AQ Practice Management Articles Jan 7-11

Fantastic articles this week on a variety of topics that 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.

You can read the articles at your leisure from my site. No need to try to remember where you saw the title or topic or which publication or having to try to locate the article on the source site, which is oftentimes difficult (not to mention time-consuming) to do. Read the best articles to build your firm here each week.

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

Four Tips for RIAs Looking to be Acquired– Advisor Perspectives

Advisory firm growth continues to be strong, and with continued competition, firms are facing increased pressure to achieve greater scale and long-term success of the firm. Learn four tips to make sure your acquisition has a better chance of success.

Personal Master Calendar: A Novel Marketing Idea– Advisor Perspectives

An idea that I had not heard of in exactly this way. It does offer a great way to help clients create, as the author points out, “To add value and stand out as an innovator, help your clients develop a personal-master calendar of their own. Then, go one step further, and help hold them accountable for completing their important tasks by discussing their progress during your regular review meetings.

Just as you remind your clients to implement important action items such as updating their estate plan, you can help your clients take care of their more personal tasks. Here is my template for a personal-master calendar.”

Prospects Rely on Internet to Find Advisor– ThinkAdvisor

This article is similar to others that come out from time-to-time. It is an important topic because clients looking for an advisor will definitely look through your website to make a determination whether to connect with you to meet you in person. Make sure your site spells out how you are different from everyone else doing essentially the same thing (oftentimes, advisors think what they are doing is vastly different from other advisors/firms. This may well be true, but you have to be clear in your messaging. In addition, be clear about the types of clients you serve- why you are an expert in the specialty or niche.

Working Your Firm’s Core for New Year’s Success– ThinkAdvisor

The author points out that many of the resolutions we set out to do enthusiastically at the beginning of the year often fizzle out be the end of January. She says it is best to focus on your “core business”- those things that drive most of your revenue.

Do You Have the Right Marketing Mindset Going into 2019?– SEI Practically Speaking blog

This is a re-post of an article from early 2017. It is a great article and a topic that advisors need to think about. It is important to think about your marketing strategy and then review it quarterly to make sure you are staying on target- similar to the portfolio review for a client.

Advisory Firms Don’t Scale: Why Growth Doesn’t Solve Profitability Problems– Nerd’s Eye View blog

Michael Kitces takes a look at, as he points out, “why, when it comes to advisory firms, increased size and revenues don’t necessarily result in increased profits and economies of scale, the overhead expense margin and profitability ratios successful advisory firm owners can reasonably expect to see, why trying to “scale up” in a time-intensive service industry isn’t always the most effective way to improve firm profitability, and some alternative strategies that can be employed to improve bottom-line results outside of just growth for growth’s sake… which for a firm that is already less profitable than it could be, often ends up compounding the profitability problems rather than solving them!”

How to Recruit a Gen-X Successor on Your Own– FPA Practice Management blog

Looking for a younger successor for your firm? The article provides some tips on how to approach this challenge and what to look for in the candidate.

Work Out Where the Real Money is in Your Book of Business– Tony Vidler blog

Figuring out the value and cost of each client relationship by segmenting your clients is a valuable exercise and one that can lead to an “aha” moment. Learn more about how to do this in the article.

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