Paraphrasing Michael Gerber, author of E-Myth Revisited, “Sooner or later, the day will come where the technical skills of your trade or profession are no longer enough;...
As an advisor, much of your day revolves around numbers—setting financial goals, managing portfolios, and ensuring the financial well-being of your clients. Although...
Given the ever-evolving advisory landscape, staying ahead of the curve can be a difficult challenge. It will be essential to your continued success. As we look forward...
In today's fast-paced world, staying up-to-date with the latest financial trends, insights, and strategies is crucial—especially as you strive to offer your clients the...
Mastering practice management is an essential success driver as you build your enterprise. Effective practice management strategies not only help streamline your...
Every successful leader knows that delegation is essential to achieving maximum capacity. The key question, however, is whether or not you’re approaching delegation...
When developing professional relationships, there's simply nothing quite as valuable or productive as a well-structured, one-on-one meeting. We’re all incredibly busy...
Recently, I was talking with one of our elite advisor clients (the CEO of a $2.4 billion firm), and he shared the notion that for all its critical importance, ‘strategic...
7 Essential Metrics for Your CEO Scorecard Recently, I was coaching a group of larger ($1+ billion in AUM) advisory firm CEOs. Our objective was to develop a CEO...
As the leader of a dynamic, growing wealth advisory business, several times each year, you and your leadership team should engage with your strategic planning...
As we embark on the journey of a new year, fully present, with clear heads and open minds, this is the perfect time to commit to a ‘growth restart.’ From carefully...
Identifying high-impact clients. Helping them clearly understand the value you deliver. Building the necessary levels of trust to establish lasting relationships. And...
At ClientWise, we often stress the critical importance of developing an interdependent team rather than an autonomous work group. But how do you objectively determine...
Time is the ultimate equalizer. A couple of years ago, I reviewed the results of a time management and productivity study conducted by Michael Kitces. He found that less...
If building an enduring business – one that cares for future generations (of both clients and advisors) – is important to you, then now’s the time to start planning. But...
This weekend, we commemorate those who have fought for all we hold so precious and dear. Memorial Day is a day when we pause to give thanks to the people who fought for...
Carol Dweck, Ph.D. and author of Mindset: The New Psychology of Success, defines a growth mindset as believing “the hand you’re dealt is just the starting point for...
We’ve all seen the sobering statistics. The average age of financial advisors is currently reported to be 55 years old, with roughly one in five age 65 or older. And...
Q1 2022 INSIGHTS During the first quarter of 2022 (Jan - Mar), we asked our clients a series of business-specific questions to gauge their perceptions as to how prepared...
“Don’t ask how we can motivate people. That’s the wrong question. Ask how we can provide the conditions within which people can motivate themselves.” — Edward Deci,...
Your compensation stack is the combination of human capital tools which create a framework for fully compensating your team members and framing your firm as a desirable...
The OED defines gratitude as “the quality or condition of being grateful or thankful; the appreciation of and inclination to return kindness; gratefulness.” But it’s...
This week at the Barron’s Advisor Independent Summit, a group of self-made leaders gathered for an invitation-only event to learn and grow, sharing ideas and insights....
Odds are you’ve created hundreds of pitch books over the course of your advisory career—PowerPoint presentations with your company brand, bulleted facts and figures,...
For better or worse, we’re bombarded by a constant stream of economic data. Looking closely at both leading indicators such as bond yields and housing starts as well as...
Recently, I attended a leadership meeting for one of our clients. As everyone was gathering in the virtual zoom room for the virtual meeting, it was clear there were...
In Part 1 of a two-part series, we will explore what factors to consider when putting together the compensation stack for your team members. Like a tech stack, your...
Why elite advisors are always recruiting Pick up any trade journal these days and you’re bound to see at least a couple of articles about the current ‘Great Resignation’...
If you’re at all familiar with the film Field of Dreams, you know that it takes more than simply plowing the cornfield and building a baseball diamond to achieve your...
The race for talent is heating up. Do you have a plan? According to a recent study conducted by Barron’s, advisor growth over the past two years has been off the charts:
Not too long ago, financial practice values were just a simple multiple of revenue. Depending on the book of business, an advisor generally could expect 1x to 2x...
We’re in the midst of a transitional time—not just because of the systemic changes that have been brought on by COVID. Advisory businesses are currently experiencing...
Building an enduring business. For most of us, it’s one of the most important goals we have—to establish a firm that will care for future generations of both clients and...
One of the critical factors you’ll need to consider as a buyer is whether you’re acquiring the business with the intent of having the acquiree exit the practice, or...
