The Gap Analysis is used as a tool to help you set goals for your team. It’s a simple way of building a business plan for your team. For Planning, for example, you would ask your team to rank the effectiveness of planning.
The first question would be how are we doing in terms of competence; do we have the ability to plan? If we never do planning on a scale of 1 – 10 we would be a 1. If we have a CFP on the team and when we do a plan it is second to none we would be a 9 or 10.
The second question would be how are we doing in terms of execution? We may have a 10 in ability but only 10% of the clients have a plan.
To download a Gap Analysis you can use to evaluate your team click on the link: Gap Analysis for Financial Advisor Teams