AQ Practice Management Articles Apr 1- Apr 5

So glad the weather has warmed up enough here in the midwest to start the baseball and softball seasons.  PLAY BALL!

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?  

Post the Salaries On the Fridge!– Financial Advisor

Of course you wouldn’t really do this!  The point of the article is for you to have nothing to hide. Every firm should be very intentional and openly formulate what there compensation philosophy will be. Make sure you are sending the signals you intend through your compensation system.  Learn how to do these in this excellent article on the topic.  

When To Part Ways With Clients– Financial Advisor

Veteran financial advisor Ross Levin discusses when the best time is for a client to leave a firm.  He was thinking about this topic last year and shares his thoughts.

Will Scale Really Boost Your Firm’s Bottom Line?– Financial Planning

Michael Kitces tackles the question in this article.  As he points out, “One of the biggest reasons that established firms are difficult to unseat is because they benefit from economies of scale. Given how attractive these economies are, solo advisory firms and even smaller (e.g., less than $200 million in client assets) ensembles naturally focus on scaling up — whether through expansion of the firm or through a merger or multiple acquisitions — to achieve greater cost efficiencies. Yet increased size and revenues don’t necessarily result in increased profits, and scaling up in a time-intensive service industry isn’t always the most effective way to increase firm profitability.”

4 Steps To a Better Client Experience– ThinkAdvisor

Learn how you can help your firm move towards success by identifying the necessary mission-critical items through the use of the acronym STEP.


How To Turn Away Prospects Without Hurting Feelings– WealthManagement.com

The title says it all.


The Anatomy of an Effective LinkedIn Prospecting Message– WealthManagement.com

A great message sent in LinkedIn is personalized and tailored for your ideal prospect.  Instead of providing a template- because each message needs to be customized, the authors offer a framework to help you craft a perfect script. It’s a formula they use when crafting messages, and refer to it as the “7 Cs.”

 

 

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