The 10 Most Read Practice Management Articles for 2016

As is our custom, we conclude the year by reflecting on the 10 most-read articles over the past 12 months. The list below reflects articles focused on practice management. On Tuesday, we published the 10 most-read articles on investing, financial planning and the economy.

In decreasing order, based on the number of unique readers, those are:

1. How Female Advisors Should Dress to Win Clients

By Dan Solin

August 2, 2016

In a previous article, I discussed the impact clothes have on first impressions made by male advisors. I will now summarize the views of independent experts on the same subject relating to female advisors.

2. Five Reasons Your Asset-Based Fee Model Won’t Survive

By Dan Solin

November 14, 2016

The advisory business is changing rapidly. Your fees will be a subject of continuing scrutiny. Here are five reasons why the asset-based fee model won’t survive.

3. The Power of Dressing Appropriately

By Dan Solin

March 29, 2016

Whenever I write about the impact of clothes on an advisor’s ability to gather more assets, I note that I’m not a fashion expert. I’m simply conveying the results of peer-reviewed studies. Because the conclusions of those studies are often at odds with commonly held beliefs, advisors will be surprised to learn how impactful their dress can be on the growth of their practice.

4. How to Psychologically Prepare Clients for Bear Markets

By Bob Veres

June 14, 2016

Preparing yourself and your clients for bearish times may be the most important investment activity you engage in, more important than your portfolio design work or your research into the actual investments that you recommend.

5. What Boomer Clients Fear Most

By Dan Richards

November 7, 2016

I recently attended a talk that presented new research on brain fitness, the biggest concern of many baby boomers.

6. Three Tips to Avoid Presentation Disasters

By Dan Solin

April 12, 2016

I give a lot of presentations and attend many conferences where I have the opportunity to hear talks given by a diverse group of speakers. I’m still honing my presentation skills, but here are three tips to avoid the big mistakes I often see.

7. Five More Reasons the Asset-Based Fee Model Won’t Survive

By Dan Solin

November 21, 2016

In my article last week, I gave five reasons why the asset-based fee model is unlikely to survive. Here are five more.

8. The Little-Known Effect that Converts Prospects

By Dan Solin

March 15, 2016

Nothing is more frustrating than finally getting the opportunity to discuss the merit of your services, but failing to persuade that prospect to retain you. This frustration is compounded when prospects stubbornly adhere to beliefs that you know are incorrect. Understanding the little-known “McGurk Effect” will allow you to overcome these failures.

9. A Seven-Step Plan to Transform Your Practice

By Bob Veres

August 23, 2016

Advisory firms face a daunting challenge as they prepare themselves for the latest version of the future. They will have to retool their service offering for a new generation of clients (aka Millennials), who have very different preferences, different advice needs and far more digital sophistication than your Baby Boomer clients ever had.

10. The Hidden Risk in your Custodial Agreements

By Bob Veres

September 19, 2016

Here’s a shocker: Chances are, your RIA firm has custody of client accounts – and you’ll receive unpleasant news after your next SEC audit.