Strategic scale
Strategic scale
Scaling your business in a strategic way takes an enterprise mindset and solid preparation. In our Pathways to Growth: Advisor Benchmark Study, advisors experiencing the highest growth are more likely to have business goals and processes in place, and to increase efficiency through teamwork. To build scale in your practice, start by focusing on three distinct areas: business planning and productivity, team management, and goals and standard operating procedures (SOPs). Find more about these topics below or visit similar collections for Client acquisition and Relationship alpha.
Business planning and productivity
You know you have reached a certain level of success when your biggest obstacle is the inability to clone yourself. Rather than a crisis, this is an opportunity to build a practice that’s sustainable for years to come.
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5 ways to improve productivity in your business
Regular business planning is essential in tracking the health of your business. Start with easy-to-implement key performance indicators to help gauge profitability and expenses, identify the value of each relationship and save time.
8 MIN ARTICLE
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How advisors are driving growth with model portfolios
The use of model portfolios was more prevalent among the highest growth advisors in our benchmark. Find out how models can help free up time for practice management, as well as planning services that add value for clients.
8 MIN ARTICLE
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A succession plan for success, with Kyle Weber and Nick John
Sometimes inspiration strikes when you hear how others succeeded. Advisors Kyle Weber and Nick John discuss how they built productivity into their succession plan.
27 MIN PODCAST
Team management
Leadership may not come easy, but it’s a skill that can pay off. Considering the enhanced client experience, streamlined operating model and increased motivation, it’s easy to see why expertise in team management is tied to growth.
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Effective team structures for financial advisors
Co-workers with complimentary skillsets can create something beyond the capabilities of a single person — and forging real career paths for employees can encourage them to bring energy and inspiration to your business.
11 MIN ARTICLE
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Drive team performance through employee engagement
At a time when customer service is at a premium, and good employees are harder than ever to find, a focus on leading an engaged team may help position your business for success.
13 MIN ARTICLE
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Leadership lessons from a Navy SEAL
Being an effective leader can pay dividends. Planning and processes can help increase your team’s level of confidence and competence, even in times of extreme uncertainty.
8 MIN ARTICLE
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Building a multibillion-dollar practice through mentoring, with Jeff Dobyns
In this podcast, advisor Jeff Dobyns describes how he took his practice to nine offices with 160 employees by teaching others how to excel.
25 MIN PODCAST
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“Force multipliers” as a catalyst for growth, with Jonathan Freeman and Brian McCarver
Hear two top advisors describe how the unique skillset of each new hire is a force multiplier to the growth of their billion-dollar firm.
29 MIN PODCAST
Goals and SOPs
Scale means having the goals and processes in place, so that you and your team can take everything in stride. The real work is in setting up your standard operating procedures — then they can do the work for you.
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Think like a CEO: Goal setting for your advisor practice
Get a sense of the types of goals you want to set for your practice based on what other advisors are doing. Then determine how to track and measure these goals over time.
6 MIN ARTICLE
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From coffee to clients: SOPs help you serve both better
Establishing SOPs can seem overwhelming. We'll help you find ways to structure and document various types of processes, from the very simple to the completely essential.
8 MIN ARTICLE
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Better practice management and productivity, with Ray Evans
Some advisors bring in third parties to help put goals and SOPs in place. Listen to find out how one team improved productivity overall through the help of consultants.
17 MIN PODCAST
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5 ways to avoid a mid-career slump
If you feel you’re reaching a point in your career where goals are more difficult to articulate and you aren’t sure which way to turn for growth, start here.
6 MIN ARTICLE
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