Advisor Resources: Practice Management

Seven habits to lead a more effective practice featuring Steve Moore

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Sometimes the best way to gain an edge on your competition is to avoid the same mistakes that those competitors make. It could be as simple as the types of clientele they are serving or as complex as the makeup of the advisors at the practice itself. How can you increase your effectiveness and build a successful practice? We sat down with Steve Moore, author of Ineffective Habits of Financial Advisors and the Disciplines to Break Them, as part of our Better conversations. Better outcomes. podcast series. Find insights into the habits that can cause a practice to be ineffective and discover ways to remedy them in each episode below.

 

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Building an effective practice

In the introductory episode, we provide an overview of the seven habits discussed in Ineffective Habits of Financial Advisors and the Disciplines to Break Them and provides a framework for future episodes in the miniseries.

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1. Start living your dream

Developing goals and purpose statements is the first step to “living your dream”. Plus, learn how to create win-win results that can benefit the client and your advising business alike.

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2. Focus on quality clients

This episode covers the balance between quality vs quantity of clients, and how focusing your work on quality clients can help you become adept in a concentrated demographic.

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3. Stop hoarding unprofitable clients

In this episode, we discuss the often uncomfortable topic of how to disengage with unprofitable clients, the value of referrals, and dealing with emotional attachment to clients.

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4. Stop providing only investment advice

The shift to providing wealth management advice is discussed in this episode. Discover how to conduct a deep fact-finding meeting, the different types of details you could be uncovering and how to create a financial vision for your clients.

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5. Deliver WOW client reviews

This episode discusses the power of a high-value, WOW client review, how to create and execute a WOW review, which of your clients should be offered this kind of service and the word-of-mouth marketing power it brings.

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6. Team approach vs rainmaker approach

What is the rainmaker approach and why is it outdated? How do you build a successful team in today’s environment? We discuss how to make sure the team you build at your practice is an effective one.

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7. Start selling through clients

In this episode, we discuss focusing your efforts on creating and offering such stellar services that your clients can help do marketing for you. Learn what an engaged client looks like, the power of viral marketing, and how to use centers of influence.

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