Practice management tips for advisors

Maintaining a profitable business takes more than determination and a few connections.

Chris Kirby, practice management consultant, recently told Financialplanning.com that making sure minor tasks and details are taken care of is just as important as having a long-term business plan.

He offers 7 tips for advisors, which include:

• Figure out how many prospect, client, and networking appointments you need to have in a given week. Many advisors ensure they spend at least half of their time both meeting new connections and maintaining their current relationships.

Read: 10 strategic networking tips and Maximizing client meetings

• Establish regular office hours and make sure all meetings have a purpose. Whether they’re with staff or clients, they should all be booked well in advance and for a clear reason so your time isn’t wasted.

Read: Avoid 4 practice management mistakes

• Be aware of who your ideal client is today, and establish which segment you’d like to be serving most as your business evolves. Then, figure out ways you can increase the number of right-fit clients you have in your book.

Read: Walk in the shoes of your best clients

• Always focus most on income-producing activities; any admin tasks or basic jobs should be delegated to a qualified person on your team.

Read: An all-star roster, for tips on building a strong team

Read more on how to successfully run your practice.

Staff

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