We have the pleasure of working with a diverse group of financial advisors that give us the opportunity to see first-hand what makes or breaks an advisory firm. One of the best aspects of our job is to see advisors succeed by implementing and managing key business concepts.
Here is a quick checklist of components causing some firms to lag behind those that are more successful.
1) Not reviewing a business plan.
2) No marketing plan – and if there is one, check points are not in place to measure progress.
3) Not ditching old marketing methods. Most advisors know that a social media presence is critical, yet few have implemented a strong strategy.
4) Little to no investment in team development and recognition.
5) Do not use client surveys, or utilize them properly.
6) Want to change office culture, but does not understand what culture really entails.
7) Won’t build a relationship with next generation clients, or next of kin.
8) Will not invest in technology, “Technology will not replace people. People who use technology will replace those that don’t.”
9) Won’t implement standard operating procedures – those that do, succeed on purpose.
10) Won’t plan for continuity or succession of their firm.
Need some help? Our focus is on practice management strategies to enhance and improve both business and personal life. We support professionals who desire to make major and comprehensive improvements that examine all aspects, not just an isolated area for change.
Let us know what questions you have about strategic planning, business development, operational effectiveness, the human element at your firm, or whatever is on your mind! Leave us a comment or email the Ironstone team.
