Manage Your Practice
Collect your thoughts. Learn how other owners address their practice management challenges.
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Making a 'Lifestyle Practice' Work
Added on March 2014 in Manage Your Practice
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Summary: Lifestyle practices get a bad rap. But one of my main goals when starting my RIA was to build a business and a life that met my needs. I’m taking some steps that intentionally provide balance to both sides -- and encourage you to do so as well. Here are a few strategies that are working for me.
Prepare to be patient if you aim to serve wealthy business owners
Added on March 2014 in Manage Your Practice
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Summary: The nation's business owners are an affluent bunch and they require a broad swath of services from a financial adviser — but the potential pay-off to advisers may be many years down the road. About one-third of the nation's wealthy investors, those who have $1.5 million or more to invest, are business owners, and that proportion jumps dramatically as wealth level rises, a new study finds.
Time to take a cold, hard look at your website
Added on March 2014 in Manage Your Practice
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Summary: When it comes to reshaping your practice, there are a lot of loose ends, but there's one that most advisers put off year after year — their website. I've seen it: the stock photography from 1985, that goofy animated banner, and those crooked pages that no one bothered to fix. And that's looking past the fact that there's really not much on there (other than your phone number and your address) that is really of value to visitors.
Advisors: HR Disasters to Avoid
Added on March 2014 in Manage Your Practice
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Summary: It’s a common occurrence: Financial advisors hire the wrong person and then suffer the consequences to their practice. This may be somewhat surprising, as wealth management is a highly regulated field that requires extreme prudence and extensive due diligence. Nevertheless, hiring miscues abound, resulting in everything from internal friction to employee theft and disaffected clients.
What Makes a Firm Great?
Added on March 2014 in Manage Your Practice
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Summary: Goal setting can have a significant impact on your firm's future organization and success. Yet traditional, rational economic theory suggests goals should focus on relatively short-term strategies - specifically, those related to expanding your business in order to make more money. This concept is deeply ingrained in our capitalist system. Business goals that are too narrowly focused, however, or have too short a time frame can create impediments to becoming a great company. How should companies change their decision-making process to propel them to enduring success? Savant Capial Management has some suggestions.
