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Summary: In our newest paper, The Purposeful Advisory Firm, we look at the tradeoffs between creating a lifestyle business vs. building an enterprise firm. We also suggest ways to maximize the business, no matter which route the advisor/business owner takes. The idea for the paper came from consulting with many great firms who are maturing to a point that some significant business decisions have to be made, yet the industry typically only had one suggestion – build an enterprise.
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Summary: Starting your own practice takes time, money … and some fraught decisions, according to seven advisers familiar with the experience.
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Summary: Advisers might not relish the prospect of an SEC exam, but think of it as a trip to the dentist: there are certain steps to take that can help prevent a routine checkup from turning into a triple root canal.
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Summary: Until fairly recently, many of the top advisors I knew were surprisingly complacent about lead generation. These top advisors had built strong referral networks, were well known in their local area, and in many cases had limited direct competition. They were often operating at near full capacity, so they raised their minimum fees or AUM minimums and referred clients who did not meet the criteria to other firms. Among these top firms, it was not uncommon to hear that 90% or more of their new business came from referrals.
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Summary: Virtual meetings are an increasingly popular method of communication for advisors and clients today. And yet, there are still a number of firms who aren’t quite on board with this newer and more accessible method of communication.
