Manage Your Practice
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7 business-building lessons advisers can learn from Amazon
Added on January 2014 in Manage Your Practice
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Summary: Amazon went from nothing to $150 billion in market cap in just 20 years. What can you learn from its success and apply to your own firm? Brad Stone's new book, "The Everything Store" (Little, Brown & Co., 2013), chronicles the rise, fall and rise again of that behemoth of technology that is Amazon. Here are 7 lessons from “The Everything Store,” that you can use to build your company.
Owner, Manager And Leader
Added on January 2014 in Manage Your Practice
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Summary: My belief is that when management and especially leadership in a large advisory firm come from the ranks of the practicing partners, who have grown their careers within the firm, the result is more likely to be a powerful representation of the client service philosophy of the firm and its values in the process of guiding the future of the firm. The opposite is also true. When the firm “imports” its future managers and leaders, the result is often a disconnect between the culture of the firm and the people who set its direction.
Steering Business Owners Toward an Exit Strategy
Added on January 2014 in Manage Your Practice
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Summary: As the Great Recession pummeled the U.S. economy, one slice of it has kept growing: small, privately owned companies. In fact, small businesses are creating more new jobs than large corporations, and their failure rate has actually declined. That has led some financial advisors to differentiate themselves in a competitive market by helping entrepreneurs with succession planning. While experts say laying out exit strategies for entrepreneurs isn’t always hugely profitable on its own, it often leads to more financial-planning opportunities.
The Best College-Aid Advisors Are Specialists
Added on January 2014 in Manage Your Practice
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Summary: Advisors who specialize in college-planning issues for affluent clients get a fair share of their business from general-practice advisors who are happy to admit they know only enough about it to be dangerous.
"Reverse Mentoring" Can Give Firms New Energy
Added on January 2014 in Manage Your Practice
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Summary: When an experienced professional learns from a rookie, the dynamic is sometimes known as reverse mentoring. But many advisors say letting a young protégé teach them a new trick or two is just common sense. In addition to helping the older generation keep abreast of changing technology, younger colleagues can help their older peers to understand and attract the next generations of clients.
