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Do You Know What You Do for Clients?

The reality is that we don’t enhance value by improving service, although that is the default for many advisors. Value is more closely linked to the offer and the relationship; it’s connected to leadership.

 

Most of us look at our jobs from the inside out, not from the outside in. We can’t help it; we are immersed in our process and the day-to-day details of what we do. But taking a moment to look at our job from the outside—from the client’s point of view—can be an important wake-up call. You’ll see clients can’t understand every detail of what you do. Nor should they, just as you shouldn’t be expected to understand every nuance of running your doctor’s office.

But with doctors, you understand the effects of being treated. With financial advisors, that may not be the case. It’s up to you to explain it to them.

Eventually your clients, and every other advisor’s clients, will start asking the hard questions. Before they do, you should ask and answer them yourself.

 

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Do You Know What You Do for Clients?
By Matt Lynch, Managing Partner, Strategy & Resources, LLC, and Julie Littlechild, Founder, If Not Now Research, Jan. 6, 2016

 

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The Trouble With The (Multi)Millionaire Next Door

Moving into the high-net-worth space is not the easiest way for a mass-affluent advisor to grow.  

The HNW client brings a need for much more attention to each individual case, and some mass affluent advisors can crash up against the limits of their own knowledge and capabilities, according to industry consultant Matt Lynch of Strategy & Resources.

“The idea that you can go out and buy it, and spread it among an existing group of advisors who are not familiar with that client base—I don’t see that working very well for firms that have attempted it,” Lynch says.

Read full article:
The Trouble With The (Multi)Millionaire Next Door
By Megan Leonhardt, Weathmanagement.com, Dec. 25, 2015

 

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Successful Transitions: Getting It Right

Journal of Financial Planning

Succession planning is a hot topic these days, as well it should be. We are experiencing a significant graying of the profession and many advisers are considering exit plans. But succession or exit planning should be a long-term process, not an “OMG, I’d better figure this out” moment.

Every financial planning practice has a life cycle; for many advisers it looks roughly like this: survival mode, “Midas” growth phase, first stumble, success, second stumble, sustainability/decline. Each of these phases is an opportunity for the business owner to evaluate the current situation and develop a strategy for moving forward. It may seem like an obvious process, but all too often it’s simply not addressed. Advisers bring their own styles and personalities to their business lives and those characteristics often inform how they run their businesses.

 

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Successful Transitions: Getting It Right
By Matt Lynch, Managing Partner, Strategy & Resources LLC.
Journal of Financial Planning, December 2015

 

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5 Trends That Matter to RIAs That Want to Grow

Consumer preferences, competitive threats, and compliance and regulatory noise are the driving forces in advisors’ evolving futures.

Investment Advisor article Nov 2015 (Illustration: Gary Neill)

These trends are changing the way advisors serve their clients and build their businesses. (Illustration: Gary Neill)

What can you do? Start by lifting your sights from the day-to-day stresses and think about the major trends affecting our industry — and your long-term strategy. That always helps put distractions in the appropriate context. Right now, I count five trends important enough to require that you think proactively about how you are going to deal with them.

WHAT’S DRIVING THE TRENDS?

It’s important to know what the trends are, and it’s important to know what’s driving them: Consumer preferences, competitive threats, compliance and regulatory noise or some combination of these “Three C’s.” Then you can decide, if you’re an advisor or part of a firm that serves them, whether it’s just a passing fad, a trend you can beat or a systemic change you can’t ignore.

 

Read full article:
5 Trends That Matter to RIAs That Want to Grow
By Matt Lynch, Managing Partner, Strategy & Resources LLC.
ThinkAdvisor.com, Nov 2, 2015
Originally published in Investment Advisor, November 2015

 

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How to Recruit from the Top

The challenge firms face when recruiting is defining their value and how that differentiates them from other practices. Sure, everyone wants a bigger payout.

My recommendation is that he should play up the mentoring and coaching and business development. Those capabilities can create a whole lot of value for recruits. This would mean expanding the mentoring program—making it more formal.

– Matt Lynch

 

Read full article:
How to Recruit from the Top
By Anne Field, Weathmanagement.com, Sept. 7, 2015

 

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