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Professional Practice Evolution: What Separates Modern Professionals From The Past?
by Tony Vidler There are lessons to be learned from the evolution of the modern professional practice for those who are not there yet. There is also no doubt that a number of financial advisers and practices are still evolving, or yet to begin the journey if they are to avoid being rendered redundant. When […]
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 […]
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 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 I am a professional. I am a salesman. These two things are not contradictory. I sell stuff. It seems like I’m selling my time these days…sometimes a product….sometimes it is just selling concepts and possibilities. But I sell. And I think I am a professional too. Why do we […]
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 […]
What you need to know if you’re going to 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 […]
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 […]