AQ Practice Management Articles Apr 8-12

Photo Credit To Image by Ryan Minion from Pixabay

We have had an ugly few days here in the Minneapolis areas the past few days….8-12 inches of snow (depending upon where you live), sleet, rain, thunder.  The photo selected is how it looked here yesterday. Spring sports were dealt a huge setback. 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?

Getting Your RIA to the Next Level- Are You Making Progress? Q1 2019– AdvisoryQuest blog

I wrote a post at the beginning of the year to help firms plan for their longer-term goals and how to reach these longer-term goals by breaking them down into yearly and quarterly goals.  This is my first quarter follow-up post to inquire about whether you are making progress.  Keep moving forward!

Guiding Retirees to Greater Happiness: Applying the Findings, Implications and Considerations From a Recent Study– My Life’s Encore blog (my other site and business)

A recent article in the Journal of Financial Planning had me thinking about how the results can be applied by financial advisors.  I summarized the key findings as well as the implications and takeaways that can be used with clients.  

Starting the Succession Conversation– Advisor Perspectives

Industry consultant, David Grau, Jr looks at the stalemate that sometimes occurs when the founder is waiting for the next-gen advisor in their firm to show interest, while the next-gen advisor is waiting for the founder to discuss succession or equity sharing.  Because of this, next-gen advisors are leaving for the opportunity to earn equity.  He explains how to avoid this situation playing out at your firm and how to begin the process.

The Quickest Way to Lose a Prospect– Advisor Perspectives

Oftentimes, the surest way to put someone off is by talking too much and presenting too much information- usually in an attempt to try to impress them.  The research shows the opposite is actually a better approach.

Why Team Members Need Clear Goals and Job Descriptions– Advisor Perspectives

This is so important, and is often missed in advisory firms, particularly smaller firms.  The article provides both managers and employees with some great ideas on why this is important and how to approach the topic with your manager.  Everyone wants and needs ‘clarity’ to guide them to perform at their highest level. Vagueness doesn’t work when managing people.

 5 Steps to Mastering Growth– ThinkAdvisor

Many advisory firm owners today want to grow at their maximum potential. To grow effectively takes a well-thought-out plan and carefully implemented process to create a successful business trajectory.  According to the author, high growth firms manage their time well through good communication and by building trust: trust in themselves, their employees, partners, clients and the people at the institutions with which they do business.

Five Essentials for Better Video Conferencing– WealthManagement.com

The slideshow shares the five things- beyond a camera and video conferencing service- that you need to do this correctly.  From doing videoconferencing myself, these simple tips make a big difference.

How Much Does a (Comprehensive) Financial Plan Actually Cost?– Kitces.com

I added this article as a “practice management” article because this question (topic) is a business management issue- how to charge for our services.  It is also a topic that has been asked (thought about) by both consumers and advisors.  If you separate your planning fees from your investment management fees, learn what this service should cost based on a number of factors.

Set Yourself Up for Success with a Strategic Mindset– FPA Practice Management blog

If you’re working hard and spinning, it’s not because you lack momentum, it’s because you lack direction.  Learn how you can apply a strategic mindset for greater success.

The Most Preferred, and Most Effective, Client Communication Tool?– TonyVidler.com

It is important to consider what you are trying to achieve when using any method of client engagement.  The one mentioned in the article covers what you are trying to achieve and is relatively inexpensive to implement.  But, there are a few things that you need to get right before using this method. 

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