1. It's about asking the right questions. Don't think of a consultant as someone who tells you what to do and bosses you around. A consultant is simply someone who teaches you how to ask yourself the right questions.
You may not even know where you need help. That's so common that identifying “hot spots” is a consultant's first job. They're there to be the extra set of eyes you don't have.
“The practice consultant I've worked with has helped me to grow, to stretch mentally, to do things that I wouldn't normally do,” says Kimberlee Orth, an Ameriprise Private Wealth Advisor who is ranked No. 1 on Barron's 2016 list of Top 100 Women Financial Advisors in the U.S.2 “They even helped me find my chief operating officer. Their advice has been invaluable.”
2. Practice consultants are more than cheerleaders. Advisors like Orth, who've used consultants regularly, express how valuable it is to have an experienced consultant there to do a little healthy second-guessing, applying bigger decisions to a pressure test.
Orth vividly remembers feeling sure it was the right time to expand her practice — before her consultant encouraged her to slow down a half-step. “My practice consultant encouraged me to take a little more time to focus on developing team values and culture, and to take care of the real estate situation at my existing office,” she says. “It turned out to be great advice.” Orth did expand — and thrive — thanks to shifting her timetable.
3. The data doesn't lie. Practices that exceed goal are far more likely to adhere to the kinds of best practices that an outside consultant helps establish. According to a recent study by the FPA Research and Practice Institute, high-growth advisors were significantly more likely to have a defined value proposition and formal business plan, compared with underperforming peers.
4. The little things really do count. While practice management can dramatically improve long-term strategic planning and finance, it can also pay off by helping you deliver on the smaller, easy-to-miss details that separate a great practice from a mere good one.
What's your client experience like when they walk through your office door? What kind of hospitality is provided in reception? Is your practice's value proposition evident? If you think these are insignificant details, think about the ways your favorite store makes you feel when you step inside and how that feeling changes your consumer behavior.
5. Accountability. Finally, once you have foundational elements in place — like a strategic plan for your practice — a consultant can ensure that you're tracking to progress or help you get back on track. Where does your practice stack up against peer organizations? You don't have to guess. A consultant has insight into the numbers and can objectively show exactly where you stand, and how you can close the gap.
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