If someone had told you years ago that a phone small enough to hold in your hand would have more power than the technology NASA used for the first moon landing, would you have believed them? It’s true—and it’s a testament to the dramatic technological advancements we’ve experienced in the past several decades. The changes have ranged from the minor (Rolodexes are no longer a thing!) to major improvements, including how we interact with clients and prospects. As new solutions emerge, advisors will need to place a greater emphasis on leveraging technology to enhance the client experience.

In a recent blog post, I talked about the importance of consolidating your clients’ assets. I also discussed introductions and referrals and how essential they are in helping you gain new clients for your practice. Here, we’ll take a look at another strategy for business growth: capturing money in motion.

It’s absolutely true: spending time giving back to your community can provide tremendous benefits—not just for the people and organizations you are helping, but for your personal well-being and even for your business.

New clients are the lifeblood of a thriving practice. Yet, I find that many advisors focus too intently on their prospecting activities and fail to take advantage of the opportunities for business growth sitting right across from them: their existing clients.

Advisors who develop a business plan are more likely to realize success—that is, if they revisit their plans and hold themselves accountable. As your firm grows, your vision for your business may change significantly, meaning your business plan will need to change, too. But a plan shouldn’t be reactive; it should help you lead the change you want to see as your firm develops—and that means it will require regular review.