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Summary: Practice management expert, Beverly Flaxington, provides some time management tips to help advisors deal with disorganized staff. She affirms that some people can do more with less, but many people need a process and structure and someone to delegate to.
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Summary: Research and coaching firm CEG Worldwide counts about 420,000 advisors in the United States, of whom only about 1,200 (less than 1%) have made more than $1 million in net income three years in a row. One hallmark of that elite group is that it has an average of 43 client households, significantly smaller than the 200-plus average that other firms manage.
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Summary: Whether you're at a wirehouse or an RIA, teaching talented young advisers how to bring in business is an issue that must be addressed. The most important thing to remember, though, is that real change has to come from within, and will not happen overnight. But it will happen with a real commitment from both firm and adviser. And, with both the right training and right support, the talented young advisers of today will also become the rainmakers of tomorrow.
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Summary: The most important stake that you'll drive into the ground in support of your company's foundation should be comprised of your core values. But what exactly are these core values, and when it comes to developing them, who precisely should they be created for? Rather than thinking of them as a client-facing marketing tool, your core values should be almost entirely “inward-focused,” meaning they should be designed to reinforce the internal principles that promote ethical business practices and consistent professionalism throughout your firm.
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Summary: As another year ends and a new one begins, it’s hard not to reflect on achievements and shortcomings—all the things that one has accomplished over the past year, and those we wish had been done before year-end. This marker of time leads inevitably to “resolutions” for the year ahead.
