Renee Harders, Consultant – Internal Practice Development with Waddell & Reed, Inc.
Great Practice Solutions
Branch Rickey was the first major league baseball GM to hire a statistician to evaluate player performance for his Brooklyn Dodgers in 1947. This led to winning six National League pennants and one World Series in nine years. The Oakland A’s took a mathematical approach to their 2002 season, resulting in a record-breaking, 20-game winning streak, which advanced them to the AL West division championship series. The Houston Astros also used analytics to make “marginally more correct decisions than their competitors”1 and go from one of the worst teams in baseball in 2014 to winning the 2017 World Series against the LA Dodgers.
The common factor in all three stories: Team leaders realized the need to employ metrics to drive informed decisions and create wins. The advantage was not in throwing money at bringing in big name players. Instead, they built plans with the help of the right numbers and coaching from people outside of the game.
Lessons for Independent Financial Advisors
Just as in baseball, understanding your business’s key metrics and performance indicators could give you an edge. But do you know what to look for? And how do you gain access to a trusted, knowledgeable source that can look at your analytics from both a holistic and granular view?
At Waddell & Reed, advisors have access to the Great Practice Solutions (GPS) program, which employs a team of experienced, industry professionals who offer deep, generalist expertise and specialized areas of focus. A coach from the team will analyze the story behind your numbers, which you can use to execute on your strategic plan and make proactive decisions. Your GPS coach will establish the foundation of your metrics through data provided by two tools: Revenue Tracker and Sales Planning and Tracking. Your coach will then identify areas to build custom action plans that address your business needs, stay with you through the process, hold you accountable and celebrate your wins.
Our Great Practice Solutions program can help interpret your numbers and make informed decisions based on them.Find Out More