Just as the market volatility of the last few years has been challenging for investors, it’s also been challenging for advisors. In addition to the higher level of effort required to keep nervous and frustrated clients on the books, high volatility in client accounts makes it harder to be confident of fee-based revenue and therefore confident of a practice’s overall financial health. Maintaining a successful business in this type of environment is more and more dependent on good management, efficiency and discipline. And with the advisory firm landscape about to dramatically change (more on that later), profitability within advisory practices is more important than ever. So what are the hallmarks of advisory firms that are achieving it?
Focus & Discipline
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