Log In

5 Tips for Running Your Advice Firm Like a Business

November 26, 2019

By Adrian johnstone

Planning for the future of your firm is just as important as helping your clients achieve long-term success. By thinking like business leaders, advisors can ensure their firms grow and scale efficiently. 

Though long-term relationships are key to the advancement of your business goals, not every client stays with their advisor for years. Finding, nurturing and converting new prospects helps advisors remain on steady ground. In 2020 and beyond, technology will play a crucial role in the lasting success of your organisation.

Invest in growth-oriented technology

For decades, financial advisors have used customer relationship management (CRM) systems to strengthen connections with their clients. Now, many advisors are beginning to see the need for more sophisticated solutions that can support marketing efforts and business management. Aided by automated processes, advisors can focus more of their time and energy on building a strong reputation of trust and efficiency. 

Running your advice firm like a business

When you have the right technology to scale your operations effectively, you can focus more of your resources on building strong relationships with your clients. Consider these five tips for managing the growth of your firm:

1. Automate processes

Across industries, automation is changing the nature of work, and financial advisors are no exception. A 2019 McKinsey report found that Australian businesses stand to gain between $170 to $600 billion in cost savings and additional revenue thanks to automation. In the U.S., the potential is even greater with McKinsey reporting that automation of activities workers are paid to perform could potentially save $2 trillion in annual wages.  At the same time, the average worker’s productivity is expected to increase by 50 to 150%. 

The next evolution of CRM systems allow advisors to gain these and other benefits. Automating necessary yet tedious processes like marketing campaigns, compliance commitments and calendar management can save enormous amounts of resources.

2. Attract prospects with inbound marketing

Making and nurturing connections with prospects can be a full-time occupation. Marketing and communications platforms reduce this workload by automating drip campaigns, optimising marketing efforts and taking the hassle out of event management. 

A modern CRM with marketing integrations empowers advisors to gain more value from their client data. Seamless integration means you can always rely on your data and therefore spend more time crafting impactful communications. 

3. Build irresistible service offerings

Having the ability to deploy marketing resources that draw in prospects is just one half of the equation. Once you have a prospect’s attention, you need to impress them with your offering. Focus on building an excellent client experience before you go for the hard sell.

Equipped with data from your CRM system, you can develop offerings that speak directly to the unique needs of your clients. By taking in large amounts of client information, you can find opportunities for appealing to their specific financial goals. For instance, if you find that many clients want to focus on paying back student loans, you can develop a specific program for that goal.

4. Analyse your metrics

Striving for growth without business data is like attempting to navigate a maze while blindfolded. You’ll get a lot farther if you can see where you’ve been and where you’re going. 

Data visualisations help advisors to establish baseline metrics for a better understanding of their market position and potential for growth. A great CRM gives you the ability to create custom reports so you see the information you need at a glance. 

5. Dominate your niche 

If you try to become a general advisor, you may find it difficult to appeal to specific client needs. Without a focused audience, your marketing efforts will lack direction, and your growth potential could suffer. Take the time to define your niche audience and strive to be best at addressing its challenges. Becoming recognised as an authority on a unique aspect of financial planning strengthens your business in the long term.

Connect with the experts at Practifi to learn more about how to leverage the tools you need to grow and scale with confidence.

Don't miss our latest posts—subscribe to our blog today!

Sign me up
Browse Categories

Subscribe to the Practifi Blog

Sign me Up!