Every advisory practice has strengths and weaknesses. The problem is that advisors tend to gravitate towards their strengths and neglect other areas that are critical for success. Over time, practices find themselves unable to reach the highest levels of success because they are stuck doing things the way they have always done them.
We have worked with hundreds of financial advisors, and we know the key activities required to develop a world-class financial advisory practice. While each advisor will execute the key activities a little bit differently, the fundamental elements must be present in order to create a consistent, repeatable, and scalable businesses.
Over the past decade, as we worked with advisors, we found that many who had built great businesses still neglected another critical strategic area - ensuring that their business could survive without them. As a result, over the past few years we have added an additional key area - "Continuity and Legacy Planning" - to provide the necessary resources to help advisors protect, value, and transition their businesses.
In the "identify" state of the process, we analyze the areas in which your practice is very strong and identify the areas that need attention. We evaluate these six key areas:
Six Key Areas of Practice Management
Vision & Foundation
Team Management
The Client Experience
Marketing & Acquisition
Business Management
Legacy Planning