Manage Your Practice
Collect your thoughts. Learn how other owners address their practice management challenges.
All Articles
How Efficient Are You? 4 Questions to Ask
From Financial Planning
Added on May 2014 in Manage Your Practice
1 visitor like this article | Viewed 3505 times | 0 comment
Summary: Everyone wants an efficient practice. But what most advisors really love is meeting with clients and pursuing business development activities -- not managing the day-to-day operations of the firm.You may want an efficient organization, but you must be willing to take the necessary steps to attain and sustain it. Start by getting a baseline reading of your firm's efficiency. To do so, answer these four questions.
To Motivate Employees, Listen to Them
From Think Advisor
Added on May 2014 in Manage Your Practice
0 visitor like this article | Viewed 4022 times | 0 comment
Summary: When David Rockefeller was chairman and CEO of Chase Manhattan Bank (now part of JPMorgan Chase Bank) he created a strategy he called “management by wandering around.” That is, he would spend as much time as he could actually wandering around the bank’s headquarters talking to employees that he didn’t regularly come in contact with, from receptionists and secretaries to managers and vice presidents.
When Investment Advisors Outsource
From Financial Advisor Magazine
Added on May 2014 in Manage Your Practice
1 visitor like this article | Viewed 3431 times | 0 comment
Summary: A growing number of certified financial planners are outsourcing administrative tasks and investment management under a strategy they say gives them more time to spend with clients and access to resources resembling what large institutional companies offer. Many advisers say spending more time helping clients plan their lives results in more referrals with fewer marketing dollars spent.
Creative Advisors Turn Workshops Into Money Makers
From Financial Advisor IQ
Added on May 2014 in Manage Your Practice
1 visitor like this article | Viewed 3560 times | 0 comment
Summary: Financial advisor James Lange figures it costs him around $8,000 to hold a workshop for clients and prospects. The president of Lange Financial Group in Pittsburgh, which manages $306 million, also invests many hours in preparation and marketing. Even so, Lange is planning to host more than two dozen workshops in 2014, twice as many as last year. According to an Aite Group survey, nearly 40% of wealth-management practices in the U.S. that posted at least double-digit revenue growth last year conducted workshops and seminars regularly, compared with 13% of firms with single-digit growth.
Advisors: How to Handle Emotional Conversations
From Financial Planning
Added on May 2014 in Manage Your Practice
1 visitor like this article | Viewed 3563 times | 0 comment
Summary: Let’s say you’ve recruited, hired and trained a couple of Gen Y advisors, and now you’re ready to let your younger hires take meetings by themselves. They have the training and technical knowledge, and can explain complex theories with ease. But a client’s big financial needs often come alongside major life shifts — marriage and new children and grandchildren, but also death, divorce and medical needs. Are your advisors prepared to handle tough, emotional conversations? Have you trained them to do so?
