Best Practice Management Articles- 9/24 to 9/28

AdvisoryQuest readers- I am going to try a different approach for aggregating and curating the best practice management articles.  The reason is simple:  while I enjoy keeping up on the latest industry news for building a better financial advisory firm, the time required each week to gather and post the articles is sometimes hard to keep up with.

My hope is that by trying a different approach, I can keep the blog post to once per week at the end of the week, while continuing to provide the summary to readers. I can also post more or less articles depending upon the number of good articles. Many weeks I could not post all of the articles that I thought were “good” since it would have taken too much time to add each of them.  As a result, I was leaving out some articles that would provide value to readers.

The summary blog post will make it possible to provide you with the same (or more) articles, but taking much less time on my end. That is, at least, the idea- we will see if how it plays out over the next few months, likely to the end of the year. The downside- in the past, I have been able to put an article in a category.  That way, if you wanted to learn how to be better at marketing, for instance, you could view all articles tagged with marketing.

Let me know what you think of the new format and if you have any other suggestions.  There will be more to come once I figure out the best way share this article summary blog to a larger audience.

Here is this week’s practice management articles that will provide ideas and inspiration to help you build your optimal financial advisory firm. Click on the title to read the source article.

Ending Meeting Mania-AdvisorPerspectives

If your firm tends to hold too many meetings- after all, your staff is busy, this article provides some ideas for firm owners to consider as well as approaches for staff to bring to the attention of management.

Why Your Clients Don’t Listen to You– AdvisorPerspectives

The author makes the point that we (and clients) act irrationally. As he points out “If the data doesn’t persuade us to avoid potentially fatal consequences, how likely is it you can use data to persuade your clients to follow your sage advice with their investments, retirement planning and estate planning issues?”

How to Turn Referrals Into Appointments– AdvisorPerspectives

The author provides five steps and a script that he claims works almost every time.

Why You Need Client Technology Ratings– Morningstar Advisor

As part of your data gathering process, assess and assign new clients a “technology rating” on a simple scale of 1 to 5. How comfortable are your clients using the technology tools you use when working together?

Have a Strategy for Future Air Pockets– ThinkAdvisor

Mark Tibergien makes the point that the need for any type of strategic planning has not been neede recently with the tailwinds of the market.  But times will not always be so good.  He suggest “four corners” of your strategy to focus on as you plan for your firm’s future.

Stuck in the Mid-Size Firm Rut– ThinkAdvisor

Consultant Angie Herbers advises readers that from working with advisory firms “in the middle,” for many year, for owners of those type of firms change their leadership style to prosper in today’s industry She also outlines six other points for owners of mid-sized firms to consider.

The Science Behind Scheduling Your Social Media Content– Wealth Management

There is science behind when and where to post on social media.  Learn the best times and places for your posts. The article provides a link to a recent HBR article that provides some great insight on the science behind social media posts.

RIAs: Is Organic Growth or M&As Right for You?– Wealth Management

Consider what needs to be done operationally for your firm to grow organically vs purchasing a book of business.

Why You Need to Market Irrationally– FPA Practice Management blog

This article ties in nicely with  Why Your Clients Don’t Listen to You above.  If clients purchase your based on irrational thoughts and emotions, it comes down to, as the author points out, “When it comes to your marketing content, consider appealing to what actually drives our decisions: our emotions, our beliefs and our stories.”


Related posts