Grow Your Practice

Practice Management is for All Advisors

By Christian Nwasike, Principal and Managing Partner of PMC-LLC

Practice management essentially means managing all the business aspects of your wealth management practice. It is about working smarter and developing a strong, enduring business – being more productive. Focusing on your practice allows you to be passionate about your work and competitive to your clients. Most importantly, it is about providing exceptional service for your clients to help guide them on their way to achieve their goals.

There are multiple ways financial advisors and teams can grow their practice. Here are three ways to grow that excite me today.

1.       Carve out a niche market. — Analyze your book to find similar profiles of your clients — for example, retirees from a particular company in your area. Ask those clients how and why they sought you out? Review their reasons to see if you can create a repeatable marketing and prospecting process to attract other retirees from that company to your practice.

2.       Do not compromise on price. — Most financial advisors feel the need to race to the bottom on pricing of services to win business from clients. I find that strategy counter intuitive. Most clients are willing to pay a premium for products and services if they understand the benefits and features. Instead of slashing prices to win business, take the time to understand the client’s needs then create a plan to meet all their objectives. The client will thank you and you will be rewarded with the client paying a fee for service.

3.       Hire a coach. — A coach can keep you accountable. This is one of the biggest benefits of hiring a coach. Just as you keep your clients accountable for saving and investing money, a coach can keep and hold you accountable for your business growth goals.