Fundamentals for Success: 4 Practice Management Themes for 2016

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Every March I host the Independent Advisor’s Implement Now Practice Management Virtual Summit. I interview about two dozen industry thought leaders to crystalize the key how-to advice they have to offer to propel advisers to their next level of success. This year’s content reveals four practice management themes that entrepreneurial advisers must pay attention to if they want to achieve their full potential.

Here are the four fundamental focus areas for  advisers that surfaced from my conversations with the 24 entrepreneur industry experts who participated in this year’s summit, which was held on March 14.

1. Personal Brand: What is the story you want to share with the world? How do you relate and connect with people? Clever marketing tactics, fancy web sites, high quality video and daily social media blasting will not help if you are not 100 percent clear on who you are as the leader of your firm, what defines your value system, and what you want your audience to appreciate and understand. When you bring to life your personal brand and reinforce it consistently over time, you will stand out, especially in the digital arena. Personal and professional are no longer separate worlds. The intersection of the two is where most clients live, and you need to show up.

2. Technology to Scale: Technology for technology’s sake can be cool, but you should care about the innovation that occurs because it will allow you to scale your business. You can impact a greater number of people whom you want to help when you leverage technology to support you. Open your eyes to what’s possible now, learn and apply the tools you already have, try out new solutions to improve your service delivery, stand out against robo-advice, streamline your practice operations, support healthy habits, increase productivity and upgrade your overall lifestyle.

3. Build Teams and Systems: Michael Gerber’s The E-Myth Revisited is the most referenced book in Implement Now. Are you working “in” the business, mired in the technical or administrative day-to-day work? Or do you approach your business thinking in systems and processes that free up more of your time, money and energy to focus on leadership? Whether you offshore tasks to a virtual assistant, hire a part-time HR consultant or expand your firm with more advisers, you need to define clear systems and processes, be willing to delegate, and find the right kind of people for the job or jobs at hand. This will not only improve efficiency and increase the value of the firm but it’ll improve your life and relationships outside the office.

4. Financial Planning: With more low-cost money management solutions on the market and a growing consumer desire to address basic every day cash flow management both in Gen X and Y and the retiring boomer segments, financial advice cannot rely on the retirement portfolio. The financial planning element of advisers’ service offerings must take the lead. How are you helping your clients navigate the complex trade-offs and decisions they make to create a fulfilling life? When you are their go-to resource to make emotionally powered choices, your clients will stick with you in the ups and downs and happily spread the word about you.

The wrapper around all of these essential areas is clear, consistent and frequent communication with your prospects and clients both in a public domain and in one-to-one outreach. With a clear personal brand, technology and teams to support you and a focus on the planning your clients need, you will achieve more success—whatever that means to you—this year.

To learn the recommended actions behind these themes and view all the expert interviews, visit for participation details.

 Kristin Harad 2014Kristin Harad, CFP®
Marketing trainer for advisers
San Francisco, Calif.

Editor’s Note: The following related Financial Planning Association content may be of interest to you:

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