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Being Prepared to Acquire Another Firm

Added on November 2013 in M&A Issues
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Summary: For many financial advisory firms, bigger is better.One of the best ways to increase a practice's scale and profitability is to acquire another firm. But just because advisers want to make acquisitions, it doesn't mean they're ready.Advisers and practice-management experts weigh in on what steps a firm needs to take to be prepared to buy another as well as the pitfalls that can scuttle an acquisition.

Behavioral Selling for Sales-Shy Advisors

Added on November 2013 in Thought Leadership
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Summary: Financial advisors, independents particularly, are often reluctant to even talk about sales, feeling the subject undermines their professional ethos as investment experts.Business development consultant Beverly Flaxington says an improved mindset and techniques can fundamentally boost revenue. The principal of The Collaborative, a consulting firm focused exclusively on financial advisors, frames the sensitive topic of sales.

5 Prospecting Methods That Really Work

Added on November 2013 in Thought Leadership
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Summary: It’s no surprise that prospecting is the No. 1 challenge advisors face, year after year. When, as part of National Underwriter’s recent Independent Producer Study, we asked about the most challenging aspects of selling insurance products, 55 percent of respondents named prospecting as their top trial.

Don't Sell Your Practice, Redesign it

Added on November 2013 in Plan for the Future
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Summary: A great deal has been written about succession planning over the last two years.  Most of it focused on selling your practice to either a younger version of yourself or merging into a larger firm and transitioning your clients over a period of time.  Clearly they are options, but they may not be the best options.  We believe you are better off redesigning your practice to accommodate your lifestyle – perhaps a retirement lifestyle – and continuing to run your practice for many more years before considering a sale.

Guidelines for Building a Solid Practice Niche

Added on November 2013 in Thought Leadership
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Summary: Niche financial-advice firms focus on clients they like, build skills that they can use across entire client bases and, through success with a particular constituency of clients, forge lasting client relationships and a steady flow of reliable referrals, according to RIA Central. Nicheless advisors should look at their books of business to identify clients they like best.

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