strategy has proven effective in converting prospects into clients more rapidly, as they enter meetings with a strong level of comfort and understanding.
Prioritizing Company Culture and Core Values
Establishing a strong company culture rooted in core values has been instrumental in shaping the dynamics within John’s advisory firm. By defining values such as honesty, integrity, and a commitment to client service, the firm creates a supportive environment that fosters trust and collaboration. This focus on culture also enhances communication with clients, clearly conveying the importance of their relationships. Such a solid foundation facilitates a cohesive team dynamic, crucial for achieving the firm's long-term vision.
Balancing Growth with Work-Life Harmony
As John's firm grows, he emphasizes the importance of maintaining work-life balance, which influences his definition of success. While achieving business goals is vital, he recognizes the value of spending quality time with family and building meaningful relationships outside of work. By creating a working environment that aligns with his personal life aspirations, John promotes not only productivity but also overall well-being for himself and his employees. This holistic view of success allows him to thrive both professionally and personally.
John Kennedy is a founding partner of CandorPath Financial, a hybrid RIA based out of Orlando that manages $110 million for 162 families. John and his partner implemented Gino Wickman’s Entrepreneurial Operating System (EOS) as a framework to rapidly scale their practice in a very deliberate and intentional way.
Listen in as we delve into how John uses EOS to run his practice as a business, as well as how it helps him make clearer business decisions and define his core values. You'll learn how CandorPath uses social media videos to engage with prospective clients, why they developed their own Alexa Skill to foster daily touchpoints with clients between regularly scheduled meetings, and how they ensure that the practice is intentionally moving toward their long-term goals.
