Is Forming a Business Partnership Right for Your Firm?

Posted by Angela Sarver

July 25, 2018 at 1:30 PM

If I asked you to define partnership, what would you say? It’s a challenging question because partnerships mean different things to different people. For many advisors I speak with, a partnership is a structure that provides certain benefits. Specifically, it allows them to expand scale and capacity, maximize operational efficiency, create economies of scale, foster redundancy of skill sets, and establish a firm identity rather than one based solely on the personality of the founder.

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Topics: Practice Management

The Secret to Time Management: Understanding What Motivates You

Posted by Kristen Terpstra

July 24, 2018 at 10:00 AM

With summer underway and your clients on vacation, you book time to tackle the projects you had set aside during busier months. But when that Monday after a summer weekend arrives, you have to muster up the energy to begin working on the jobs you’ve been putting off. Whether you have a simple list of tasks—such as updating client reports—or a longer-term project—such as rewriting website content—getting started can be a challenge.

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Topics: Practice Management

How to Ask Clients for Feedback—and Act on It

Posted by Maria Considine King

June 13, 2018 at 1:30 PM

If you google “client advisory board + financial advisor,” you’ll end up with more than 3 million results from a host of sources you’re probably familiar with: Michael Kitces, Financial Advisor magazine, sponsor companies, and others. Many of these results speak to the power of an advisory board in giving strategic insight on how you can better position your services and grow your firm.

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Topics: Practice Management

Evaluating the Tax Considerations in Buy-Sell Agreements

Posted by Bette Skandalis

June 12, 2018 at 10:00 AM

Are you thinking of buying or selling your practice? If so, you are also likely thinking of the material difference that taxes will make in the value of your assets or revenue stream. While you never want the “tax tail wagging the deal dog,” some forethought to the tax implications can help you transact a deal that aligns with your expected net values.

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Topics: Practice Management

Keeping It in the Family: Managing Client Relationships for Longevity

Posted by Kristine McManus

May 16, 2018 at 1:30 PM

Prospecting is tough. No one really likes to do it, and very few advisors are naturally good at it. If only you could clone your best clients. I hear advisors wistfully mention this idea as they think about the implications of having a practice full of dream clients.

Cloning would be great. But short of that, where else can you find ideal new clients? The answer might be quite literally staring you in the face: your clients’ children or grandchildren.

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Topics: Practice Management

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