Systematize Your Advisory Business or Your Clients Will

All advisory businesses have systems. They make the wheels of your practice turn. Some systems are formal, however, too many are informal. Informal systems can prevent your practice from running smoothly when it comes to day-to-day operations, closing sales, gaining prospects and ultimately selling your business when you are ready to retire. Avoid unnecessary business struggles by creating and maintaining formal systems that will grow and distinguish your advisory practice.

Running an FA business requires more than it did 20 years ago. In many practices the client is “running” the advisor, resulting in the day spent in a hectic-stop everything-emergency-mode. Consequently, systems go completely ignored and chaos prevails. KAR Consulting believes one of the best ways to stop operating this way is to start systematizing. Financial advisors must find an organized way to deal with the different aspects of their business. When the processes of your business are proven and organized, you also have a lower chance of making costly errors that are expensive and can hinder a practice’s overall performance.

A system is nothing more than a series of processes that will enable you to grow your business.

  1. Processes are comprised of one or more activities.
  2. Develop and structure day-to-day tasks so they are able to function themselves, or done by another person.
  3. Efficient systems create a better experience for your clients.
  4. Successful systems build trust and attract prospects.
  5. Top producing practices have all their systems integrated and working in sync.
  6. Your systems need to create an experience for prospects/ clients that inspire them for more.
  7. Support staff are well informed and easily adapt at implementing the processes you have identifies/created.

Systematize your practice or your clients will do it for you. You set the vision. You lead the team.  And you determine how to achieve it.