The Do's and Don'ts of Selling New Comp Plans

In our experience, most firm owners are inclined to talk about a new comp structure and get input before they decide on what possible revisions will look like. This practice is a mistake.

Why Training Beats Mentoring in the Advisory World

Why Training Beats Mentoring in the Advisory World

When owners of independent advisory firms ask me to help them set up “mentoring” programs for their new professional employees, I always try to talk them out of it. Here’s why.

The basic problem with “mentoring “ programs in advisory firms is that they send the wrong message.

Why Taking Small Steps Can Make a Big Difference

Why Taking Small Steps Can Make a Big Difference

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.

5 Ways to Make the Best Choices for Your Advisory Firm

5 Ways to Make the Best Choices for Your Advisory Firm

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.

Does Your Advisory Firm Need a Makeover?

Does Your Advisory Firm Need a Makeover?

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.