Business Management

To take a financial services practice to a new and higher level, the motivated financial advisor must run his or her practice like a business. In this session, Altius Learning will incorporate the best practices from many of the most successful advisors in the industry, drawing from Dave Mullen’s books, The Million-Dollar Financial Services Practice and The Million-Dollar Financial Advisor.

This two to three-hour training session for experienced advisors is designed to provide the specific tactics and processes that focus on the how-to, rather than the theory of effective practice management. A handout package will be provided, which contains all the tools required to implement the provided business-management strategies.

Also included in this session will be an implementation workshop, facilitated by an Altius Learning trainer and designed to develop a specific action plan that will help with the implementation of the training into the advisor’s practice.

Leverage is size. The leverage in this business is working with an increasing affluent client base. The challenge is as the affluence increases, so do the service requirements, which limits the number of “core affluent clients” a financial advisor can effectively work with. Based on our research and experience, that number is between 50 and 100.

Business planning. The most-successful advisors create a long-term vision for five years, and develop a business plan to implement that vision. Developing a business plan doesn’t need to be complicated, but needs to include the elements that turn the vision into a reality. The business plan needs to detail not only the numbers, but also the daily activities required to reach the goals. Additionally, the business plan should provide roles, responsibilities, and accountability for all team members.

Goals and results. Keeping score matters, and the tracking goals and results is the practice that the most-successful advisors follow. Determining what are meaningful, achievable, and challenging goals is an important process that all motivated advisors should follow. Just as important as setting the goals, are tracking the goals versus results.

Segmentation. The most-successful advisors understand that to service an increasing affluent client base, they must limit the total number of clients they work with to between 50 and 100 core affluent clients. It takes at least 10 hours a year to dedicate to each affluent client, which limits the total number of affluent clients one advisor can effectively work with.

Client service and developing loyal clients. To meet and exceed the service that an affluent client expects, the following practices need to be part of the service model: an exceptional new-client experience, proactive service contacts, deep client relationships, problem-resolution process, incoming call responses, and a proactive monthly advisor-contact process.

Team management. Developing a vision, compensation, communication, and accountability are essential to have a successful team. Delegation of tasks and defining the role of the client associate are other important ingredients in team management.

Retained earnings. The most-successful advisors are willing to invest in their own practices. It’s important to determine how much to budget for annual retained earnings, and what areas that budget should be allocated to.

Processed based practice. To build scale, capacity and efficiencies into a financial services practice it must be built on repeatable processes. Examples of processes that should be built into an advisors practice are outlined.

Time management. The right activities lead to the right results, and spending time on the right activities is the number one factor in defining the growth rate of an advisor’s practice. The most-successful advisors spend at least 50 percent of their time with affluent clients and prospects. This session provides the advisor with time-management techniques that will help ensure they are spending the majority of their time developing loyal clients and gaining new, affluent clients.