The Secrets to Scaling an Advisory Practice
Financial advisors are often told by leadership or business consultants to “grow your financial practice,” expand your assets under management, or increase activity. The challenge with growth-based goals is they often overlook the obstacles and historical sticking points that can plague an advisor’s business.
The New Rules for Approaching Financial Advisors
There are a new set of rules for approaching financial advisors and professionals, especially in this COVID environment. Clients are demanding more value and a better experience from their advisor. Fee compression is affecting thousands of advisors and advisory firms. Some financial advisors no longer have individual products or insurance lines as a core expertise in their practice. For instance, some advisors have insurance as an ancillary focus, if they have it at all. Some have chosen to focus on other lines or revenue. Broker/dealers and Brokerage General Agencies (BGAs) stand ready, as they always have, to solve these needs and serve as an objective, consultative resource. The advisory landscape has been evolving for decades, and broker/dealers and BGAs have to evolve their marketing and consulting offerings in turn.