Practice Management Archives - Page 3 of 7

Benefit from the AdvisorOne and ActiFi advisor practice management study

Posted on November 21, 2011 by Bill Winterberg in Practice Management

Last week, AdvisorOne/Summit Business Media and ActiFi announced that they are launching a research study on advisor practice management.

“This study will look broadly across all areas of practice management from sales to human resources, from marketing to business coaching,” said Jamie Green, Investment Advisory Group Editorial Director at Summit Business Media and editor of AdvisorOne in the press release. He added, “Firms that use the study results will make business decisions based on fact, where today it is often based on a ‘gut feel’ of what people think advisors need.”

Click here to read the press release on PRNewswire.

Results from the study aren’t anticipated to be available until “early 2012,” but you can likely benefit from the study by participating in the data gathering process. Typically in studies such as this one, firms who are interviewed or contribute information receive a complimentary copy of the study results. I do not know if study results will be made available for free or for purchase.

According to the press release, you can submit your firm to be included for consideration in the survey by contacting ActiFi at actifi.com or calling (763) 550-0223.

Live from IMPACT® 2011: What sets Schwab IMPACT Award winners apart?

Posted on November 3, 2011 by Bill Winterberg in Practice Management, Professional Development

Firms selected for growth, technology innovations, and dedication to the profession.

Bernie Clark, Executive Vice President of Schwab Advisor Services, greeted a crowd of nearly 4,000 in the Moscone Center this morning to announce the 2011 Schwab IMPACT Award winners.

Click here to view each video of award winners on the ImpactAwards website.

2011 Pacesetter Award

This year’s winner is Green Square Capital of Memphis, TN. They were cited for their 30%+ annual growth rate, successes in linking workflow to their service platform, and commitment to strategic planning

In a highlight video, Co-CEOs Steven Sansom and Darrell Horn discussed their use of employee scorecards, posted on each employee’s desk that can be reviewed anytime for progress and updates on personal and professional development.

In addition, Sansom and Horn talked about their “Client Delights” service, which represent a variety of non-financial “wow factors” the firm strives to deliver to clients to reach beyond traditional investment and financial planning services.

2011 Best-in-Business award

This year, there is no separated award given for technology innovation. Now, the award is wrapped inside the Best-in-Business award, and this year’s winner is Brudros, Ruhlin & Roe, Inc. of Columbus, OH. Peggy Ruhlin, James Budros, and Dan Roe offered one takeaway on what their firm is doing to manage its back office infrastructure and technology.

Brudros, Ruhlin & Roe decided to make technology a client, citing that technology previously didn’t get the attention it deserved. So treating technology as if it were a client of the firm, advisors treated every meeting, every dollar, and every idea as being just as important as the work the firm does for clients.

2011 Leadership award

This year’s Leadership award was presented to Richard Stone, CEO of Private Ocean. Stone was part of the first graduating class of CERTIFIED FINANCIAL PLANNER(TM) certificants in the early 70’s and authored the young organization’s first Code of Ethics.

Stone’s commitment to the education of young professionals and service on local education boards, including San Jose State University and UC Berkeley, exemplifies his dedication to the future of the profession and demonstrates his role as a leader in the industry.

Congratulations to all of this year’s award winners, and later on in the conference, I hope to deliver some of the best practices they highlight that helped each of them achieve such distinguished recognition.

Live from NAPFA PMI: The one document every growth-oriented adviser needs

Posted on October 27, 2011 by Bill Winterberg in Practice Management

NAPFA Practice Management and Investments attendees are treated to techniques to accelerate strategic planning

What is business coach Tracy Beckes’ formula to fast-tracking the success of a financial advisory firm? It’s the clarity of a one page business plan.

But simply coming up with a one page business plan doesn’t guarantee success for any planner. And no, planners can’t cheat by using 6pt. font size or tiny margins on their one page plan! Beckes stressed the importance of following through with three stages that make up the strategic planning process, telling planners to:

Write it
Apply it
Make it routine

To write a plan, Beckes identified the essential components of the one page document: Core Values, Core Purpose, and a Big Hairy Audacious Goal. The definitions of those components drive the business objectives for the future, starting with five year objectives, followed by 12 month objectives, and ending in 90 day objectives.

But as planners know all too well, plans are nothing without execution. So Beckes urged planners to apply the objectives stated in the plan and make the application part of a consistent routine in the firm. She outlined the structure of the inaugural meeting to kick-start the implementation of the business plan, then identified how planners can review and reflect on the plan’s progress in quarterly updates.

As planners leave the conference, Beckes counseled that they select a leadership team in the firm charged with the one page business plan process, complete the plan, schedule and complete quarterly review, and create alignment in the firm based on the plan. With these clear actions in mind, Beckes anticipated that planners will have the tools to create their ideal firm, one that is aligned with their priorities and definition of success.

Live from NAPFA PMI: How advisers can stop sucking at marketing

Posted on October 26, 2011 by Bill Winterberg in Practice Management

I’m attending and presenting at NAPFA Practice Management and Investments this week, so when I have time, I’ll post periodic updates of key takeaways from this event.

Advisers always need help with marketing. One consultant offers strategies to increase referrals and new biz development.