One of the critical factors you’ll need to consider as a buyer is whether you’re acquiring the business with the intent of having the acquiree exit the practice, or...
From our family to yours, we would like to wish you a Happy Holidays and a very Happy New Year! In this season of giving, we are most grateful for that which you give to...
It’s rarely a cataclysmic event. Far more often, it’s a slow, cumulative effect – the impact of small, insidious behaviors that in and of themselves seem relatively...
Whether in the context of the work we do with advisory firms looking to merge, or building structures to facilitate the move of clients from a founder to a next...
We all have a vision of our future business. Too often, however, that vision is solely focused on some relatively far-off (5, 10, or even 20 year) end date. Don’t get me...
Capacity and Productivity. Any advisory firm that’s serious about meaningful and sustainable growth must learn how to better control those two critical financial...
One of the biggest challenges for any thriving advisory firm is finding time (beyond day-to-day operations) to plan and execute on the activities which will most...
Ask any consultant who works on compensation in the financial services industry and they’ll probably tell you that retaining Human Capital should be the #1 cause of...
On behalf of the entire ClientWise team, we would like to wish you Happy Holidays from our family to yours! In this season of giving, we are most grateful for that which...
First off, my sincerest apology to author Gabriel Garcìa Màrquez for butchering the title of his remarkable novel Love in the Time of Cholera just to come up with a...
…is when the sun is shining. That was the clarion call of JFK in his 1962 State of the Union address – a challenge to the nation to use current times of prosperity to...
To say that 2020 has been a challenging year could perhaps be the greatest understatement of all time. It’s honestly been a year of unimaginable struggle. The loss of...
On behalf of the entire ClientWise team, we wish to express our deep appreciation to those of you who have served (or perhaps are still serving) in our nation’s Armed...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
An opportunity to test and learn new acquisition strategies Lately, whenever I talk to one of our clients, I make it a point to ask them what their year-to-date new...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Sit down at a lunch table during any advisor conference, and I can pretty much guarantee you that sooner than later, the topic of conversation will gravitate to client...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Late last year, I led a working session of sixteen advisory clients – all but one of them managed in excess of $1B in assets (with at least two firms north of $2B in...
The very first Labor Day was celebrated in New York City on September 5, 1882. And on June 28, 1894, President Grover Cleveland signed a law making the first Monday in...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
New clients and new talent have never been more accessible Perhaps all this industry buzz and talk about entering “a new normal” is legitimate, and that the way you...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Moore’s Law states that every two years the number of transistors on a microchip will double while over the same period the cost of computers will halve. Rather than a...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
When it comes to returning to the workplace, there’s no shortage of conflicting viewpoints in the marketplace in general – nor among advisors and their teams in...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
If you’re like most successful firm founders, you’re probably either a tremendous relationship manager, rainmaker and/or investment technician. And as your firm has...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
You’re the CEO of a successful RIA. You’ve grown the business from a fledgling operation to a thriving firm with a talented team of skilled planning and investment...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Looking for ways to keep your team and your clients focused and engaged? Share with them these 24 tips that will help them stay focused and organized while working from...
Bringing the best out in your team during challenging times. While compliance requirements may limit some financial advisory firms from using certain technologies,...
At ClientWise, we talk at great length about the critical importance of cultivating the NextGen owners and partners who will guide your firm into the future. It’s not...
If you’re not experiencing any; you’re not human! Assuming you’ve ventured onto ThinkAdvisor, FA-Mag, InvestmentNews or any one of the many other online information...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Moving the Right Financial Levers Avoid permanent outcomes to temporary problems Unlike countless retail, manufacturing and hospitality businesses, financial advisors...
Each of these important articles and podcasts have been thoughtfully curated, timely, and helpful for you and your team. HBR Podcast: Staying Agile Beyond a Crisis...
By now, you’ve reached out to check-in with all of your clients -apprising them as to your operating plan during the pandemic, as well as addressing any initial fears...
By now, we’re all more than a little burned out on Zoom meetings, virtual client reviews, and the seemingly endless litany of daily and weekly online check-ins and team...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Dare I say that just a few months ago, none of us could possibly have fathomed the world we currently find ourselves trying to navigate?! Not only is the human toll of...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
This weeks research insights, best practices, and fresh ideas on how to lead your clients and your team... Twelve Positive Ways the Crisis Will Impact RIAs General James...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
This weeks research insights, best practices, and fresh ideas on how to lead your clients and your team... Demonstrating Corporate Purpose In the Time of Coronavirus How...
