Best Practices: Building teams, growing your business

Wondering how to best manage your team or grow your client list? Not sure how to deal with a particular client? If these questions are on your mind, reach out to Advisor.ca and our columnist, Joanne Ferguson.

The veteran consultant, personal coach and author will be sharing her knowledge and answering your questions in her column – ‘Ask The Expert: Best Practices’. Backed by over 20 years of experience, the owner and president of Advisor Pathways will be addressing your business, career concerns.

To send along your questions for Joanne’s next column, send an email to AskAdvisor@advisor.rogers.com

Joanne,

I have too many questions to even narrow it down to a few, but I will try. I am fairly new to the business. I have been doing it seriously for 2 years. I got my CFP and am working from a home office. I am both insurance and mutual funds licensed.

My biggest issue is trying to standardize a client management process while looking for new business and educating myself. I guess that is the main question: How do I do all of this but it seems to be broken down into a few more specific questions:

1. How do I get a sustainable team with a lawyer, accountant, realtor, mortgage broker, and banker? Are these the right professionals? Should I even get a team together?

2. How do I differentiate myself? I know this is a bit of a catch phrase, but it seems essential?

3. I am thinking that I am an expert in all the categories of the CFP: retirement planning, tax planning, financial management, estate planning, risk management, and strategic asset management. When listing out my expertise is this too much? Should I pick one or two? I seem to be carving a niche out for myself for disability planning, but I very much enjoy the other areas.

I do have a lot more questions, but this is probably a good place to start.

Thanks,

Carl

Dear Carl,

Get Help! Get a Coach! Build a Team! You sound as if you are trying to do everything yourself. The first thing to ask yourself now that you are two years into the business is what do you like to do best? What are you good at? Stick to that and let’s see where you can go from here.

To answer your first question I would say “YES!” you should build a team of professionals that you can work with so that you are able to be the quarterback for your clients and help them with all their financial needs.

Be sure that all these professionals are a good fit with your values and principles and tell them your story: What you can do for clients, how your process works and the experience your clients can except from you. This will help them educate others and realize that this is five other professionals who have clients that can articulate your story.

Your second question is essential. You are two years into this business so think about what you provide that others may not. What do you take pride in? What feedback do you receive from your current clients? Have you asked your clients for their opinions? What is your overall value for the fees you receive? Be confident.

Carving out a niche is a very good approach as you will be seen as an expert in this area and clients will refer others to you. It doesn’t mean you cannot offer the other services but understanding a niche market and being able to target to this area keeps you focused and educated on their needs.

If you have other questions please do not hesitate to send in others. You have lots on the go but your determination and drive is apparent! You will be successful!

Joanne,

Your timing for allowing me to seek your advice is perfect.

I am a sole advisor in my office with an assistant and a half. My part-time assistant works 15 hours/week and notified me that she would like to be done by spring 2011. Her main role was contact /booking appointments and various marketing tasks.

My question to you is am I further off hiring a junior advisor vs another assistant to help drive revenue or I could outsource the marketing tasks and then I would book my own appointments and not replace her, is this a good idea? I am finding better results when I call clients to book appointments vs if my assistant initiates the call. What is a good path to grow a business?

Thanks,

Andrew

Dear Andrew, I think you answered your own question, however, think about this…

You mentioned that you are finding better results when you are calling clients to book appointments versus your assistant calling. What results are you finding? It is an opportunity to speak to the clients and during this discussion you are able to generate revenue from that call not just booking an appointment?

If so, that is powerful, but think about creating a call rotation where you are able to make proactive calls and do the same thing. It sounds to me that you have created a process that works where by you have someone booking appointments for you and you have greater flexibility to stay proactive. If you want to stay a single advisor that is connected to your clients only I would say do not replace this associate but if you want to build a team and leverage off these team members then I would say stick to your current structure and continue to build.

As far as hiring a junior advisor versus another assistant that is something you need to think about as well. Can you handle the current families you have and the service you want to provide? Who is going out and getting new business and who is looking after your current client base? Does your current full time assistant want to take on these responsibilities or not? Does he/she have the skill set to be a junior advisor? Where is the business going? What is your vision for the next 1, 3 and 5 years?

This will help you determine your needs and proactively fill them. Think about the framework of your business, the tools required to execute the business and the team you need in place to make it happen.

Relax over the holidays and give yourself the time to DO nothing. This will recharge you and give you a new perspective. Then, come back and plan a half-day to step back and think about what you need!

To send along your questions for Joanne’s next column, send an email to AskAdvisor@advisor.rogers.com

Joanne Ferguson is the owner and president of Advisor Pathways.