How to improve your business

Predictions of a new recession are becoming louder and more frequent. It might be time to tighten up your own business to ensure you can make it through tough times.

Managing your own business in a more efficient manner is the perfect way to lead by example and in these temperamental times.

Here are some insightful and practical pieces on how to shore up your own business.

Recession proof your practice: Part Two

Last year, I wrote an article about recession proofing your practice in case of a double dip. Based on what has happened since then, I felt an update was in order.

Cut your costs, boost your profits

Running a financial planning practice is a wonderful thing, however, it is key to keep operating costs lean so you can make it through those difficult times. With that in mind, I put together a few tips on how to reduce operating costs so you can run an efficient practice.

Boosting advisor sales: Advisor Audio

Tricia Benn, Senior Director, Rogers Connect Market Research and Client Services, Rogers Publishing Ltd., discusses how distributors can better help their advisors bring in more revenue and what synergies advisors are looking for from the distributors who bring them product.

Impress clients and gain referrals

Retirees taking RRIF withdrawals, or those with even modest non-registered accounts, are likely to have enough untaxed income to be called upon by the CRA to pay quarterly tax instalments.

When to cull advisors: Advisor Audio

Kevin Cott, CEO, Qualified Financial Services, Toronto, talks about culling advisors who offer little business and do a better job for those who write big tickets.

What’s your practice worth: Advisor Audio

Cameron Jacox and James Hilton, Managing Partners, Jacox-Hilton Producer Consulting, discusses how owners of financial services businesses can determine the value of their operations for both succession and sales purposes.

Leveraging your time, partners

Serving the evolving needs of clients is one of the biggest challenges advisors will always face. Financial professionals must develop new skills and solutions to attract and retain clients — or be squeezed out by the competition. So how do you gain a slight edge over the rest?

Justifying your annual fee

Our clients see exactly how much we earn on their investments. For our average client, that’s well over $3,000 a year, which can sometimes lead to sticker shock.

Kiss that fax machine goodbye

In this modern age of digital communication, VOIP, texting, smart phones and Skype, most of us in the financial industrial still have one big foot still planted blatantly in the 1960s.

Prospect for clients online

Any doubts about the power of Internet marketing have been eliminated with the popular uprisings in the Middle East and North Africa — dubbed the social media revolution due to its role in organizing the protests. However, before financial advisors leap into social media marketing campaigns, it is important to start with the basics.

Building your professional network

Few accounts are so simple that they require no outside counsel. That’s why it’s important to actively work on building a trusted network of professionals you can rely upon.

An Office in the Clouds

Struggling with our tiny little network with its single server and five computers (one remote) I have been exploring alternatives to having to constantly deal with the lag for the remote and the occasional hassle from a maintenance point of view.

Tech every advisor needs – Part 1

There are a few pieces of technology I just can’t live without when conducting business – and surprisingly a Blackberry doesn’t make the list.

Rightsizing your way to maximum profit

There are many ways to achieve the optimal number of the clients you want while being freed from the burden of the clients you don’t want.

Making your Blackberry better

Don’t get me wrong. Apple makes a very good phone and the Google Android system, when coupled with companies like Sony and Samsung, is an excellent product.

Becoming the next superstar advisor

Anyone with kids knows pop star Justin Bieber was discovered via YouTube. Before long, his songs were getting millions of hits from a growing fan base and he was courted by Justin Timberlake and Usher at age 12. When I was 12, I wasn’t even courted by girls with pigtails.

Netting new clients

There is no doubt that referrals are the preferred way to grow our practice but sometimes clients don’t always send along the right type of prospects.

Juicing your email

If you currently work alone or have a small office, you have probably decided it’s not worth the cost and time of setting up and maintaining a separate mail server and just use the email service your internet provider or website host provides.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.