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Practice Growth Requires Leadership More Than Management
by Tony Vidler The most frequent thing I see that prevents great practice growth and holds advisers back from developing their dream business is a lack of vision. I don’t mean “vision” in the namby-pamby buzz-word sense of having a beautiful set of words on a plaque on a wall that nobody really cares […]
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 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 […]
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 […]
by Tony Vidler There’s a classic cartoon that shows the way forward for advice firms when it comes to how they must evolve. It is called “The evolution of an entrepreneur” and even though it is aimed at those starting out, it captures where the advice industry has come from and where it currently sits […]
The Ideal Practice: Balancing Your Needs & The Clients Wants
by Tony Vidler Heresy: The Professionals’ needs matter as much as the Clients’ wants. It shouldn’t be heresy to say this aloud of course…. But; the ideal practice is one which surely achieves this balance isn’t it? After all, practitioners are trying to earn a living and meet the wants and needs of their own […]
The 3 Barriers To Adviser Business Success (& one can be deadly)
by Tony Vidler There are 3 distinct barriers every adviser must manage in their career. Each of them is a defining point which can see the end of the advisory career….but Barrier 3 is where most founders flounder. Barrier 1 is simply getting enough new business and clients to earn a living and survive […]
by Tony Vidler To make the transition from being a great adviser with a good job to a great adviser with a great practice there are a number of key decision points and areas which have to be done well. Get them right, and in the right order, and a great professional practice is […]
Many financial services firms & advisers have mistaken asset allocation calculator questionnaires for risk tolerance tests.
Here are 10 common myths about risk tolerance.