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Summary: As the independent advisory business transitions from small business to the next level, firm owners need to transition, too. We’ve written a lot over the years, about how, as firms grow, owners need to become good people managers. They also need to become good leaders; and one of the most critical times for owner-advisors to step up and be a leader is when they or their employees make a mistake or when some new initiative doesn’t do as well as expected.
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Summary: Email and electronic records archiving seems dull, but better record-keeping habits could save many firms a pretty penny. Regulators already have reprimanded firms about archiving emails, but social media posts and other electronic records are raising more compliance headaches for financial advisers — and may possibly become a source of more violations.
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Summary: Advisors too can learn from their so-called "curb appeal," which can provide especially useful insights for optimizing the way they run their practice. They should also keep in mind that the end result of seeking greater efficiency is to boost their business.
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Summary: Most financial advisers are sending out the wrong message in communications with clients and prospects, and that may be preventing them from getting the attention they deserve.
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Summary: If you’re an advisor who’s aggressive about carving out your fair share of the market, you’ve got to be skilled in “hand-to-hand combat.” In other words, you need to successfully articulate the uniqueness of your brand and be able to position it against the competition. The good news is that the competitive universe is usually limited to a small group in your geographic area.
