Article

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.

4 Ways to Engage Millennial Employees.

4 Ways to Engage Millennial Employees.

Millennials are about to become the largest generation in the United States. If your advisory firm doesn’t already employ someone in this age group, it’s a good bet that you soon will.

Client Experience is Useless without Operational Experience. Here's how to build OX.

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.

Want to know how to build a technology strategy? Clean up the tech you already use.

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.

Rate of Change = Growth Rate. Want to grow? Change.

Ask yourself if you really want to grow your business. The rate at which you change equals the rate at which you grow. If you are not evolving and changing each day, growing your advisory firm becomes harder than it needs to be. Embrace the change within your firm and reinvent yourself every chance you get. Here’s how.

Time Saving Tips to Running a Better Advisory Firm

Forget what you hear about fancy systems that claim to gain you more time. The best time you can spend is committing to your decisions, communicating better with others and surrounding yourself with people who can help you. There is no need to build your business alone.