A "must read" as we enter the New Year:
Cover Story - Investment Advisor magazine: Reinvention Time
Scott Hanson and Pat McClain have built several successful advisory businesses. Now they’ve launched a new firm to serve low-net-worth clients. Pay attention.
You'll want to read the primary article (link above) as well as the 3 corresponding side bars. Why? I've worked with a lot of highly successful financial advisors over the past 23 years. Hanson and McClain are two of the smartest financial advisors I know. They treat their business like a business, outsource or hirer in expertise for anything they don't enjoy or do well, use time blocking and hold to personal time commitments, focus on first things first, are constantly in marketing mode - even when they don't need the business (which is, of course, the very best time to market) - and much more.
"A lot of financial advisors are just tradesmen," said Hanson in Keane's article. "They have a certain service that they provide and that’s what they do. As they get more successful they just work with bigger clients or more complicated clients to generate more revenue for the service that they provide. Most advisors don’t view themselves as a business. That’s why most advisory shops stay small, and I think it’s a mistake. Moving forward, it’s going to be even more of a challenge for these folks.
"We look at this as a business. We’re business people first and financial advisors second. Any decent businessperson would say, ‘How can I leverage the brand I have right now to bring in additional revenue?’"Smart advisors everywhere will read Keane's article and take note. Hanson McClain are ones to watch in 2010 - and beyond.