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Get The Right Advisers “On Board” For Your Business
by Tony Vidler The step from running a small advice business providing a good lifestyle to running a practice that leverages your time and processes is bringing in outside expertise – or appointing an Advisory Board. Putting together the right Advisory Board for your business does take a little work, but is perhaps not […]
R.I.P. To Some Accepted Wisdom For Growing A Practice
by Tony Vidler In challenging times growing an advisory practice is incredibly difficult, 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. The concept of a professional firm requiring 3 distinctly different roles of a Finder, Minder […]
10 Reasons why an Advisory Practice just stays “practicing”
by Tony Vidler Finally I’ve worked it out after years of wondering why a “Practice” is called a “Practice”. I think it is because the business is mostly practicing to be a business. When a “practice” has made it everyone calls it “a firm”. THE common denominator in a Practice appears to be […]
by Tony Vidler So many advisory firms do not realise their potential, and the top mistakes which hold them back are more often than not nothing to with their ability to be great advisers. They tend to fall into the category of being basic commercial mistakes. So the main mistakes that advice businesses […]
by Tony Vidler I was given this question in the headline recently and the quick answer is: “When it is delivering the income and lifestyle that you imagined.” However, that benchmark is perhaps misleading. It is potentially an incomplete answer as simply obtaining the lifestyle and income that you want from your […]
by Tony Vidler There are a number of traps that professionals consistently fall into when selling (or buying) a book of business. The mistakes are so consistent and prevalent that there is are some golden rules evolving on how to make sure any sale is successful. The Top 5 are: 1. Get […]
If you have 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 is what builds franchise businesses. Process is what creates turnkey operations that are highly valued by prospective purchasers. […]
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. 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 waste of time as means of […]
Anchors away! How to work out which clients to drop
by Tony Vidler More clients is good, right? How many are enough for a typical adviser though? 1,000? 2,000? 200? And then the plan is “drop some clients, and build it back to up whatever the ideal number is/was with better clients.” Let’s begin by challenging a big myth pervading many practices, being that […]
by Tony Vidler Succession planning is a major issue with an ageing adviser force, many of whom are wondering how to get their decades of accumulated equity out for their own retirement in the next 10 years. The most popular strategy for making that happen is find somebody who will come into the practice, learn […]