Practice Management Archives - Page 4 of 18

Financial Advisers Should Be Coaching

by Tony Vidler Coaching is about changing behaviour in order to change results. Advising is telling people what, and perhaps how, something should be done. Advising is basically “having the answer” and telling someone what it is in its most simple form. Coaching is a blend of telling and teaching, monitoring and managing, and, […]

6 Things Banks Taught Us About Building A Super Profitable Business

by Tony Vidler The most profitable business to have in financial services is a bank. They know how to make money. They understand that the more you know about your customers the more business you can do with them. Not “will do with them”….but “can”. And that makes a lot of money for them. […]

How Often Should We Contact Clients?

by Tony Vidler “How much is too much contact?” “How often is too often?” What is the right volume to contact clients? Much of the standard industry thinking around these questions is in fact quite dated I believe. For example, go back not that many years and good marketers providing a lot of […]

The 10 Things That Successful Advisers Just Do Better

by Tony Vidler The most successful advisers just do better at some things than the average advisers…they are not necessarily better advisers. They just do some things better, and that makes them more successful. Most of those things they do better are not actually about being a better adviser, they are about being better […]

The Maximum Value Zone Of Service For Advisers

by Tony Vidler For many professional services firms delivering value from actively lifting service levels is a means of differentiation, while also creating maximum value for the practice. Improving profitability through service differentiation is good for the practice of course, however it is not a sustainable differentiator in itself which then threatens future profitability. […]

Who are your most valuable clients?

by Tony Vidler It may seem an obvious question however understanding who the most valuable clients are to a firm is not always as simple as it seems. There is often an innate understanding of who they are however it is often not underpinned by any analysis or hard data. Even when it is […]

Segmentation: Why not have everyone as “A” Clients?

by Tony Vidler Segmentation of clients in your database is sensible, and some sort of labelling to differentiate them is necessary. The idea behind segmenting clients into different categories is to introduce efficiency into a practice while recognising that not all clients are of equal commercial value to the firm. It is also a way […]

The 3 Main Considerations In Practice Development

by Tony Vidler When it comes to practice development the owner must consider 3 general areas which drive the growth and value of the business, and each of those has some sub-sections. The 3 areas to consider are: Creating the physical Capacity to ‘grow’ volume Developing Capabilities of the professionals within the firm Creating and […]

New Adviser Hires: getting the relationship right

by Tony Vidler One of the most common options for leveraging your professional practice is more adviser hires, however getting more advisers is itself is often a path to frustration and disappointment for business owners because it simply has not been thought through. Everyone begins with great intent: the owner really does want new […]

2 things to look for when hiring a Virtual Assistant

by Tony Vidler As cost pressures mount and margins decrease for many professional service firms they are increasingly looking to hire “virtual” staff. That is, staff who are not necessarily permanently on the payroll, and definitely not permanently on the premises needing “housing”. India and the Philippines are probably leading the charge in providing […]

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