BUILDING ENTERPRISE VALUE IN YOUR FINANCIAL ADVISORY
FIRM
All financial advisory firms strive to be profitable. But some profitable
business models are more stable and sustainable than others. A firm that
operates efficiently is more profitable than a firm with shaky operations and
an overwhelmed staff. A firm that is not dependent on one or two “star”
producers is more sustainable than a firm that relies on a star. A smoothly
functioning firm also is better able to focus its energy on obtaining more
“ideal” clients and creating an enterprise that will be valuable when
principals wish to cash out.
Strong, sustainable firms begin by delivering superior service to clients.
These firms also forge superior operational efficiency and effectiveness.
And they are committed to continuous improvement, both in updating staff
members’ skills and defining, documenting and executing workflows for
greater productivity. Finally, technology such as the single-database wealth
management platform by Interactive Advisory Software (IAS), pulls it all
together by providing all staff members with access to client information
and advanced tools so that they can deliver the highest level of service.
When that level of excellence is reached, client retention will be almost
automatic, and client referrals will soar. Wealth managers on staff will be
able to use their advanced analytical skills, instead of “putting out fires.”
Regulatory compliance will be systematic. The firm will be able to smoothly
absorb new clients or even add new advisors with existing books of
business. And the firm will be attractive as a buyout or merger candidate, if
that’s the direction that the principals choose.
Leaders of advisory firms realize that client service and operational
efficiency are the primary drivers of their businesses. However, they don’t
always know how to get where they want to go. They get lost in the day-
to-day challenges of running their business, and they neglect long-term
strategies. For a while, even a firm with shaky operations can succeed if the
principals have good sales skills or a good track record as an investment
manager. Eventually, however, the weaknesses will catch up with the firm,
especially as it adds clients.
On Tuesday July 17, 2012, at 2:00 pm ET / 11:00 am PT in a free educational webinar, Marie Swift and a panel of experts will explain how to build a stronger firm that cannot
only accommodate growth, but can actually generate it by providing
services that turn clients into lifelong advocates.
DOWNLOAD THE WEBINAR RECORDING:
If you
missed the "Building Value" webinar and white paper that I produced in partnership with Interactive Advisory Software, I encourage you to access the webinar recording and white paper by following the link below.
