Recently, i spoke to a veteran financial advisor in Western Canada – let’s call him “Bob” – about his 2011 visit to the world-renowned Mayo Clinic in Minnesota. During our conversation, Bob pointed out six important lessons he had taken away from his experience, which he has applied to his practice – and they might apply to your practice as well.
In the spring of 2011, Bob was diagnosed with a debilitating disease. With the agreement of a specialist he’d seen in his local community, Bob went to the Mayo Clinic in the autumn to get a second opinion. The ultimate outcome was positive. The Mayo Clinic’s physician recommended an additional test, which confirmed the diagnosis; but that doctor also pointed out some emerging treatments used to deal with the problem. After a telephone consultation between the clinic’s doctor and Bob’s physician in Calgary, the Mayo Clinic doctor embarked on a course of action that resolved the problem.
The impact of Bob’s experience went well beyond successful recovery. Indeed, Bob’s time at the Mayo Clinic had a fundamental impact on his thinking regarding the running of his own highly successful practice.
– lesson 1: articulate your core values
The roots of the Mayo Clinic, considered the architect of the modern medical practice, go back to a medical practice established in 1863 in Rochester, Minn., by Dr. William Mayo, who later was joined by his sons. Today, wealthy patients from around the world travel to the Mayo Clinic for medical treatment.
In Bob’s initial conversation with a patient intake co-ordinator, the clinic representative explained that the Mayo Clinic has been governed since its inception by three core values: the needs of the patient always come first; the emphasis is on patient education; and there is a commitment to research.
Bob was struck by the clarity with which these values are communicated. When he returned to Calgary, he met with his team to discuss how to define and then communicate their own core values to clients. Since then, Bob has begun to incorporate the core values that shape his approach on his website and into client communications.
– lesson 2: walk the talk on your values
Simply talking about your values isn’t good enough. You have to follow through to put them into practice.
Bob was struck by the unhurried nature of his interactions with Mayo Clinic staff. Indeed, the clinic’s website points out that staff assign more time for interactions with patients than is the norm. Bob also was impressed by the ongoing contact from the patient care co-ordinator who had been assigned to him, and how frequently Bob was asked if he had questions. The Mayo Clinic, as a pioneer of integrated care, emphasizes communication regarding a patient’s case among various doctors. That was Bob’s experience.
When Bob and his team identified their core values, they mirrored the Mayo Clinic’s first value: putting the interests of clients first. The team’s second core value was helping clients become knowledgeable investors, which was followed by a commitment to frequent, high-quality communication.
Bob’s experience at the Mayo Clinic inspired him to conduct a survey among his clients in early 2012. One survey question related to client interest in a proposed monthly email that would provide an update on market developments. In response to positive interest, Bob’s team launched a monthly e-newsletter last spring.
In Bob’s regular monthly meetings with his team, they devote a segment to what else they can do to “walk the talk” regarding their core values.
– lesson 3: invest in your people
Throughout Bob’s stay at the Mayo Clinic, he was impressed by the professionalism and upbeat manner of everyone he dealt with, from the doctors and nurses to the people who delivered his daily meals.
In Bob’s conversations with the Mayo Clinic’s staff, a number of staff mentioned that working at the Mayo Clinic makes them feel that they’re making a positive difference. They also talked about how the Mayo Clinic both encourages all employees to upgrade their credentials and helps to fund ongoing professional education. The Mayo Clinic has a consistent spot in the U.S. News and World Report listing of “America’s Top 10 Places to Work.”
As a result of Bob’s experience at the Mayo Clinic, he introduced an initiative for his team. In January 2012, he sat down with each of the three members of his team and asked them to identify one area in which they wanted to upgrade their credentials in the coming year. Bob committed to paying up to $800 for each team member to improve his or her skills; he agreed to pay half the cost of a program up front, then reimburse the other half upon successful completion. The feedback from Bob’s team members was exceptionally positive, to the point that Bob is continuing this plan in 2013.
– lesson 4: be open to new ideas
Despite the Mayo Clinic’s reputation for excellence, it continues to experiment with new ideas. For example, it was among the first large U.S. hospitals to embrace checklists for medical procedures to reduce the chances for physician error. And the Mayo Clinic was a pioneer in providing information on medical procedures on its website, offering in-depth information at no cost. Maintaining this site is a significant expense, but it fits within the clinic’s core value of patient education.
Since Bob’s visit to the Mayo Clinic, he has made its site the go-to resource whenever he’s talking to clients whose family members are experiencing medical issues. Bob also has stepped back to rethink how he conducts his own, already successful business. As one example, he has spent a substantial amount of time exploring how to incorporate exchange-traded funds into his recommendations. The response from clients has been positive, and Bob points out that while he was already contemplating this, his experience at the Mayo Clinic accelerated this move.
– lesson 5: deliver value for money
Something else that was accelerated by what Bob saw at the Mayo Clinic was a basic rethinking of the value he delivers to his top-end clients.
The Mayo Clinic is known for its cost-effectiveness and for delivering high-quality care at low cost. A 2011 study found that for the previous three years, the Mayo Clinic had delivered care for half the cost for comparable clinics and hospitals. Part of that is due to the hospital’s non-profit status, but it also stems from its focus on efficiency.
Bob’s time at the Mayo Clinic gave him the opportunity to think about his business. One conclusion was that he needed to retool his fundamental approach to deliver better value for the million-dollar-plus clients who are the core of his business.
– lesson 6: your reputation is your most important asset
Bob’s final lesson from his time at the Mayo clinic relates to the critical importance of reputation. The Mayo Clinic is fiercely protective of its brand. In response to numerous unauthorized online versions of The Mayo Clinic Diet, which have no association with the clinic, the Mayo Clinic recently published a book with diet advice under its brand. This book is based on cross-disciplinary input from various experts and features a rigorous, evidence-based approach. As a result, this book has become the resource most often recommended by many doctors.
While Bob has no aspirations to become a household name along the lines of the Mayo Clinic, he has given considerable thought to what he could do to enhance his brand within his target community of clients. As a result, Bob now carves out time each week to write opinion pieces that he submits to local media and he is in the process of upgrading his website.
For 2013, Bob is exploring the possibility of funding a competition among local high-school students related to financial literacy.
Many advisors use the start of the year to finalize their business plans for the coming 12 months. If you’re among that group, think about whether some of the lessons Bob took from his experience at Mayo Clinic apply to you as well.
Dan Richards is CEO of Clientinsights (www.clientinsights.ca) in Toronto. For more of Dan’s columns and informative videos, visit www.investmentexecutive.com.
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