On a recent call with a client, after we discussed his advisory business and his goals for it, he asked me to help him create a long-term plan, including his firm’s goals. I told him I’m not a fan of long-term plans.
Sometimes old clients call to thank me for the success of their advisory business. I often point out that I didn’t make the choices that led to their success — they did. I just helped them to make better ones.
In our experience, some firm owners “build” their businesses similar to the way many people furnish a new house. That is, by purely random selection. The result? At some point, the lack of design eats the profits.
The devil really is in the details. Have you created a client experience that is not operating effectively? The problem is your operational experience. Before you go creating a new process or system for your clients, look under the surface of your business and build your operational experience. Here’s some tips on how.
Technology is a hot trend in the financial services space. But do you need to spend your business resources on the hottest new thing? Likely you don’t. It’s often better to look at your existing technology and integrate it before you invest in more. To help you clean up your tech, use these seven questions to determine what stays and what goes.