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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 […]
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, […]
Some Advisory Firm’s Are “Going Out Of Business” Without Even Realising It
by Tony Vidler I have a strong sense that a lot of advisory firms are “going out of business” at the moment and don’t even realise it. For a very long time markets were going well, and commission and fee rates were at the high end of the scale, and there were plenty […]
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: […]
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 […]
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 […]
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 […]
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 […]
by Tony Vidler The evolution of advice firms into different service and revenue models is happening already of course, but the majority of financial advisory firms appear to still be trying to figure out what the next evolutionary step might be. There’s a classic cartoon that shows the way forward for those advice firms when […]
by Tony Vidler More clients is good, right? But when you have plenty of clients on the books the question becomes which clients to keep. Or which ones to get rid of. Actually, advisers should be constantly asking these questions regardless of how big their book of clients actually is. They are not questions […]