As a fiduciary, nothing is more important to you than helping people with their financial lives. But does your practice need some help too? In speaking with several successful advisors and firms, I learned even the best-intentioned investment advice professionals can stumble due to costly mistakes and business oversights. Out of these conversations, we flagged five critical errors that can hound a wealth management practice, ranging from staffing issues to technology implementation. I’ve also included their tips on how fellow practitioners can best avoid these pitfalls.
I spent the last several weeks speaking with successful financial advisory firms. The question we explored together: “What are the most important things you have learned about running a wealth management business?” During the conversation, five major lessons emerged - with ‘growth’ being a key cross-cutting theme across the board. Importantly, these lessons came from listening to client needs, treating people well, and putting in energy to strategic planning. Whether you’re starting your career or building on years of experience, here are five important lessons for investment professionals.
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I’m fortunate to work with highly motivated and passionate independent advisors and their teams. When I’m meeting with them, I get the opportunity to hear about the firm-level strategic goals they’re focused on. Unsurprisingly, many of these strategic goals are only possible through technology. Modern technology is creating new ways for RIAs to drive growth, achieve efficiency, ensure client-centricity, build trust and enable compliance. Here are five things to consider when adopting new technology and how it could benefit your firm: