3 Practical Tips to Grow Your Financial Advisory Business

September 9, 2019

by Adrian Johnstone

In our last post, we defined what it means to grow your financial advisory business (driving better profits by providing excellent client service that is valued appropriately) and how to get ready for it. Growth isn’t right for every firm and choosing to embark on that path takes a bit of research and preparation in order to be successful.

There are a lot of things you can do to grow your financial advisory business. However, it really all boils down to investing in your people and processes. Here are 3 practical tips to help you build a foundation for successful growth:

1. Improve staff retention and productivity.

Retention and productivity are important to any business, but it’s especially important to ones embarking on a growth initiative. Research shows that high performers can be 800% more productive than average employees. It’s also important to know that talented employees don’t stick around with companies that they feel aren’t investing in them. So, this means two things: that you should aim to retain your high-performing team members while also finding new ways to increase the productivity of your average employees. You can do this by improving processes, automating manual tasks, and giving your team the tools they need to excel at their jobs.

2. Create a seamless client experience.

Clients will only pay you if they see value in your service. This requires setting yourself apart from your competitors and from any other channels of financial help and information (i.e. the Internet). People need to understand that they are getting something extra from you that they can’t find elsewhere. One sure way to do this is to deliver a seamless client experience. A straightforward approach to creating this experience is to keep track of client interactions. Having this information handy and easily accessible allows your team members to interact with your clients smoothly.

3. Invest in tools that help.

In today’s world, there are plenty of tools that can help you streamline all your processes and set the foundation you need to grow your financial advisory business. Storing data in spreadsheets, using email as your primary internal communication tool, and operating with paper systems are not scalable practices and no longer cut it in an agile business environment. Instead, you need systems that move as fast as your clients do. This way, you can provide them and your team with up-to-date, accurate information exactly when they need it. You should consider multiple tools, such as a business management platform, productivity tools, and/or marketing automation software, and learn how they can work together. 

Grow Your Business on a Solid Foundation

Successfully growing your financial advisory business requires reviewing and investing in your people and processes. Having a solid foundation in both of these areas will greatly help your firm grow the way that you want. To read more about these tips, download our free guide “Built for Growth: A guide to Growing Your Advice Firm” below.