Manage Your Practice
Collect your thoughts. Learn how other owners address their practice management challenges.
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The Importance of Likability
From Advisor Perspectives
Added on July 2014 in Manage Your Practice
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Summary: I am fascinated by the disconnect between what advisors say to persuade prospects to become clients and what data indicate would actually work. The truth is that most of us need to radically change our approach to prospect meetings.
How To Tell Clients Financial Advice Isn't Free
From Financial Advisor Magazine
Added on July 2014 in Manage Your Practice
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Summary: Financial advisors who transition from a commission-only business to a fee-based model are often stymied about how to explain their new fees without sending existing clients packing.
The 5 Traits of Great Client Service People
From Think Advisor
Added on July 2014 in Manage Your Practice
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Summary: The “key” to great client service is great client service people. I know this probably sounds obvious, but you’d be surprised at how many owner-advisors just don’t seem to get it. The reality is that no matter how great an advisor they are, the majority of every client’s contact with their firm will not be with them as the firm gets bigger: it will be with their employees. If those employees create a bad impression—are brash on the phone, are argumentative, don’t follow up, etc.—that’s how that client will see your firm.
Some Advisers Tap Potential of Small Accounts
From Wall Street Journal Online
Added on July 2014 in Manage Your Practice
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Summary: Financial advisers sometimes ask how they can serve clients with relatively little to invest and still make a profit. Scott Hanson has an answer. His wealth-management firm in Sacramento, Calif., decided to expand "downstream" in 2009, when it lowered its minimum account size to $50,000 from $250,000. In the years since, it has added around $100 million in assets under management from almost 800 clients who wouldn't have met the previous minimum.
Want to Continue to Succeed, Owner-Advisors? Give Up These 3 Sacred Cows
From Think Advisor
Added on July 2014 in Manage Your Practice
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Summary: I talked with a prospective client the other day, who asked me an unusual—and excellent—question: “Have you ever had any failed client relationships?” My answer was: “Yes, we have had some clients who haven’t worked out. Not many, but it happens.” The keys to successfully growing an advisory business are different at every growth stage: and the most successful firm owners realize that they will continually have to change the way they run their firms.
