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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.
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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.
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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.
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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.
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Summary: Two years ago, Savant Capital Management set out to establish “a profitable, Web-based wealth-management service to complement” its in-house services, but it was unsuccessful. So writes Glenn Kautt, a principal of the firm, in Financial Planning magazine.
