Five ways to boost your bottom line
Building a successful advisory practice is a marathon, not a sprint, and eventually, every runner hits the wall. When that happens, you have to change things up a bit to get back up to speed.
“We generally work with firms that are several years old, rather than brand-new firms,” said Michael Slemmer, a principal at Advisors Trusted Advisor, a practice management consulting firm. “We are often brought on because of a feeling of stagnation or [because] the firm believes 'we could be doing things better.'”
A number of predictable problems come up after a firm has been around for a number of years, causing profitability to sag, financial advisers said. Unlike the struggles during a firm's early years, when survival is the prime objective, the problems of a midlife advisory firm can be more subtle and might need a more creative, outside-the-box approach.
Here are five ways to break through.
Written by Lavonne Kuykendall