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Summary: Warren Buffett coined the term “moat” to reflect a firm’s ability to maintain its long-term competitive advantage. I use that visual with clients to describe a firm’s “Total Rewards Moat,” meaning all intrinsic and extrinsic rewards used to motivate and retain an organization’s top performers.
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Summary: You know your practice has reached a crucial turning point when you have to choose between serving your clients and growing your business — because you no longer have enough time and resources to do both.
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Summary: No matter the size of the advisory firm or the make up of the client base, it would be a mistake to overlook the marketing potential of social media and digital interactions.
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Summary: Advisers might not relish the prospect of an SEC exam, but think of it as a trip to the dentist: there are certain steps to take that can help prevent a routine checkup from turning into a triple root canal.
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Summary: Until fairly recently, many of the top advisors I knew were surprisingly complacent about lead generation. These top advisors had built strong referral networks, were well known in their local area, and in many cases had limited direct competition. They were often operating at near full capacity, so they raised their minimum fees or AUM minimums and referred clients who did not meet the criteria to other firms. Among these top firms, it was not uncommon to hear that 90% or more of their new business came from referrals.
