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R.I.P. To Some Accepted Wisdom For Growing A Practice
by Tony Vidler        In good times growing a practice is difficult enough and one of the methods has become conventional wisdom – but that doesn’t mean it is right in these days of fundamental and structural change for the industry. The concept of a professional firm requiring 3 distinctly different roles of a Finder, […]
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How do you know when you have a “great practice”?
by Tony Vidler        “Great” is so subjective isn’t it?  Having a “great practice” is a subjective assessment too…what is great to one adviser might be considered ordinary to another. But the true measure for each (I think) is: “When it is delivering the income and lifestyle that you imagined.” However, that outcome is potentially […]
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10 Reasons why an Advisory Practice just stays “practicing”
by Tony Vidler        Why is an Advisory Practice called a “Practice”? I think it is because more often than not the business is mostly practicing to be a business.  When a “practice” has actually made it then everyone calls it “a firm”. THE common denominator in a Practice appears to be that the Principle, […]
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financial-services-regulation
Regulatory Reform: The Danger Of Knee-Jerk Reactions
by Tony Vidler        Regulatory reform is everywhere (in the west at least) in financial services and the biggest distraction for advisers is what they need to do to adjust for it…again…and the focus is almost always entirely upon the short term.  Knee-jerk reactions become the norm as advisers grapple with the burning questions, such as: […]
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Are You AND Your People Clear About What YOU Want?
by Tony Vidler        Pretty much everyone running a business hates having to come up with job descriptions for their staff.  Your people hate them too usually.  A statement which may have been correct at a moment in time to describe a role, and the role is subject to constant change…they are pretty much a […]
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To fix repeated problems, you need a process!
by Tony Vidler        For financial advisory firms the word “process” has become synonymous with “best practice advice”, but good process is so much more than just a compliant and well-documented series of advice documents. Process cures problems.   Process is what builds franchise businesses.  Process is what creates turnkey operations that are highly valued […]
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buying a financial planning business
What you need to know if you buy to grow
by Tony Vidler        As many advice businesses reach maturity it is common to consider whether they should “buy to grow”.  Should they buy another practice, or more commonly, should just buy a book of business from another practice.     The typical reasons suggested for wanting to grow through acquisition are: 1.  Get new […]
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Penny-Pinching In IT Is Madness
by Tony Vidler        Professionals keep getting their fingers caught in the trap of “penny pinching”, especially in IT. This is especially crazy when the IT is protecting the IP.   We know that there are many many areas where cheap actually becomes  expensive in the long-run, and nowhere is this more true in my […]
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join-work-with-client
How to make joint client work fair
by Tony Vidler        More and more advisers within practices are doing joint client work and many practices still haven’t figured out a way to fairly apportion the responsibilities or revenue for long term success in the joint client work model.   Everyone begins with great intent and all focus is on doing the best […]
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Focus on what matters most to succeed
by Tony Vidler        Focus.  It is one of the most noticeable differences between those who are successful, and those who are frustrated.  The ability to focus on what matters most is often what separates the two.   It is hardly surprising either given that it is definitely harder to be a successful financial adviser […]
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