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Summary: The first step of succession planning is recognizing you have a problem: you are not going to live forever. Advisors often think they will work until they die, ignoring the high probability that an illness or disability could cause them to leave the business before they leave this earth. Succession planning is like retirement planning for clients: the longer you wait, the fewer options you have for transitioning the business when you need or want to.
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Summary: While we all like to think that we’re unique and possibly extraordinary, I’ve found that most advisory firm owners tend to limit themselves due to a relatively short list of fears. The good news is that these fears usually can be managed once you’ve made the commitment to face them. Here are the most common fears that hold owner-advisors back:
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Summary: Growth ambitions can easily cloud smart judgment calls. Sometimes advisers forget to look before they leap when they want to land a new deal or venture. And what happens next can result in wasted expenditures, hidden costs and ineffective results. Let's look deeper at a few mistakes firms make that could keep them from growing.
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Summary: As a financial advisor running your own practice, enhancing your virtual online presence is key to successful growth. This week, I had the pleasure of speaking with Jennifer Goldman, President and founder of My Virtual COO. My Virtual COO provides an array of services for wealth advisory firms ranging from ongoing tech service and support related to integrations, workflow processes, and more.
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Summary: Financial advisors can now earn continuing education credits approved by the Certified Financial Planner Board of Standards regarding Medicare.