Harold Evensky’s musings on the Coronavirus McKkinsey & Company: The Future is Not What it used to Be - Seven Elements for Business Leaders to Consider as They Plan for...
"Success is not final, failure is not fatal: it is the courage to continue that counts." - Winston Churchill The Most Beautiful Virtual Choir For This Holiday Week On...
Sometimes it’s at the turbulent center of a monumental crisis where true leaders discover their inner strength. Individuals who despite incredible fear and uncertainty...
Controlling What You Can, Learning From What You Can’t How to Make the Most of this Nationwide Timeout - Diamond Consultants: Financial Advisor Recruiting Firm Financial...
Yesterday I exhumed a white paper that was published on Leadership Development by the Center for Creative Leadership in 2011 thinking it might be relevant to our current...
Some offices have already closed, and others may do so in the future, so knowing how to organize yourself and your team to continue to provide exemplary service is...
At this reflective time of year, I remind myself that while gratitude is important, it’s in the giving (of our time, talent and treasure) that we best demonstrate our...
“Neither a borrower nor a lender be: For loan oft loses both itself and friend.” Hamlet; Act 1, Scene 3 It’s one of the most recognizable and oft quoted lines in all of...
For any enterprise that’s serious about meaningful and sustainable growth, getting a grasp on how to better control these two critical financial metrics is essential. As...
One storm is no longer enough... When it comes to fueling meaningful growth in your enterprise, the days of succeeding by doing one thing very well are quickly becoming...
If there’s one holiday that should especially resonate with financial advisors, it’s the 4th of July – a celebration of our nation’s unyielding and relentless desire for...
Finding Your Personal Satisfaction Drivers In our work over the years with hundreds of advisory teams, nearly every phenomenally successful team leader has shared ONE...
The statistics paint a pretty bleak picture. The average financial advisor today is age 51, with nearly half (43%) over the age of 55 and therefore inside of a decade...
Regardless of political persuasion, whether red state or blue, there are some messages that transcend politics and provide a rare opportunity to begin salving wounds and...
The clock is ticking We’ve all seen the statistics. The probability that your firm will be able to retain your current clients’ assets once they transfer to the next...
Why clearly defined roles and responsibilities matter Remember when you first started your firm? Not only were you the owner of the business, you and your original team...
As a strategic business leader, you recognize that your team – your human capital – is your most important asset. You invest in them in a variety of ways and, in turn,...
Odds are, at some point during college or in the early years of your career, you were introduced to the acronym “SMART” as it relates to creating business goals and...
On behalf of the entire ClientWise team, we would like to wish you Happy Holidays from our family to yours! In this season of giving, we are most grateful for that which...
As we take time to give thanks and reflect on the relationships for which we are most grateful, we invariably recall certain history lessons that serve as important...
Four Fun Historical Facts for Financial Advisors on the 4th of July Happy Belated Birthday! In actuality, the real Independence Day, is on July 2nd. This is the day that...
Expand client marketing via LinkedIn As the premier professional network on the Internet, LinkedIn is a great place to make professional connections and network for...
Thanksgiving is a day when we pause to give thanks for the things we have. Memorial Day is a day when we pause to give thanks to the people who fought for the things we...
How three unique firms found common purpose in coming together Rick Kent (founder of the suburban Atlanta-based Merit Financial Group) was actively seeking to grow his...
All businesses need a sound marketing strategy, particularly in acquiring new clients. It’s not enough to be an expert in your field or provide outstanding service. If...
This past weekend the NFL announced for every Re-Tweet they will make a $5 donation. @NFL will donate up to $5 MILLION! Here's the article but before you go be sure to...
Nearly a week after Hurricane Harvey slammed into the southeast Texas coast, thousands of residents remain stranded without food or water. And the dangers arising from...
I often ask advisors I work with to describe their future company to me. With very few exceptions, the responses I get overwhelmingly revolve around incremental change....
Most successful financial professionals possess the technical skills and qualifications necessary to help their clients and colleagues maneuver in a fast-changing market...
It's always a good time for financial advisory teams to fine-tune their marketing plans. It’s vital that the team remains focused on reaching defined marketing and...
If we only had a dollar for every time we’ve heard an advisor say “I’d really prefer not to add new team members because I just don’t like managing people.” Mind you,...
The best in the business know that a critical part of their role is mentoring, coaching and developing their team. It's extremely important to gain the skills and...
You didn’t become the founder of a successful financial advisory practice without having a host of extraordinary talents – from strong rainmaking and relationship...
Whether you call it outcomes-based financial planning, goals-based wealth management, or some other moniker, there’s no getting around the fact that it’s an essential...
