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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: Your strategic plan, your organizational structure and systems, and your people practices are the necessary elements that drive the growth of your firm. The key foundation to building any business is to ensure you have the right people doing the right things. Building a business strategy that supports what you are delivering to your clients and how you want to deliver that service through your organizational structure should be priority one.
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Summary: Although most advisers are probably familiar with buy-sell agreements, many may not be paying enough attention to their own.
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Summary: According to a May 2016 article on Forbes.com, only 30 percent of financial advisors have a succession plan. Are you one of the 70 percent of advisors who has neglected this important task? As a small business owner, you're putting your staff, your clients, and even your family at unnecessary risk. Sure, you might have reasons for not getting to it—you're too busy or you plan to “die with your boots on,” as they say—but those are really just excuses that allow you to keep procrastinating.
