All posts tagged planning
It’s March Madness and we are sharing the “Final Four” marketing strategies for financial advisors and insurance professionals There are a plethora of marketing strategies and tools available, but when you try to execute them all, things can get haphazard. We are sharing the “Final Four” tactics that should be part of every effective marketing or business development plan.
Read More
It’s that glorious event. A time when your team comes together to discuss your firm’s strategies for the coming year – the annual strategic plan. Opportunities and challenges are discussed. The virtual whiteboard and yellow pads are a bounty of ideas. It’s a celebration of motivation.
And then you look up…and it’s June.
For some firms, that beautiful strategic plan you created has not been looked at for months. We go to the common drive to print it off and say, “How are we doing?” The problem is there may be a missing component in your strategic plan.
Read More
Reprinted with permission from the April 2, 2019 issue of ThinkAdvisor. © 2019 ALM Media Properties, LLC. Further duplication without permission is prohibited. All rights reserved.
Let’s talk about the power of multi-advisor practices in the wealth management industry — also referred to as “ensemble practices,” based on the work of Philip Palaveev. You can chart the course and issues many practices encounter to a lesson learned from the legendary classic rock bands and artists of our time.
Read More
Planning for sustainable growth is a balancing act, whether you are in your early years or expanding the business. Your growth may not always follow a certain pattern, which means you may have periodic years of growth. It also means you may have years of stagnancy if you do not systematically prepare for the twists and turns that affect sustainable growth.
Read More
A tough decision many firms face is whether or not to let go of less-than-profitable clients. It comes down to the business model you want for your future. Some firms will work with any client who wishes to take positive action in their lives, regardless of their profitability to the firm. This can be a successful model, but it may require increased overhead, technology or staff to support the service needs long-term. On the other hand, letting go of less-profitable, lower-tier clients may allow you to provide a more boutique experience for your “A” clients and high-potential relationships and give you time to focus on markets that are appropriate for your business.
Read More
Here we discuss 3 sets of Brokerage General Agency (BGA) metrics firms should consider in their annual business planning. In working with BGAs on their business development, there is a set of questions that continually come up during conversations. The first question is usually “How do we go after new markets…particularly supporting wealth advisors?” The second question is often “How do we set ourselves apart in the industry?” The third question, which might be the most important, is “We had a good year, but growth has stagnated, and we are not sure why?” In this last statement, this is where BGA metrics come into play. It is your metrics that can either drive or hinder your growth, depending on which angle you look at them.
Read More