In the financial services industry, change is the only guarantee and evaluating your practice, for your sake and that of your clients, to truly address strengths and weakness is the only way to give yourself the ability to strategically plan for ongoing success.
It doesn’t matter which type of firm you are currently with. Your firm could be owned by a third party, may be backed by a bank, could be supported by strategic partnerships, or operate as an independent. No matter what the conditions may be, the key questions you need to ask yourself about your firm and its operations will guide you to an understanding if it is now – or will continue to be – the right place for you and your career path.
First and foremost, evaluate the advisor head count at your firm and compare it to overall firm financial data such as total firm revenue, growth projections, scale, and merger and acquisition strategies. These statistics will not only give you insight into your firm’s stability now, but also offers clear guidance as to how aggressively your firm is positioning itself for future growth and revenue opportunities.
Another consideration is the corporate culture of your firm and your confidence in the products and services you are pitching to your clients. Workplace satisfaction is a key driver of advisor performance and should not be overlooked. To come to an understanding of your workplace perception, evaluate how the management team is structured and what the motivations driving the policies of management are. Additionally, you’ll want to honestly review the product and service offering supported by your firm and its place in the market now and in the future. Your visceral happiness with how the company operates and how confident you are that you are giving clients the best solutions possible will be easily identifiable upon these considerations.
Remaining on the cutting-edge of technology and using new and innovative protocols to increase advisor efficiency and performance is another important factor in aligning your firm’s place in the financial services industry, now and ongoing. Understand the technology infrastructure that is currently available at your firm and its scalability. Also, consider whether your firm provides adequate back office support and can manage multiple advisor affiliation channels. Is there an investment strategy that allows for implementation of new technology and resources? It is important to realize that a firm which spreads itself too thin and does not plan for technological advancement and migration cannot offer advisors ongoing growth potential or stability.
Whether your assessment of your firm’s strategies, direction, and future vision leads you to the conclusion that you are in the right place for your career path or to the understanding that it might be time to make a move – taking the hard look at the enterprise you are partnered with can be nothing but beneficial and provide the strategic enlightenment you need to plan for your personal growth and success.
For more information on Elite Consulting Partners, their complete suite of services, most recent moves, or strategic advice that can help you, visit www.eliteconsultingpartners.com.
