AQ Practice Management Articles Jan 14-18

Eight great articles an a variety of topics this week. Enjoy your weekend reading!

I hope the articles will provide ideas and inspiration to build your financial advisory firm. Part of the fun in creating and building a business is the journey toward success. What can you do this week to make your firm better? Can you pull one or a few things from the articles to move your firm forward?

Click on the article title to read the source article. Photo from Pixabay.

The Five Most Powerful Growth Hacks– AdvisorPerspectives

The first question I wanted to know when reading this article was what a “growth hack” is. If you didn’t know (like me), a growth hack, or growth hacking, according to the author: is a process of rapid tests across the marketing, sales and client management spectrum. You probe all areas of your business with small tests to find a leverage point or easy way to grow. Think low hanging fruit! Typically, growth hacking is associated with early-stage start-ups that want fast growth in a short time and on a limited budget.

The Five Biggest Lessons I’ve Learned as an Advisor– Morningstar Advisor

Veteran advisor and software entrepreneur Sheryl Rowling shares her lessons from many years in the trenches. The interesting points she makes in the article are not technical financial or investment planning but more about running the business.

Managing Teams In Turbulent Markets– Financial Planning

Learn how, by having good communication to your team, you can overcome the challenges that can occur when your cash flow is irregular- particularly when the markets are down.

How Advisory Teams Boost Growth and Client Satisfaction– ThinkAdvisor

As veteran industry consultant Angie Herbers points out “Every firm, no matter what size, can gain by using advisor teams, which can link clients more deeply to the firm overall and not just to an individual advisor.” Find out how your firm can implement adviosr teams to boost firm growth and improve client satisfaction.

Podcasts: An Untapped Marketing Opportunity– ThinkAdvisor

As technology becomes easier to navigate and has become less expensive, options for marketing your firm and expertise have grown. One of the more popular ways to get your message out is through podcasts. This can lead to a potentially huge marketing opportunity.

Why “Build It and They Will Come” Doesn’t Work With Advisor Technology– Wealth Management Today

In interesting (and not surprising for us who have dealt with tech in advisory firms) look at why new technology doesn’t get adopted in advisory firms and how to change this dilemma.

Are Your Clients Talking Behind Your Back? Wealth Management

The article provides ways to provide the ultimate client relationship. As a retirement coach, I would add that developing a strong understanding of the a client’s NON-Financial desires (plan) for retirement creates an additional strong connection in the relationship. The key is understanding ALL areas of your client’s lives.

The SEC Cyber Six: Be Prepared- Have an Incident Response Plan– ITEGRIA Insights blog

This was posted a few weeks ago in their blog. This post looks at the three key components for an Incident Response Plan that show the SEC how your firm plans to respond if a cyber security incident occurs. At the end of the article, there are links to ITGRIA’s previous articles that address the six areas RIA firms need to focus on no matter their size to create a solid cyber security plan. A great group of article on the topic of cyber security.

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