Practice Management – Top Reads

By Jay Palter   June 27, 2018

Profitably growing a financial advisory practice obviously takes more than pure luck. Practice management with intentional actions based on strategy, regular review, and course corrections are key. These articles will help savvy firms plan and adjust practices as needed to stay relevant, now and in the future.

How To Profitably Price Fee-For-Service Financial Planning

Financial planning is “evolving to an advice-centric, relationship-focused practice, independent of either the products to be implemented or the assets to be managed.” Alan Moore of XY Planning Group reviews several models in this excellent article that is worth the longer read. Interesting to note is the fact is that 62% of millennial advisors are using a fee-for-service model vs. 36% of advisors in general. How can an advisor decide whether to adopt the fee-for-service model and set the fee in the first place? It starts with knowing who you serve. Read more

Social Selling: Building Relationships with the Clients of the Future

Millennials have different needs than the baby boomer client you might be more familiar with. As this market grows into the wealth transfer that is already starting to happen, advisors must adapt accordingly. Yes, this means being active on social media. Younger generations want to maintain control over their data and be treated respectfully and as individuals. Women are savvy with both money and technology and want opportunities to make their hectic lives easier. Coincidentally, women are also the highest users of social media and the group who will benefit most from wealth transfer. Social media “allows us to see a softer side,” inviting wise advisors to build closer relationships by noticing life situations and proactively responding. Read more

When Is It OK to Fire a Client?

Established financial planning firms are often in the enviable position of being selective in their client base, compared to a new advisor just starting out. However, all advisors should be aware of a few things when it comes to working with clients. There are times when, done carefully, the best decision is to end a client-advisor relationship. And not only because advisors (and clients) should get to work with people they like. Read more

11 Action Steps To Design An Extraordinary Client Experience

In this guest post on Michael Kitces’ fantastic blog, Julie Littlechild offers an interesting perspective on creating experiences that will leave clients awed and wanting more. More than just a combination of great service, communications, and cost, a truly extraordinary client experience leaves nothing out. The intention is generally there, but the “how to” is often where firms get stuck. Julie has clearly outlined a framework that every practice can benefit from. Read more

8 Steps For Wealth Managers To Increase Their Credibility

“Trust must be embedded into every firm’s organizational DNA.” Retaining a client is more profitable (and easier) than obtaining a new one. Almost 80% of investors say they would have more trust in advisors who participate in continuing professional development. Trust in the relationship, credibility in the firm’s ongoing practices, and a sense of loyalty must be perpetual priorities. Read more

Don’t leave your firm’s advisor-client relationship and experience to chance. Embracing new generations and working with them (not just “for” them) will bring greater success, satisfaction, loyalty, and ultimately profits on both sides of the desk.

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