5 Risks You Run If You Grow Your Practice Too Fast

5 Risks You Run If You Grow Your Practice Too Fast

It’s natural to strive to grow your business, but too rapid a growth can bring with it a host of problems. By taking on too many clients and ‘running before you can walk’ you might damage your practice in the long run.

“The fuel of persistence is patience, the ability to tolerate delays while persisting.”

Elite advisors all share an important trait – that of patience. It doesn’t matter how good you are at your job. If you don’t see that success requires time and effort, you will remain at a mediocre level.

Here are five consequences of attempting to grow your practice too fast.

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Best Target Markets for Financial Advisors: How to Choose The Best One for You

Best Target Markets for Financial Advisors - How to Choose The Best One for You

There’s no ‘one size fits all’ target market for advisors. A market that may be perfect for one advisor may be a poor fit for another. You need to narrow down to the best target market for you, based on your personal background, specialty, knowledge, interests, social networks and so on.

By identifying your perfect niche you’ll find it far easier to differentiate your practice and set yourself up as the ‘go-to’ expert.

If you’re struggling to identify the ‘right niche’ here are a few ways to get started.

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4 Key Strategies to Kick-start Your Financial Advisory Practice

4 Key Strategies to Kick-start Your Financial Advisory Practice

Establishing yourself as an advisor will take dedication, time and sound strategic thinking. Here are some key strategies that will help you kick-start your financial advisory practice.

#1. Develop a business plan

No one succeeds without a plan. It’s the first step in building a credible business. No matter how good you are at your job, if you don’t know where you want to go, you won’t grow a healthy business.

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6 Reasons Why You Should Specialize in The Kind of Financial Advice You Give

6 Reasons Why You Should Specialize in The Kind of Financial Advice You Give

In previous posts we’ve discussed the importance of identifying your ideal client in terms of their attributes – be it occupation, geographical location, etc. But if you are to stand out in a crowded market you also need to pinpoint exactly what you can offer your clients in terms of services.

As part of your marketing strategy aim to narrow down to the field or specialty you’re best suited to offer. Don’t try to be ‘jack of all trades’ by offering to provide advice on estate planning and taxation, and everything in-between. If you do, you’ll end up ‘master of none’.

People need to know you are the expert in your field, otherwise you won’t become highly referable. Here’s why you should specialize in the kind of financial advice you give.

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How People Find a Financial Advisor

How People Find a Financial Advisor

People search for financial advisors in various ways and via numerous channels. To ensure your appointment book is full, you need to identify where your potential clients are searching so you can focus your marketing efforts in these areas.

Potential clients often find a financial advisor in one (or more) of the following ways.

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5 More Questions Prospects May Ask You before Deciding to Hire You as Their Financial Advisor

5 More Questions Prospects May Ask You before Deciding to Hire You as Their Financial Advisor

Choosing a financial advisor is a big decision for potential clients, especially if they’re new to the world of investing. Not only will they be looking for someone suitably qualified, they’ll be searching for someone who shares their goals and comes across as caring and authentic.

To try and deduce whether you’re the right fit for them, they’ll undoubtedly have questions. In this follow up to a previous post, let’s look at 5 more questions you may get asked in that first meeting.

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5 Reasons Why You Should Only Work with ‘Ideal Clients’

5 Reasons Why You Should Only Work with ‘Ideal Clients’

Rather than pouring all your energy into searching for any and all new clients, you should be working out how to attract your ‘ideal clients’. If you agree to work with everyone who comes your way, your business will not continue to be sustainable.

Here are five reasons why it will pay you to drill down to your target market and decide only to work with these types of people.

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5 Top Priorities for Advisors Who Want to Build a Healthy Practice

5 Top Priorities for Advisors Who Want to Build a Healthy Practice

If you want to build a healthy practice, there are several things you must prioritize, including the following.

#1. Prospecting
To run a healthy business, you need a pipeline full of good leads. Referrals will probably not be enough to grow your business – and networking, whilst productive, won’t guarantee that you’ll meet the right people. So, prospecting (i.e. actively recruiting or seeking out new clients) must become your priority.

Prospecting may be the least favorite part of your job. If this is the case, work on developing your soft skills so you become more comfortable with this task.

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