How to rev up your practice this year

Feb 27, 2014 @ 12:00 am

Runtime: 2:46

From enhancing firm efficiency to seeking out new M&A opportunities, advisory practices have a lot on their to-do lists for 2014. Here advisers and wealth management executives weigh in on their top priorities this year.

Video Transcript

If I just face a number of challenges for 2014, we found that they range from attracting new clients to improving the client experience. -The idea that we're trying to do now is bringing in more business, marketing if you will. You know, I've joked about it in the past. You know, people have asked me what is my marketing strategy. And I would say I would wait for the phone to ring and it rang. But in the future, I don't think that that is a-- you know, going to get us to the next level. -We have really two top business priorities for 2014 and over the next few years. One is really talent development. One of the most difficult things in our industry is hiring established knowledgeable advisers who, you know, have clients. We've learned that the best opportunity is to grow our own. The second priority is to really focus on M&A opportunities. Historically, we've grown our own advisers, but that takes a long time. And we've also found that it's really hard to, as I said, to recruit existing advisers. Really, we're looking to try to identify, you know, one or two firms per year that are culturally aligned, that are philosophically aligned that wanna be part of a much larger RIA and be able to deliver far more value to their clients, their team, and the communities they serve. -I would say that our theme is really enhancing our firm efficiency and creating an even more exceptional client experience. We're always very focused on that, but we believe that 2014 is an ideal time to really bring it-- bring it to the next level. One of the things we'll be doing is redoing our website because we really are utilizing social media in the way that it can be and we see some of the cool things that are being done in that area, so that's definitely on the priority list. -For us as a firm, we're really expanding our offering for clients that have large 401(k) balances to help them before retirement. So many advisers just wait until someone retires and they want the IRA rollover. I think that the mass if out there. Their largest most neglected financial asset is their 401(k). So what we're doing right now is putting some services together to be able to help these people while they're still working to help plan for retirement so that they got-- they're gonna be in the right kind of position to retire.


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