This is how obsessive adherence to process unfolds into irrelevance.
How a product or service is packaged and presented has a huge impact on the way its value is perceived. The sleek design of the iPhone, the Apple logo and the box it comes in all “scream” quality and hipness. And Starbucks made a name for itself with the “Starbucks Experience.” That lesson applies to advisors, who must scrutinize the elements of their personal interactions with clients to the same degree as they do their investment and planning processes.
Quick! What are your firm’s core values? What about core purpose? Mission? How about your ideal client profile?
Providing a path for career growth is essential to every business. Two recent conversations with young, talented professionals illustrated the price an advisory practice will suffer if it lacks a career track for growth.
Running a strategically disciplined advisory business – or any business for that matter – is like writing a strong story with a tight plotline.
What does the CEO of an advisory firm do? Would you know what to do if you were to step into a true leadership role?
A cohesive leadership team is the foundation of a healthy and productive business.
There are more “silo practices” than we realize – those with two or more advisors, each with his or her own book of business. In the eyes of a buyer, there are business risks that chip away at these firms’ values. To mitigate against these risks, there are at least five things these firms can do.
If you are one of these founder-owners who genuinely wants to grow and to transform your practice to an enduring business with an impressive enterprise value, the reason your firm has plateaued is you, the founder-owner.
If you ask financial advisors – as I have – what’s truly important to them, their personal goals and dreams, and what makes them genuinely happy, they get uncomfortable.