/ by Don Connelly / Best Practices / 0 comments
“If you’re not getting better, you’re getting worse,” is a widely quoted saying in athletic and business circles. Translation: if you’re not proactively doing things to improve yourself, your competitors are, which means you’re getting worse. Paraphrased for this article, it says, “If you’re not adapting, you’re falling behind.”
The financial advisory industry is evolving at a blurring pace, with rapid technological advancements, changing regulatory frameworks, and rising client expectations. From the emergence of artificial intelligence (AI) to the proliferation of digital tools, these changes are reshaping how financial advisors interact with clients and manage their businesses. Simultaneously, clients are demanding more personalized, efficient, and transparent services, leaving no room for complacency.
Financial advisors who resist adapting face significant consequences. Stagnation or losing relevance in an increasingly competitive market can spell doom for a once-thriving practice. In this environment, the ability to adapt is not just a competitive advantage but a necessity for survival and success.
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Embracing Adaptability: A Key to Staying Relevant in the Financial Advisory Industry
/ by Don Connelly / Best Practices / 0 comments
“If you’re not getting better, you’re getting worse,” is a widely quoted saying in athletic and business circles. Translation: if you’re not proactively doing things to improve yourself, your competitors are, which means you’re getting worse. Paraphrased for this article, it says, “If you’re not adapting, you’re falling behind.”
The financial advisory industry is evolving at a blurring pace, with rapid technological advancements, changing regulatory frameworks, and rising client expectations. From the emergence of artificial intelligence (AI) to the proliferation of digital tools, these changes are reshaping how financial advisors interact with clients and manage their businesses. Simultaneously, clients are demanding more personalized, efficient, and transparent services, leaving no room for complacency.
Financial advisors who resist adapting face significant consequences. Stagnation or losing relevance in an increasingly competitive market can spell doom for a once-thriving practice. In this environment, the ability to adapt is not just a competitive advantage but a necessity for survival and success.
Read more
The Best Newsletters for Financial Advisors
/ by Don Connelly / Best Practices / 0 comments
The list of traits and characteristics financial advisors must have or develop to be successful is long. We’ve discussed many here, including excellent communication skills, outstanding work ethic, uncommon optimism, persistence, and resilience, a hunger for self-improvement, and a passion for helping people achieve their goals, to name a few. While all are essential, advisors with ambitions of becoming tops in their field must also have a zest for learning and staying abreast of the news, trends, and developments that impact their business.
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Four Imperatives You Must Embrace to Achieve Sustainable Growth in Your Practice
/ 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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