The Elements

By Ironstone   |   April 15, 2014

10 Things Financial Advisors Aren’t Doing, but Should

Categories: Blog, Business Development, Marketing Plan

Photo credit:  ©iStock/Getty Images/Thinkstock

Photo credit: ©iStock/Getty Images/Thinkstock

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.

 

 


Ironstone
Practice Management

Ironstone is a learning and development consultancy with business acumen that translates across many industries. Our focus is on practice management strategies in order to enhance and improve both business and personal life. We support professionals who want major and comprehensive improvements that look at all aspects not just an isolated area for change. Ironstone has identified 4 key performance areas known as the Fundamental 4™, which are required to design, develop, and sustain a successful business.


Leave us a comment, get our blog posts delivered by email, or email the Ironstone Team.

We would love to hear from you!

  • This field is for validation purposes and should be left unchanged.

Contributors

Andrea Schlapia
Organizational Development and Human Capital
Connie Deianni
Mentoring and Employee Engagement
Guest Blogger
Practice Management
Dr. Heidi Maston
Organizational and Educational Leadership
Joe Kuhns
Strategic Partner
Judith Bowman
Business Protocol
Laura Garfield
Idea Decanter Co-Founder
Marsha Schechtman
Strategic Partner
Mighty 8th Media
Strategic Partner
Nicole Anglace
Special Projects
Ruthann P. Lacey, P.C.
Elder and Special Needs Law
 Scott D. Calhoun
Legal Counsel
Sharon Gottula
Idea Decanter Co-Founder
TailorMade
Strategic Partner
Ironstone
Practice Management
close

Contact

Thanks for your inquiry!

We will be contacting you shortly. In the meantime please feel free to connect with us on social media and explore our blog posts.

Ironstone understands the importance of protecting your privacy. We will not sell, rent or give your name or address to anyone.

Latest Blog Article

Business Dining Tips: How to Wine and Dine Your Way to the Deal 

Advisors and business professionals at all levels have long-held the notion that wooing prospective new hires and closing a deal over lunch is extremely effective. However, I am thrilled to tell you there is now evidence to support this belief, according to Lakshmi Balachandra, a Harvard fellow. Inside the Dining Research Ms. Balachandra’s work subjected […]

Read More>