June 19, 2023 / by Don Connelly / Best Practices / 0 comments
As you might already know, the key to achieving sustainable growth in a financial advisory practice is to focus on your core business of business development and client management. From a practice management standpoint, that requires developing business processes that enable you and your team to gain greater efficiencies while increasing productivity by doing more with less. In other words, turning your practice into a well-oiled machine.
But what about you? As the guiding force of your practice, what are you doing individually to ensure its sustainable growth? Business processes are essential for scaling your business and expanding its capacity for growth. But there are certain things only you can do to drive its growth.
Here are four imperatives financial advisors must embrace to achieve sustainable growth for themselves and their businesses.
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Four Imperatives You Must Embrace to Achieve Sustainable Growth in Your Practice
June 19, 2023 / by Don Connelly / Best Practices / 0 comments
As you might already know, the key to achieving sustainable growth in a financial advisory practice is to focus on your core business of business development and client management. From a practice management standpoint, that requires developing business processes that enable you and your team to gain greater efficiencies while increasing productivity by doing more with less. In other words, turning your practice into a well-oiled machine.
But what about you? As the guiding force of your practice, what are you doing individually to ensure its sustainable growth? Business processes are essential for scaling your business and expanding its capacity for growth. But there are certain things only you can do to drive its growth.
Here are four imperatives financial advisors must embrace to achieve sustainable growth for themselves and their businesses.
Read more
Are You Working in Your Business or on Your Business? The Key to Growth Is Delegation
March 13, 2023 / by Don Connelly / Best Practices / 0 comments
Growing a successful financial advisory practice is one of the most challenging endeavors anyone can choose to undertake. The road to success is riddled with the many mistakes financial advisors make along the way, such as not prospecting consistently, not marketing themselves, or failing to provide their clients with an exceptional experience. These and other mistakes are symptomatic of a much bigger mistake many advisors make: spending too much time working in their business and not enough time working on the business.
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Advice for New Financial Advisors – 8 Things Veteran Advisors Wish They Knew When They First Started Out
April 20, 2020 / by Don Connelly / Best Practices / 0 comments
“Experience is the best teacher. But only a fool learns by no other.”
This is a slight misquotation of Benjamin Franklin. But the idea is sound: We all can and should learn from the mistakes and experiences of those who came before us.
And advisors are certainly making mistakes! Somewhere between 70 and 90 percent of financial advisor trainees are out of the business by their fourth year. And too many of those who survive aren’t thriving.
So we asked some veteran financial advisors what they wished they knew when they first started out in this business, or what they would do differently if they could start over. There was a lot of variation in the details, but most of them had these themes in common.
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11 Must-Have First-Year Financial Advisor Goals
March 23, 2020 / by Don Connelly / Best Practices / 0 comments
It’s tough making it through your first year in the financial advisor business. It’s going to be even tougher without some specific goals to give you focus. If you set goals though, you’ll have some framework for deciding how to manage your time and money.
Your first=year financial advisor goals should be as specific as possible – so you know when you’ve achieved them. And write them down: People who write down their goals are 33% more successful at attaining them than people who keep their goals in their heads.
Here are some of the most important objectives for your first year as a financial advisor.
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4 Tasks You Should Not Delegate if You Want to Grow Your Business
May 6, 2019 / by Don Connelly / Best Practices / 0 comments
In a previous post we looked at how delegating routine or specialized business tasks can help clear the way for you to focus on the important aspects of your business. In this post we’ll look at tasks that unfailingly require your personal input – here are four things that should never be taken for granted.
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4 Tasks You Can Delegate to Grow Your Business
April 1, 2019 / by Don Connelly / Best Practices / 0 comments
To grow your business, you need to focus on what’s important and this generally means prospecting and meeting with clients. There will be a host of routine tasks that don’t require your continual, personal, input. Hopefully, you work with an assistant.
Identify your non-revenue generating activities – as well as activities that lie outside your core competencies – and delegate them. In this post we’ll look at 4 tasks you can and should be outsourcing – leaving you free to take on key areas of your business.
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