How can you build a more effective, profitable practice? There is no magic solution, says Greg Pollock, president and CEO of Advocis. But there are specific steps you can take to improve your business:
– Get designated
Whether the certified financial planner, chartered life underwriter, certified health insurance specialist or another professional designation, it will only pay dividends for your practice in the future.
“If you take the time to sign up for the right kind of education,” Pollock says, “it is going to add to your skills and knowledge, and, therefore, your value.”
– Cultivate prospects
Have a pipeline of qualified prospects that is going to drive new business.
If you already have a pipeline in place, Pollock suggests, consider moving that group online and make use of social media to communicate with them more effectively.
– Invest in your business
The world is changing, Pollock says, and your practice needs to keep up. For example, your current client relationship management system might have been top of the line in 2003, but it could be costing you now in missed opportunities.
Pick one or two aspects of your business that you think will help make it more valuable. These could be new technology, a client-communication tool or an assistant.
– Get your finances in order
Ironically, Pollock says, many advisors’ business expenses are not well managed.
If expenses are impeding your profitability, Pollock says: “You might have to bite the bullet.” That could mean divesting your business of certain assets or merging your practice with that of another advisor.
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