AQ Practice Management Articles Summary: Oct 29-Nov 2

Since it snowed this week (and today) here in Minnesota, I had to include the first of probably many snowy photos over the coming months. Hopefully, the articles will give you ideas and inspiration to build your financial advisory firm. Part of the fun is the journey toward success. What can you do this week to make your firm better? Enjoy your week.

Click on the article title to read the source article. Photo courtesy of Pixabay.

How Do We Find Good Talent-Advisor Perspectives

What I liked about this article is the advice from the author.  We all know that hiring great staff is critical to our firm’s success.  However, we often only view the hiring process from our vantage point, or what’s in it for me.  Instead, we also need to view the hiring process from the viewpoint of the person we are hiring. Candidates today have an advantage of seeking out the best position and company for not only their near-term needs, but also the opportunity the position offers for future career advancement.

What Would You Do With Just One Client– Financial Planning

An advisor poses a question that may help you decide what is most important in the client advisor relationship. “What services should you provide if you had just one client?”  He provides some examples that you may want to consider.

Why Building a Multi Billion Dollar Firm is Not for the Faint of Heart-Financial Planning

An advisor who has built a multi billion dollar firm shares some of what he learned during the journey of the growth of his firm.

Looking for Better Client Communication?, Shut Off Your Phone– Financial Planning

The article delves into the topic of insights into human interactions- one example is why texts and emails often aren’t good for particular communications. Hopefully, research like this  can provide opportunities for advisors to deepen their relationships with clients.

Using Tech to Get the Best of Your People– Financial Planning

The basic message of the article is that technology should be used to enhance the capabilities of your people — not to replace them. Remember, financial planning is primarily a people business which requires personal interaction to help clients.

Chief Operating Officers Lift Advisory Firms to the Next Level– Investment News

This is the first of two articles this week highlighting the importance of the COO role on advisory firms. Both of these articles are from Matt Sonnen, Founder of PFI Advisors. His advice “whenever the owners of the firm are feeling overwhelmed with running the business, they should look to bringing in professional management.” He makes a number of excellent points about the need for the position and lack of understanding about how much this position does (can do) as well as the breadth of knowledge and skills needed for the role.

How a COO Can Benefit a Growing RIA– ThinkAdvisor

This is the second of two articles highlighted this week about why hiring a COO can benefit your firm. A link to the full report is included in the article so you can take a deeper dive into the benefits of this role.  I appreciate the author bringing up this topic again- first recommended by Mark Tibergien many years ago in his first Practice Made Perfect book.


I am seeking a COO position. If you know any firms in the Minneapolis area seeking someone for this role have them contact me. I may be interested in relocating for the right position.


The Best Way to Get a Raise and Improve Your Career– ThinkAdvisor

Many employees have misconceptions about how and why their compensation is determined. When they have a better understanding of compensation (when the firm does well, you do well), they are empowered to play a larger role in increasing it, and in the success of the firm.

The Top Reason Your Online Marketing Isn’t Getting Results– ThinkAdvisor

Robert Sophia, CEO of Snappy Kraken, a firm that provides content and integrated marketing, explains why you aren’t getting the results you would like and how to make your online marketing better.  He also has two other very good articles this week, one about the wrong content marketing strategy and another about the one type of content marketing that really works.

Asking for Referrals is ‘Demeaning and Cheap’– ThinkAdvisor

Joe Duran, CEO of United Capital, tells why he believes asking for referrals is not a good strategy to use and shows a different strategy to use to get clients.

Just a Little Different is Enough to Stand Out– Tony Vidler blog

In order to stand out in the crowded field of financial advisors, it pays to do things differently. The first step in working out how and where to do things a little differently is to look at what everyone else does, and then identify where there is opportunity to differentiate. Learn what your firm can do to stand out.

7 Pillars of Building and Running an Advisory Firm– Wealth Management

Industry consultant Stephanie Bogan talks with Michael Kitces on his podcast about the ‘7 Pillars’-  what you need to do well to create a successful financial advisory business.  Fantastic information for your growing advisory firm.


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