Road to Independence

Well, the year is coming to a close and my focus is turning to 2008. Many of my objectives have been accomplished but there are still a few remaining. Next year, I intend to spend more time marketing my services to qualified prospects. I plan to continue working on my operational efficiency which is crucial to any business, but even more important to a solo practitioner.

(more…)

In my last blog, I discussed getting clients engaged in the implementation process. This week, I’d like to talk a little about the planning process and the structure of the engagement.
I’m sure many of you know this universal truth: the better the information we collect, the better the advice we can render, or GIGO. Most of the time, getting information from clients is not a problem, meaning they are willing to provide it. Some may be more organized than others and get it to you sooner, while others may have a harder time gathering it. Ironically, it may be the clients who are slower in getting the information to us, those who are the most disorganized, that need us the most.

(more…)

I’d like to expand on a topic from last week’s IA Advisor Summit in Washington, DC. Over breakfast I had a discussion with a couple of advisors about financial planning. We discussed our processes and areas of analysis and how they were received by clients. Of particular note was the topic of implementing the plan’s recommendations. On that, it seems we shared a common frustration. The frustration that can occur when we, as planners, have crunched the numbers, prepared a thorough analysis, selected the most appropriate strategies, and presented them to our clients, only to find their eyes are glazing over. Since we are completely convinced that our suggestions are prudent and absolutely in the clients’ best interests, there should be no doubt that our clients would see that, right? Well, perhaps not. I think we make the mistake that our paradigm is their paradigm.
(more…)

I spent part of this past week in Washington, D.C., attending the Investment Advisor annual conference. While there, I met some great people and was able to pick their brains a bit. It has been a long-held belief of mine that you can learn something new from everyone you meet. It’s interesting to me to hear of the different ways advisors approach their businesses, specifically, the services they offer, and how they price them.

(more…)