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AQ Practice Management Articles Feb 11-Feb 15

With all the snow I had to shovel this week (because my snowblower’s gas line broke), I am selecting a picture to remind me of an upcoming trip in a few weeks.

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?

News Ways to Stop Scams of Aging Clients– AdvisorPerspectives
A topic that needs to be addressed and one that should be handled with greater detail and vigilance in advisory firms. The author also provides training in this area, so there is no reason not to be well-versed in the topic to help your clients avoid being scammed. This is only going to get worse as more and more clients will reach the age that scammers are targeting.

Before You Get In Front of the Camera…AdvisorPerspectives
A good list of things to consider before you start doing videos. I have posted articles previously talking about the benefits of having videos on your website.

Charging Clients a Fee Based on Income vs Fee Based on AUM (by Michael Kitces)-
Michael looks at the new model of charging based on income, which opens up the market to advising client who have good incomes but not many assets. Many potential clients who need services are left out of working with an advisor because they don’t have enough assets- that isn’t right.

How to Price Your Financial Planning Services– Nerd’s Eye View
In an article similar to the one above on RIABiz, Michael discusses the topic of pricing your planning services with Carl Richards.

How to Right-Size Service for Small Clients– ThnkAdvisor
Continuing with the theme of serving clients who don’t have the typical large AUM for most advisors, the article looks at providing the correct services for smaller client accounts while still doing so profitably.

How to Capitalize on Our Instinctive Cognitive Selection Process–
Very interesting article on how the human mind goes about making decisions? Human instinct plays more of a role than we like to admit. We make many decisions based on our emotions and then justify them with logic.  To better help clients make a decision to select you, it is important to develop a working knowledge of the human decision-making process—referred to by psychologists as “cognitive selection.”

Marketing to Client’s Children–
We all know the wealth transition to the next generation. You are also well aware of the stats about assets transferring to the next generation don’t stay with the same advisor. The article looks at ways to begin conversations with children of your clients. There are may ways to prove the value to your client’s children and keep the assets at your firm.


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