Manage Your Practice
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Coaches Corner: Building the Right Comp Plan for Your New Hire
From Think Advisor
Added on January 2014 in Manage Your Practice
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Summary: When structuring a compensation plan, the first thing to do is think carefully through the compensation structure of your new position and ask yourself, “Would this attract the kind of high-caliber candidates I am looking for?” To find and attract the best talent and ensure your new hire fills the role you envision, you must appropriately incentivize the new employee. This may sound simple in theory, but the truth is that a compensation discussion entails much more than “How much do I plan on paying this person.
Networking Seminars Do More Than Spark Referrals
From Finacial Advisor IQ
Added on January 2014 in Manage Your Practice
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Summary: Anyone who’s ever been pressured into enduring a social “mixer,” where people stand around with a bunch of strangers more interested in their canapés than in small talk, has reason to dread such an event as an awkward waste of time. A well-crafted networking seminar should be just the opposite, experts say. With intelligent marketing and stimulating topics, advisors can create events that deliver value to current clients, entice prospects and generate buzz about their expertise, especially if they leverage the right centers of influence.
Office Décor Is More Important Than You Think
From Financial Advisor IQ
Added on January 2014 in Manage Your Practice
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Summary: An excessively outré painting or sculpture in a financial advisor’s office may alienate clients and prospects. But when the artwork, mementoes and knick-knacks that visitors see are so generic that they lose all personality, advisors may be missing an opportunity to distinguish themselves in a good way. That’s why many consider their décor a smart investment in business development.
Keep Wealth Transitions From Costing You Money
From Financial Advisor IQ
Added on January 2014 in Manage Your Practice
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Summary: You can lose a client at any time and, really, for pretty much any reason. But divorce, dementia and above all death are high on the list of unfortunate circumstances. More than half of widows (55%) ditch their husband’s advisor, and almost all (98%) of next-generation inheritors fire their parents’ advisor, says client-data reporter Blueleaf, citing a study from PwC. A measure of client attrition is inevitable. But advisors can prevent some losses by taking action before it’s too late, according to Trust Advisor.
7 business-building lessons advisers can learn from Amazon
From InvestmentNews
Added on January 2014 in Manage Your Practice
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Summary: Amazon went from nothing to $150 billion in market cap in just 20 years. What can you learn from its success and apply to your own firm? Brad Stone's new book, "The Everything Store" (Little, Brown & Co., 2013), chronicles the rise, fall and rise again of that behemoth of technology that is Amazon. Here are 7 lessons from “The Everything Store,” that you can use to build your company.
