8 More Ways to Improve Your Practice Today
Riding on the momentum and success of the project, here are what other advisors had to offer.
Tip 1: Start your work day tackling a problem or difficult situation
“Productivity occurs with momentum,” Keen says. “Tackle your most difficult projects first thing in the morning and the momentum will take you to the next task.”
If you wait until the end of the day, you and your productivity could suffer. “Pushing your most challenging task until the end of the day can be inefficient and demotivating,” Keen says.
Tip 2: Refine your image
“While image certainly isn’t everything, it is what our prospects see first,” Fross says. “It should be your goal to look better than your competition.”
According to Fross image is about more than just you. “This would include the way we and our staff dress, the appearance of our lobby, as well as our website, brochure and other marketing material.”
Tip 3: DonÂ’t be lazy with marketing
Some advisors don’t even have a marketing plan. Others let their broker-dealers control it, especially when it comes to social media, Kuettel said. “If you allow your broker-dealer to drive your plan, you come across as your broker-dealer.”
A mix of social media and event marketing, along with a spot on a weekly radio show, have proven to be effective for Keuttel and his firm in just a short time. “We’ve only been up and running for 3 months, but in the last month we’ve picked up 12 clients in our target market,” Kuettel said.
Tip 4: Be wary of advisertizing sales pitches
Conventional print advertising for CFPs is usually a waste of money, Lupu tweeted.
Tip 5: Invest in your beliefs
“It can be very difficult to advise clients in this market without being clear on your own beliefs and convictions,” Keen says. To be aware of what you believe in takes time, effort, introspection and research, he says.
To do that, ask yourself: Do you believe in long-term asset allocation and a rebalance strategy? Or do you believe that market timing may work? Do you believe that your managed discretionary portfolios will be most suitable for your client? Or will you accept clients that direct their own trading?
“Aligning your beliefs to your business practice is the first step in executing on your plan and providing a consistent client experience especially during these turbulent times,” Keen says.
Tip 6: Look for ways to play offense rather than defense
Lack of communication is one of the main reasons clients fire their financial advisors, Fross says. “Especially during turbulent times clients can’t feel like we are hiding under our desks,” he says. “While we may not have all of the answers, our clients need us to be proactive and reach out to them rather than waiting for them to call us.”
Better client communication isn’t just good for your client, it’s good for business. “An added benefit is by keeping yourself top-of-mind, your clients will think about you more; when they think about you more, they’ll talk about you more; when they talk about you more, people will hear about you more, which means you’ll get more referrals,” Fross says.
Tip 7: Establish your long-term objective
Understanding what is important to you and where you are heading is crucial for your firm, Keen says. “Without a clear vision, there will be no basis for decision-making on behalf of your clients and this could lead to sub-par performance.”
To help get you there, you might have to actually step back from your business for a day. “I recommend an off-site, “creating and planning” day with key staff members once per quarter,” Keen says.
Tip 8: Get rid of "meetings" get to work!
“One big problem for managers, associates: Way too many "meetings" Destructive to productivity,” Lupu wrote in another tweet.