AQ Practice Management Articles: Nov 26-30

This week’s summary included a great group of articles. Hopefully they will provide 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. The picture this week is similar to what it looked like around here this weekend.

Click on the article title to read the source article. Photo courtesy of Pixabay.
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You Talk Too Much– Advisor Perspectives

Dr. Moira Somers, Neuropsychologist, Author of Advice that Sticks: How to give financial advice that people will follow. Here’s what she said in a recent interview with the journalist Robin Powell:

“The chief problem is that advisers talk far too much – they hog the airtime that should be given over to clients. Research shows that client satisfaction is directly related to how many minutes the client spends talking in a meeting. But all too often advisers feel that they have got to impress or win over the client (especially in the initial meetings), and unfortunately they just don’t shut up long enough to get to know the client’s real concerns in reaching out to them.”

As the author points out, She’s right. Learn why.

How to Get 70% of New Clients Through Your Website– Advisor Perspectives

Most of you do digital marketing. We write blogs, post to Twitter, LinkedIn and Facebook, send regular emails, and most of us have a lead-form on our site. You likely get some leads through your website. However, incorporating a strategic digital marketing plan will help you know where your leads come from and figure out what is working.  This will help you can get more leads with consistency and predictability.

Why RIAs Need a COO– Financial Planning

Industry consultant Matt Sonnen shares why RIAs should have a COO. He looks at the three areas COOs are responsible for.  As an RIA owner, are you focusing 100% of your time focusing on client service and business development?

Balancing on the Founder-Successor Tightrope– Financial Planning

Veteran advisor and firm president Brent Brodeski points out: founders and next-generation advisors are increasingly finding themselves in an awkward tug-of-war – and, perilously, on the very tightrope that is supposed to bridge the gap between the generations. He analyzes the gaps between the two groups and how to approach bridging these gaps for a successful transition to the next generation of firm leaders.

Who Owns Clients’ Financial Data– Financial Planning

Bob Veres tackles the issue that came up at a recent roundtable at the T3 conference.

Two Questions RIAs Must Ask Before a Deal– ThinkAdvisor

When thinking about merging with another firm or acquiring another firm, out thoughts (and questions) usually involve valuations.  But, as the article points out, this is the wrong question to ask.  Instead. ask these two questions to produce “wins” for three different entities: the client, the advisor and your firm.

Why Advisors Need to Put Rules in Place When Hiring a CEO– ThinkAdvisor

Veteran industry consultant, Angie Herbers, looks at a new challenge that today’s transitioning firm owners are facing — introducing a new CEO into an advisory business. Several aspects of designating someone else to be CEO can be a challenge for advisory firm owners.

How Advisors Can Stop Negotiating Against Themselves– ThinkAdvisor

Mark Tibergien examines why it is important for firms to understand the cost/price/value elements of your pricing strategy before giving clients wholesale reduction in fees.

How Do I Tell My Client’s CPA or Attorney That They’re Wrong?– Kitces.com

In interesting question and probably one that most of you have run into at some point.  Listen to how one advisor approaches this issue in hos conversation with Michael Kitces.

Why Yearly Marketing Goals May Not Be Your Best Bet– FPA Practice Management blog

The author offers the opinion that there’s a time and a place for annual marketing goals. They can be incredibly helpful guides and a great way to organize ideas. She also believe that they often cause a lot of marketing problems for business owners and are often more hurtful than not. Learn how annual marketing goals can help and hurt and what you can do instead- an excellent list is included.

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