AQ Practice Management Articles Feb 25-Mar 1

The picture reminds me of where I will be tonight for the next week. Watching a lot of college softball games, but thankful to get out of the snow and cold weather!

This week’s 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?

Why Bonuses Don’t Work– Financial Advisor
Industry consultant Philip Palaveev argues that from his experience
incentive compensation (bonuses) have very little impact on the long-term behavior of people.  Learn why he believes bonuses do not work and what alternatives you can implement. Using the money lever only is ineffective.

Behavioral Economics of Retirement– Financial Advisor
As the article states: If you search behavioral economics, you will come across a litany of articles and stories about it and retirement planning. The only issue is that all of these articles pertain to the financial aspects. This article takes a completely different stance and frames these concepts in terms of non-financial situations. 

This is important because one of the hallmarks of behavioral economics is the belief that people make better decisions when they have the right information, at the right time, and with the opportunity to receive prompt feedback.

Where Advisors Meet to Boost Their Success– Financial Planning
The article talks about advisors forming mastermind groups driven by the growing realization that the isolation that comes with running a business can hold back the business’s success.

Note: there is no direct link included as the link was not working at the time of publishing. I will update it once the link is fixed on the FP website.

Three Facebook Retargeting Strategies for Advisors– WealthManagement.com
If you are using and think you are using it as effectively as you can for marketing, check out the points made in the article.

Advisors: Let’s Talk Employee Experience– SEI Practically Speaking blog
As many of us have experienced, and much has been written about the topic, it is difficult to find and keep employees. There is often a focus on the clients experience, but in order to build a great firm, it is important to also offer a great employee experience. You cannot have a great client experience without a great employee experience. The article includes a number of great points on how to offer a great employee experience.

Why Didn’t the Clients Call ME?– Tony Vidler blog
Happens all the time- we think a client is going to work with us only to find out they selected another advisor. Wait, what, they didn’t choose me? Learn the two areas that often cause this to happen and how to correct them.

Why Your Success Depends on Employee Satisfaction– ThinkAdvisor
Similar to the article above Advisors: Let’s Talk Employee Experience, it is important how employees are lead and are treated. This ultimately leads from happy and engaged employees to wildly satisfied clients.

Related posts