Managing
Trends In Family Offices and Multifamily Offices
- Details Category: Practice Management
Pressed by losses to family wealth during the recent market turmoil, many single-family offices are struggling with growing concerns about their long-term viability. They are also casting about for ways to achieve more reliable and less volatile investment returns.
Ban Printing Documents In Your Practice
- Details Category: Practice Management
If you have any desire to operate a truly paperless office, your practice should ban printing for all but the most limited of circumstances.
Operating a competitive wealth management practice is not an inexpensive endeavor. Studies by Moss Adams and the FPA show time after time how the most significant operating expenses include employee compensation and benefits, office rent, and technology (including computer hardware and software licenses).
Incentive Compensation
- Details Category: Practice Management
To provide incentive to a key employee without depleting current cash flow, consider a form of equity sharing. There are several options for granting an equity share to a key employee. The possible types of ownership interests differ based on the form and substance of what is transferred:
Your Ideal Client
- Details Category: Practice Management
One of the often quoted rules in any business is the 80-20 rule. By this we mean that 80% of your firm’s revenues, profitability and “enjoyment factor” typically come from 20% of your client base. How can you improve on this ratio and pursue more revenue, profitability and enjoyment out of a larger percentage of your clients? One idea is in truly understanding who your ideal client is and whom your firm is best able to serve.
A key aspect of this process is to define an “ideal client” profile.
Moving Clients from Satisfied to Engaged
- Details Category: Practice Management
In our recent articles, we covered several areas of practice management that are top of mind for many advisors:
· The client referral process
· Managing a sales pipeline
· Pay for performance
Continuing our theme of practice management, in this article we’ll discuss client satisfaction and the importance of a happy and engaged client. We’ll look at the key drivers of satisfaction and ways you can measure and improve how satisfied your clients are with your firm and the services your firm offers.