In general, entrepreneurs are successful because they can see a future that nobody else sees, and imagine things that others simply can’t bring themselves to envision....
Understandably, very few advisors are natural marketing or branding experts. After all, there are only so many hours in the day, with client and operational demands...
It’s a statistic you’ve all heard repeatedly and one that understandably sends a shudder through most firms: 90-95% of inheritors fire their parents’ advisor once the...
In my last blog, we explored strategies that can help drive a greater share of wallet from your existing clients. Now, we will take a look outside at some potential...
Veterans Day is an incredibly important day for our nation. It is designated as a day to honor all who have served in the military and to celebrate the sacrifices of our...
Ask any advisor about their strategy for growth and nine times out of ten their response will focus on the acquisition of new clients either through loyal client...
With nearly half of the advisor population (43% according to Cerulli) over the age of 55, it raises two critical questions. Who’s going to take care of all your clients...
It’s a well understood reality that there is a veritable army of advisors in today’s marketplace who covet the idea of super-charging the growth of their business with...
A mere 3% of today’s advisors have a written continuity plan to protect their business (and more importantly their clients’ best interests) in the event of their death...
We’ve all seen the statistics that there are roughly 30-50 buyers lined up for every advisory practice that comes onto the market. It certainly seems to bode well for...
As we approach the 5-year anniversary of the death of Steve Jobs, he continues to remain one of the world’s most respected business visionaries and innovators. A...
As an industry, we’ve made great strides over the years towards aligning compensation with client interests – steadily migrating from transaction-based to fee-based...
While they may currently only control 4% of the nation’s wealth, there’s absolutely no doubt that if you’re not preparing your firm to address the needs and preferences...
Over the last few years, there have been many articles published about the increasing economic power of women both here in the U.S. and globally. By 2020 (essentially...
There’s an old adage that states, “Great leaders don’t tell you what to do; they show you how it’s done.” It’s a point we try to strongly emphasize anytime we work with...
You sit at your desk and review a pile of resumes. For the most part, you can quickly make a determination as to whether or not individual candidates have the requisite...
The subtitle of my book You’ve Been Framed is “How to reframe your wealth management business and renew client relationships.” Before you can effectively undertake that...
Why is it that some advisors seem so successful at building a Professional Advocate Network of attorneys, CFPs and estate planners, while other equally capable advisors...
Imagine sitting down with one of your clients for a financial planning meeting and focusing exclusively on their short-term financial needs and concerns. When the client...
In order to achieve your defined measures of financial reward now and upon exit from your practice, you must design and hire a team that is: 1. Capable of all aspects of...
It’s an incontrovertible fact that the majority of wealth management advisors vision statements never effectively drive firm success for the simple reason that they’re...
It goes without saying that the support of a highly-skilled team is essential to achieving the future firm you’ve always envisioned. It shouldn’t come as any surprise...
If you’re like many advisors, you probably associate certain social networking sites with specific functions. Facebook is the platform you turn to for attracting new...
Many successful financial advisors out there have found ways to cultivate centers of influence and build momentum with their wealth management team. Here at ClientWise,...
The simple truth is that people will both join your team, as well as quit your team, usually for the exact same four reasons: 1. The nature of their personal...
People work for three reasons: to create safety, to create freedom of choice, and to create meaning in their lives. Yet all too often, we tend to wrap all three of these...
Lately, in talking with financial advisors, I’m getting a sense that clients have finally settled down a bit after the heightened volatility that ushered in the New...
Perhaps no generation is as misunderstood as millennials – the people who represent the future of our financial services business. We tend to haphazardly paint their...
While the statistics vary slightly, time and again they all point to the fact that unless you change your process, the likelihood of holding onto your current clients’...
What is that “secret sauce” that enables Advisor A to take a $10MM AUM solo practice and build it into a $1+ billion multi-advisor business, while Advisor B with the...
From time to time, I write about the growing relevance and importance of social media. Unfortunately, for many of you affiliated with broker-dealers, the topic has...
At the beginning of the year, you and your team were fired up and ready to rock-and-roll, committed to 2016 being your firm’s best year ever. Like straight-A students on...
Over the last two weeks alone, I’ve had no fewer than eight clients say to me that they’re throwing in the towel as a result of the DOL’s new Fiduciary Rule. “You know...
Ours is an industry seemingly obsessed with benchmarking – whether it’s the performance of our investment portfolios or the performance of our businesses; we want to...
In just the past few weeks alone, I’ve come across no fewer than a half-dozen situations where highly successful advisors suddenly find themselves hamstrung by...