Roughly 200 advisers queued up to the Grand Ballroom of the Brooklyn Marriott hotel to hear Richard Henry of Cambridge, MA-based Millennium Consulting Group deliver marketing strategies.

Henry introduced advisers to several marketing strategies that fall under the BOOM acronym: Big Opportunity Outbound Marketing. Here are some highlights from the BOOM program.

The Goldmine Strategy

Henry told of one adviser who pulled a client’s file and looked through the paperwork for names of the client’s other advisors. She found the client’s CPA and promptly called him, saying “We haven’t met, but we share several clients in common, so I’d like to get introduced over a quick cup of coffee.”

When Henry asked the audience how many would accept the invitation, over 80% of the room raised their hands. So Henry used the goldmine analogy, as most advisers have a goldmine of information about clients’ professionals in their volumes of client paperwork.

The Tax Document Strategy

Another strategy Henry highlighted is a technique to increase the convenience for clients. At the end of each year, advisers generate documents relevant to the preparation of a client’s tax return. Instead of handing those documents to the client, advisers can connect directly with the client’s CPA and exchange them directly (with the client’s permission, of course).

It’s a convenient service for the client, and the adviser and CPA now have the opportunity to work together and help each other directly.

Henry finished up with the “Would You Recommend?” strategy, where advisers should replace the word “referral” with “recommend” (Henry said referral implies some voodoo sales tactics), and the Golden Ticket Strategy, where clients give advisers a “golden ticket” to interview other professionals on the client’s behalf to find qualified professionals for the clients’ needs.

Advisers can follow Henry’s strategies with very little burden and effort, and the potential for the strategies to result in business growth is fairly appealing.

What to Expect at FPA Business Solutions 2011

Posted on February 23, 2011 by Bill Winterberg in General, Practice Management

We just returned from a terrific T3 Conference, and in just over one week, we’ll be traveling again, this time out to Boston to present at FPA Business Solutions 2011.

Bill will be participating on a panel discussion titled Best Practices When Using Social Media at 3:15PM on Thursday, March 3. Mike Watson of TD AMERITRADE Institutional will moderate and Bill will share the panel with Andrew Gluck of Advisor Products, Inc. and Marie Swift of Impact Communications.

Click here to view the full FPA Business Solutions 2011 schedule. There’s still time to register so you don’t miss the great info at this event!

This year’s Task Force consists of a “who’s who” list of influential consultants, vendors, and practice management experts who have assembled a stellar agenda of topics and speakers.

We’re particulary interested in the preliminary release of the 2011 InvestmentNews Advisor Technology Study. In 2009, InvestmentNews partnered with Moss Adams LLP to continue the biannual benchmarking study on compensation and staffing practices of independent financial advisory firms.

What we feel has been missing in past studies is an analysis of the technologies employed at the top firms, and what specifically contributes to their performance. For example, if 90% of the most profitable firms all use dictation services from Mobile Assistant, wouldn’t you want to embrace dictation from them, too?

Finally, everyone attending FPA Business Soltuions 2011 is invited to participate in the social media back channel using the Twitter hashtag of #BizSol11.

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Ramping Up for the 2011 T3 Conference

Posted on January 18, 2011 by Bill Winterberg in Practice Management

My speaking engagements for 2011 are quickly approaching with the first event being the 2011 Technology Tools for Today, or T3 Conference produced by Joel P. Bruckenstein and David J. Drucker. See the other engagements I have confirmed on my Speaking page.

I’m involved in two sessions during the conference and I hope you’ll join me for both. First I’ll be part of a panel discussion addressing how financial advisers are using the Apple iPad in their practices.

iPad Panel

Diane MacPhee, CFP®, Business Coach and owner of DMAC Consulting Services, LLC will moderate the panel. I’ll share in the discussion with Sandra E. Goodstein of Goodstein and Associates, LLC, and Russell Dunkin of McKinley Carter Wealth Services.

If you’re on the fence about buying an iPad to use in your practice, or you want to know if you should wait until “iPad 2” comes out, you need to attend this session.

Transformative Technology

My second presentation is a joint effort with Jo Day of Trumpet, Inc. The two of us plan to deliver a resource-rich session on transformative technologies you can add to your practice and how doing so will make clients and colleagues speak highly of you and your firm.

If you haven’t done so already, register today so you do not miss out on this opportunity to learn how new technology can help you streamline your business and provide excellent service to your clients.

And one last housekeeping item: The “official” unofficial Twitter hashtag for the 2011 T3 Conference is #T32011. See you on the back channel!

An End-to-End Account Processing Integration To Watch

Posted on August 16, 2010 by Bill Winterberg in Practice Management

Last week I came across a press release highlighting the integration of four different pieces of software. The integration features the following companies and tools:

SIGNiX, an online digital signature provider
LaserApp, a electronic form-filling application
Redtail Technology, a provider of web-based CRM, document management, and email archiving solutions
Arius Software, a provider of account opening and document management solutions

Click here to read the full press release Alliance of Leading Enablers Provide “Best-Of-Breed” Cloud-Based Solution for the Wealth Management and Securities Industry at PRWeb.

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