How Financial Advisors Can Run their Practice like a Business
“Unless you try to do something beyond what you have already mastered, you will never grow.”
Ronald E. Osborn
Nine to five. That’s the schedule for a typical job. With a job you get a paycheck. And benefits. Most financial advisors do not have a job. They own a business; nevertheless most don’t treat their financial advisory practice like a business. If you ever hope to be a top financial advisor, you must master the art of running your practice like a business.
Hello. My name is Suzanne Muusers, Coach to Financial Advisors since 2004.
People: No job worth doing is ever done alone. You must hire the best people and pay them well. Only those with a job description and written procedures can adequately perform their duties. Otherwise, you have pandemonium. You react rather than respond. No one knows the most effective way of doing anything.
Office meetings: The best run businesses have regular meetings to discuss who’s responsible for what, how the business is doing, problems that keep coming up, and solutions to run the business better.
Delegate, Delegate, Delegate: How much is your time worth? Your time is valuable and should be spent wisely so that you can maximize your revenue. Why waste your time with duties that don’t pay you your best rate – delegate those tasks. Consider that if your hourly rate is worth $200 per hour and you are doing menial tasks, you are wasting valuable time. You could be paying a part time assistant $15 an hour to take these tasks off your hands. Your job is to meet with clients and delegate everything else.
Accounting: How do you know how well your business is doing? Successful companies have accounting departments – all you need is a way to find out what your "financials" look like. The easiest way to do this is to invest in QuickBooks. Purchase the program and hire a tutor to set you up. Imagine knowing gross revenue, office expenses, and marketing expenses, and the like. Imagine running a report that shows how you’re doing this month versus the same month a year ago. You need this information to run your business appropriately.
Professionalism: Take out your business card right now and look at it. Does it show your business in a positive light? Would you want to hire your firm? Do you need to invest in a professional business identity? The right answer is "yes" especially if you want to attract high net worth clients.
Effortless Marketing: Website design, effective copywriting, Internet Marketing strategies, and finally writing the book you’ve been thinking about. Learn how to draw clients to you rather than you going out to find them.
Notice a pattern here? You can’t be all things to all people. You must learn to leverage your time by hiring the right people, having job descriptions and procedures, holding office meetings, delegating non client work, learning how profitable your practice really is, presenting a professional business to higher net worth clients, and showcasing your expertise.
Next Steps: Hire Suzanne as your Business Coach
Consider hiring Suzanne as your Business Coach to help you plan and strategize your brand development, your business plan, and your marketing plan.
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Serious, motivated advisors only please. You’ll grow personally and professionally and you’ll take full responsibility for your success.
Suzanne Muusers is an ICF-Member Business Coach who has worked with hundreds of successful independent financial advisors, hedge fund managers, and investment bankers since 2004. She helps clients develop their Value Proposition, Ideal Client Profile, and Branding Strategy so that their marketing message appeals to affluent clients.
Suzanne has created exercises and programs that help her clients get straight to the point and avoid mistakes other advisors tend to make. Her clients save time getting to the next level due to her extensive knowledge and experience in the business growth field.
That’s my promise.
Prosperity Coaching LLC