5 Things You Must Know BEFORE You Migrate To A Fee Based Financial Planning Practice

Before you can make the leap to migrate your financial planning firm from a commission based practice model to a fee based practice model, you must consider these five items.

  1. Vision
  2. Values
  3. Methods
  4. Obstacles
  5. Measurement

This list is what is widely becoming known as a V2MOM (pronounced VeeTooMom).

Now, I wish I could take credit for coming up with this.  But, I can’t.

However, when I created my own V2MOM.  I was blown away.

You may know Marc Benioff as the founder of Salesforce.com.  (The most powerful Customer Relationship Managment program I have ever used… and I have used them all).  He directed the massive growth of Salesforce.com by creating – what he has now coined as – a V2MOM.  Marc Benioff was listed as one of The Forbes 400 Richest Americans as a result of the creation of Salesforce.com.

In my opinion, this tool is the only tool that allows you to clearly layout your entire vision.  And by using the V2MOM in your practice, you will be able to clearly articulate to your team everything they need to know about what is in your head so that they can really get behind your vision.

All too often, we as entrepreneurs, have such a clear idea but have no way of communicating that idea to our team.  Leaving us frustrated and rudderless with our growth.

Here is the process for creating your own V2MOM:


VISION: Define what you want to do.

I have found it helpful to address the following items:

  • Your top line revenue goal.
  • How you want to be viewed in the industry


VALUES: What’s important about the vision – to you.

Prioritize and list what is important to you about the vision.  It ‘s your vision.  But, what is important about the vision to you?

Take 5 minutes.  Set a timer.  Do a brain dump and write down in any format you can all the things that are important to you about your vision.  Write and write and write.

Then, once the 5 minutes is up, circle the top 5 things you wrote down.  Prioritize them 1 – 5.  These are now the values that are driving your vision.  Remember, be selfish here.  It’s all about you, you and you at this point.


METHODS: How are you going to get it done?

What do you need to do to deliver on the vision?  List the top 3-5 things that you need to be doing to accomplish the vision.  Do another brain dump if you have to.  These are all of the things that you will need to do (new capabilities, delegations, etc…) in order to get’r’done.


OBSTACLES: Challenges, problems and issues to overcome.

What is standing in your way of accomplishing your vision.

This one should be easy and should take you no time.  Do a brain dump and highlight everything that is standing in your way of getting to where you want to be.  The great thing about this list is that once you solve each problem in the list, you have no more obstacles.


MEASUREMENT: How will you know when you’ve met your goals?

By clearly stating the metrics you are going to use to monitor your progress toward your goals, you will have a very clear understanding of what’s working and what’s not and be able to make adjustments throughout the year.  Unless you outline what it is that is important for you to measure, you won’t know how to tell when you have arrived.

If you would like further information relating to properly setting up your own V2MOM, please let me know.  This one document changed my business life.  It gave me on one sheet of paper everything I needed to know and everything that I needed to share with my staff about how we were going to make this year the best ever.  I am considering putting together a very detailed program which will show you exactly how I run my practice, all driven from the V2MOM.  I’m considering “opening my kimono” and letting you take a look at all of my processes, scripts, how to staff training videos, etc…  Everything you have ever wanted to know about how I run a very successful fee based financial planning practice – and take over 200 days off while doing so (like I did in 2009).

If you are interested in finding out more, simply join the mailing list on the website and this will put you on an advanced notification list should I decide to put this program together.  But first, let me know you’re interested by commenting below.



5 Responses to “5 Things You Must Know BEFORE You Migrate To A Fee Based Financial Planning Practice”

  1. INTERESTED in hearing more!

  2. That a meaningful how to manage to get much more advantage as a Fee Based Financial Planner. And the 5 Things You Must Know BEFORE You Migrate To A Fee Based Financial Planning Practice about Vision, Values, Methods, Obstacles and Measurement. But to get a much more gain, maybe you can get something about how to managed the financial funds of your business that match to macro economic and dynamic of financial market that face many risks and problems. And how to be preventive ways that you are not face many risk but having opportunities in market financial turbulencies to get opportunies but not weakness and threat in your fee based financial planner. My suggest, please to visit my blog about Econobusiness Biocycle Dynamic in Economic Global Mechanism that always being many risk, uncertatinty, problems, turbulencies, crisis and recession at http://bioeconomic-natural.blogspot.com that give more longterm vision and strategic financial planning. Thank you for having a good and meaningful sharing, GBU.

  3. yes would love to receive it as I’m just starting out in Financial planning after been just a broker for the last 10 yrs.

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