Readers of FPPad.com know that we’re in a recession. Not very many needed the National Bureau of Economic Research to tell them that we’ve been in one since December 2007. While little can be done to cure the ills of the global economy, advisers can evaluate how their business is positioned in order to thrive in the face of economic pressures.
I want to comment about positioning a practice in a recession after reading David Drucker’s article on Morningstar Advisor, Practice Management in a Recession.
Drucker interviewed two broker-dealer firms to discover what their reps are doing to respond to the recession. What are they doing? First, reps are committed to continued spending on marketing to new clients, and second, they are looking to reduce operational inefficiencies in their practice.
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