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Seven Critical Habits for Profit-Oriented Advisors

Seven Critical Habits for Profit-Oriented Advisors Seven Critical Habits for Profit-Oriented Advisors

7. Spread the Word


Principals who have decided that a marketing plan would benefit his or her firm should decide how much should be spent on an awareness program. This task is not a favorite among advisors, but Carney likens it to outsourcing portfolio management.

Seven Critical Habits for Profit-Oriented Advisors Seven Critical Habits for Profit-Oriented Advisors

6. Distinguish Noise from Valuable Information


Every advisor and principal who is serious about his or her career reads up on the latest industry news and analysis to stay informed. Carney suggests sifting through the mountains of available reading. Ask yourself: Can I realistically implement this idea?

Seven Critical Habits for Profit-Oriented Advisors Seven Critical Habits for Profit-Oriented Advisors

5. Preserve the Wealth


While a firm is busy taking care of its wealthy clients, it is wise to start paying attention to the children who will inherit transferrable wealth from current patrons. “Set a program to retain the transferrable wealth of baby boomers,” Carney said in an interview at Financial Planning’s offices last week.

Seven Critical Habits for Profit-Oriented Advisors Seven Critical Habits for Profit-Oriented Advisors

4. Ask: Why Are You Here?


Principals should ask themselves whether they want to run a large firm with a partnership structure, or if a lifestyle practice that serves a specific purpose for the main advisor is enough.

Seven Critical Habits for Profit-Oriented Advisors Seven Critical Habits for Profit-Oriented Advisors

3. Ask: How Big is Big Enough?


Growth sounds like a good value for most businesses, but principals of successful practices, however, know how much business they can take on while serving clients effectively. They know when to say when.

Seven Critical Habits for Profit-Oriented Advisors Seven Critical Habits for Profit-Oriented Advisors

2. Understand Technology


Sure, it might be a good idea to buy the latest client relationship management or performance reporting software, but the best way for a firm to optimize its internal technology capabilities is to understand why they are using it.

Seven Critical Habits for Profit-Oriented Advisors Seven Critical Habits for Profit-Oriented Advisors

1. Develop a Clear Strategy


Profitable firms have developed clear strategies for what type of clients they will serve and what services they will offer that targeted audience.

Seven Critical Habits for Profit-Oriented Advisors Seven Critical Habits for Profit-Oriented Advisors

Seven Critical Habits for Profit-Oriented Advisors


The equity markets are rallying and economic indicators point to growth — albeit slow — nationally. But independent advisors are squeezed between the rising costs of doing business and fee-based revenues that are not rising as quickly. James Carney, president and chief executive officer of ByAllAccounts, says profitable and effective practices are changing their priorities and being more progressive in their thinking this year. He laid out seven habits that will help firms regain profitability.

James Carney, president and chief executive officer of ByAllAccounts, says profitable and effective practices are changing their priorities and being more progressive in their thinking this year. He offered seven habits that will help firms regain profitability.

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