Every advisor – whether thinking about selling their firm or not – wants to know the value of their business. It’s simply human nature to be curious about how much your...
Frequently when I speak at advisor events, I’ll ask attendees what they believe to be the greatest impediment to their firm’s future growth. More often than not, the...
I recently came across a terrific older article in the Harvard Business Review that articulated in very specific detail an optimal organizational structure to empower...
We focus so much on acquisition, portfolio management, client issues and day-to-day operations that we rarely have time to sit back and take stock of the state of our...
The sky is falling! The sky is falling! Open any financial advisor trade publication these days, and that pretty much sums up the prevailing sentiment. Yet despite all...
Whenever I have a conversation with an advisor client about his or her professional advocate network, invariably they begin to discuss the number of client referrals...
As the advisor industry continues to churn with speculation regarding the scope and extent of new forthcoming DOL guidance around the transparency of client fees, all...
Intimacy and engagement: those are the qualities that separate truly memorable client events from the merely enjoyable; they’re the qualities that resonate at a deeply...
“Revenue is vanity, cash flow is sanity, but cash is king.” It’s an age-old business maxim that too few independent advisors ever fully embrace. As firm owners, many of...
Successful wealth management is a team concept and not an independent function. In order for the client’s work to get done, you need a team that willingly engages in the...
Here at ClientWise, we often talk about the vital importance of “teaming.” We believe teaming is the future of the financial advisory business – allowing you to better...
Perhaps more than any other industry, the financial advisory business is keenly attuned to benchmarks. You carefully watch major indices, craft investment portfolios to...
Let’s start with a few irrefutable facts. Today, the average age of financial advisors in this country stands at 50.9 years old. According to Cerulli Associates, over...
“People will forget what you said. People will forget what you did. But people will never forget how you made them feel.” - Maya Angelou That’s the genuine essence of...
What exactly constitutes a “client advocate?” Advisors are often rather liberal in their definition, including those clients who, from time to time, provide an...
With tax season right around the corner, this is a time of year when many advisors are focused on annual and quarterly client reviews. The challenge, however, often lies...
Communication skills are the most important skills that you need to be successful in any industry. For financial advisors specifically, being able to effectively...
Far too many advisors view their firm website with the same sort of fear and trepidation that results in dated, uninspiring advisor websites that say very little and...
Let’s get one thing perfectly clear – millennials are NOT the lazy, self-absorbed narcissists who expect you to hand them a VP title and a six-figure salary. About the...
No matter how capable of a writer you are, the simple truth is that it’s vital you have an opinion and are willing to share it. Your clients are counting on that. If you...
Love 'em or hate 'em, there’s no arguing that in an industry structured to create franchise parity through salary caps and free agency, the New England Patriots have...
These are perhaps the three most important benchmarks by which wealth management practice success is truly measured. Yet, many advisors struggle with drawing clear...
On behalf of the entire ClientWise team, I would like to wish a Happy Holidays to all of our friends and family! While traveling recently, I took some time to reflect on...
In our last blog, we focused on the turning of the calendar as an ideal opportunity to revisit your business plan, with an eye towards capturing more meaningful business...
You spend your days counseling clients as to the critical importance of careful and proper planning. Yet a great many of you either don’t have a business plan, or...
I can’t begin to tell you how many financial advisors, when asked to identify their target niche market, will list women as one of their targets. How exactly can a group...
It’s a simple fact – most attempts at building a highly interdependent team end in failure. Not as a result of bad people or lack of effort, but rather, because the...
Building Better Team Cohesion and Communication Why do you do what you do? What motivates you and what causes you stress? How do you respond to conflict? How do others...
It is with great happiness and joy that ClientWise welcomes new team member, Brooke Suarez (Age: 12 hours). There will be a hefty onboarding process of diaper changing,...
Ask a large group of advisors to list their primary business goals, and odds are “growing my business” will be at or near the top of almost every list. But ask the same...
We continually champion the concepts of “partnering” and “collaborative conversations” because they are such critical components to the future success of your business....
As a conscientious advisor, you take your fiduciary duty to your clients quite seriously. Your entire raison d'être is to serve as their voice of fiscal reason, advising...
An internship program offers your team tremendous means of enhancing productivity while ensuring the continuity of exemplary client service. The challenge for many...
This day is an incredibly important day for our nation. Today marks an opportunity for us to celebrate the sacrifices made by those individuals who protect our country...
As your team and business expand, managing productivity quickly becomes a monumental challenge. You wake up one morning and realize that what you could once manage with...
Many people mistakenly look at the world and think that what they see is reality. In fact, what they see is merely their perception of reality. Unfortunately, these...