practice value Archives

5 Tips for selling, or buying, a practice.

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 professional help […]

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 about. […]

Effective or Efficient? Which do Advisers need to be?

by Tony Vidler Which is more important when running an advice business: being effective or efficient? You chose Effective? Wrong. You chose Efficient? Wrong. The correct answer is that you have to balance both. In days gone by plenty of people in financial services could build a business just be being effective, regardless of how […]

5 Things You Need To Do Before Buying A Practice

by Tony Vidler For many advisers buying another practice or book of clients will be a serious growth strategy to be considered. It is a primary strategy for attaining scale and a viable (and relatively predictable) revenue stream quickly. However buying another advisers practice is usually a much more complex matter today than it was […]

The 9 Business Building Blocks Which Will Stand the Test Of Time

by Tony Vidler To create a firm which will last you need the right business building blocks, or the foundations if you like. When it comes to building something to last the ancient civilisations can teach us a thing or two about the building blocks of a business. Anybody who has had the privilege […]

What is “Good Content” For Advisers To Use?

by Tony Vidler Nearly every advisory firm says “we need more prospects“. sure, more prospects helps build a business but what builds a business faster is good prospects who are a right fit, and who don’t really consider going anywhere else when the time is right for them to use an adviser. And frankly […]

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, […]

Being clear about what matters most actually matters most

by Tony Vidler Sometimes contracts just don’t provide clarity for the people who work for you. And being clear about what matters for them matters more than just about anything else when it comes to getting the best from your people. When you are running a professional services business there is one thing you […]

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, […]

You get the behaviour that you reward

by Tony Vidler We tend to get the right behaviour when we see it and reward it repeatedly. Kindergarten teachers know it, so why don’t the leaders of professional services firms know it and use it? Here are a couple of real examples of how this plays out: In one instance it was watching […]

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