Excerpted from “Stand Out From The Crowd”, by Frank LaRosa
The migration of advisors to the independent model has been a trend that has shown no signs of slowing, based in large part on the model’s inherent flexibility which enables advisors the freedom to grow their book of business their way while providing clients with a more customized service experience. With so many advisors entering the independent space; however, it begs the question – how does an advisor stand–out in an incredibly crowded playing field? To that end, there are three key areas which have the capability to have the most immediate overall impact on practice growth that also serve to strategically separate an advisor from their competition long-term.
Business operations which influence practice growth go beyond fundamentals and encompass creating a unified, professional, end-to-end client experience. This includes everything from what your office looks like, to how you optimize for efficiency, the technology you use, and accounting and payroll procedures. The fact is, many advisors who have chosen independence may not be natural entrepreneurs and so the practicalities of the day-to-day to business operations might not be something they immediately consider when focusing on practice growth. By either establishing the internal competencies to level-up business operations, or by working with a trusted consultant to outsource the task, an independent advisor can create a stable foundation for their practice which realizes sustainable growth.