AQ Practice Management Articles Oct 1-5

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 article title to read the full article.

What Managing a Client Relationship Means– Financial Advisor

One of the articles in the October issue of Financial Advisor magazine; long-time industry consultant Philip Palaveev discusses the difference between” servicing” you client relationships and “managing” the relationships. He also points out what it means to manage client relationships successfully and how to best manage the relationships.

Peering Into the Unknown– Financial Advisor

Another of the articles in the October issue of Financial Advisor magazine. Long-time owner/advisor, Ross Levin, looks at the topic of succession planning from the perspective of the changes that would occur if he were “hit by a bus” as well as some of the other topics succession planning brings about. He also shares some of the decisions he and his long-time business partner have had to deal with in the past and as they look to the guiding the firm into the future.

The Right Way to Measure and Improve Your Results– ThinkAdvisor

Consultant Angie Herbers shares her experience that most advisors aren’t good at handling the accounting in their firm and what some fo the terms and numbers mean.  She says to focus on gross profit margin and how to get an accurate GPM figure.

3 Ways to Fish for Clients at a Party– ThinkAdvisor

If you have ever found yourself in a social situation and didn’t know how to respond, or want to respond better the next time you are in this type of situation, this article has ideas for how to respond.

Three Ways an Advisor Can Become a Local Celebrity– Wealth Management

In order to be the go-to person for financial advice, people need to know about you- being the “best kept secret” won’t help you add clients.  The article includes several tips for establishing and building a brand as a respected financial professional- to be a local celebrity.

It’s Time to Kill Quarterly Client Review Meetings– Wealth Management

The author makes the case that times have changed- clients now have 24/7 access to their portfolios.  He looks at the reasons why it is time to make a change from having these meetings.

Ten Essentials of Stellar Websites-Wealth Management

It is becoming increasingly important to create a memorable brand and to get prospects to engage with you to convert them into clients. Your website is the window into your business, much like a storefront draws customers in.  It needs to include the essentials in the slideshow.

The Powerful Advantage of Standardizing Workflows and Processes in Your CRM-Michael Kitces Podcast With Jennifer Goldman- Nerd’s Eye View

In this podcast, Jennifer discusses the advantages of workflows and processes in your CRM. Many valuable tips and advice are discussed. Maybe you too can become efficient enough to take more vacation time.  That statement should make you want to read the article!

Holiday Gifts in October– SEI Practically Speaking blog

This is a follow-up blog from one they posted last year and was very well received.  It provides a good reminder to think about your holiday gifts for clients now instead of waiting until the last few weeks.

The Maximum Value Zone For Advisers– Tony Vidler blog

What I liked about this article was the point the author made  “The zone of maximum potential value for a services firm though is elevated service levels over and above the competitors as well as doing different things in different ways to your competitors.”  Look at what your firm can do increase you value to clients through a high level of service AND innovating your service offering.

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