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Summary: Each advisory practice is unique — you may have different strategic initiatives that are higher up on your list than the ones noted here. That said, I believe these five tactics could give you a competitive advantage, and help you win plenty of ideal new business in 2015.
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Summary: Reaching out to family members is a common strategy for advisors just starting in the business. Yet many say relatives can be tough customers. A close relationship by blood or marriage is a “good way to get your foot in the door, but it’s not a basis for continuing to work with somebody,” says David Schneider, principal of Schneider Wealth Strategies in New York.
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Summary: Most financial advisors didn’t get into this profession to manage people or to run a business. They got into it because of their love for finance and investing, and a desire to help people on their own journeys to fulfillment. But one day (and many can say they’ve already experienced this) they find themselves running their own practice, managing a team of people and tackling various other quandaries unrelated to the core of what they envisioned.
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Summary: If you are an advisor running a practice that looks like an old Borders bookstore or an old Blockbuster video store, the answer is yes. However, if your practice is more like a Nordstrom department store with personalized service, you don’t have anything to worry about.
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Summary: The third quarter saw another round of more than $100 million invested into robo-advisers by savvy investors hoping to change the world of wealth management. The core premise of every digital solution is that individuals can get educated, act rationally and do the right thing all by themselves.
