AQ Practice Management Articles Jan 21-25

Seven great articles this week on a variety of topics. I hope the articles will provide ideas and inspiration to build the financial advisory firm of your dreams- whether that be a solo practice or a multi-advisor or multi-office 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?

The picture this week is what I am dreaming about. It is below zero today and temps the next week are supposed to be much the same. Ugh!

The Importance of Behavioral DifferencesAdvisor Perspectives

The topic of the post is extremely important, especially in advisory firms where multiple decisions are being made every day that affect clients, staff and vendors. Make sure you understand your behavioral style and the styles of your staff.

How Advisory Firms Compensate Their Employees– InvestmentNews

Schwab’s compensation study is covered in a limited fashion on this slideshow. If you need some information to properly compensate your staff, this is a good place to start. Also ask your custodian or B-D relationship manager if they have any information. Many times these studies don’t jibe and you may need additional information to make a more informed decision. For instance, in this study, they provide various roles and comp numbers, but the article doesn’t differentiate between comp for different sizes of firms.

The Top Five Tasks Advisors Can Outsource to Assistants– Morningstar

Passing off the tasks you aren’t good at or don’t enjoy doing can be a great help to your business and your psyche, especially for solo practitioners. An advisor who does quite a bi of outsourcing shares his suggestions on outsourcing. The author, doesn’t however, share vendors he has vetted and which ones he uses.

Best Ways to Relieve Growing Pains– ThinkAdvisor

The author discusses the transition from being a solo owner to an ensemble practice. She looks at what to expect during this transition and how to handle the challenges you will encounter.

How to Achieve a Five-Hour “High-Impact” Day– WealthManagement.com

Many of us don’t use our time as wisely as we can. Learn the steps to get more done in less time each day.

Notes From Heckerling 2019: Protecting Client Data-WealthManagement.com

The author shares his notes on a session at the conference about protecting clients data. The notes are very detailed and provide a number of great pieces of advice that your firm cam implement.

Advisors: Why Some Firms Continue to Grow Past $1B

A question the author (recruiting firm in the industry) poses that many firm owners want (and need) to understand, especially if they want to reach these levels. Why is it that some firms go on to grow upwards of $1 Billion AUM, $2 Billion AUM, $5 Billion AUM and beyond while other firms stagnate and plateau with several hundred Million AUM? (A success in its own right to be sure but still a lifestyle business or large practice). Learn what the author says makes a big difference in the continued growth of these growing firms.

If your firm is seeking operations leadership (and it is in the Twin Cities) connect with me a rccrstone@gmail.com. You can learn more about me and my background on LinkedIn (www.linkedin/in/reidstone/).

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