The ClientWise Blog

Valuing Your Business Goes Far Beyond Revenue Multiples

Posted by Ray Sclafani on Oct 22, 2015 3:52:52 PM

There’s a big difference between buying a book of business and buying a business. Acquiring a business doesn’t just require an assumption of client relationships; it necessitates a transfer of trust – something that can’t be measured using factors and formulas.

The days of calculating an advisory firm's value by simply multiplying its annual revenues by some magical multiplier (usually 2.1x or 2.3x) are an anachronism. As M&A in the financial advisory space has evolved, both buyers and sellers have become much more savvy about a host of ancillary considerations that can dramatically impact a firm’s tangible value.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Business and Operations Management, Business Development, Selling

5 Takeaways for Succession Planning from Built To Sell

Posted by Alix Purcell on Dec 12, 2014 10:49:00 AM


In his best-selling book, Built to Sell, John Warrillow writes what appears at first glance to be a guidebook for creating a solid sales platform. In actuality, the tips outlined help solve one of the biggest challenges of running a sustainable financial advisory business: The art of creating value in your business that is separate from you as the founder or owner. While geared to benefit any business, many of these tips can be applied directly to our industry to help advisors prepare for the eventual succession of their business.


According to Fidelity research, 75% of financial advisors have no succession plan for their businesses. Many advisors ignore the importance of succession planning because, at their most successful, they feel invincible. This is an understandable and powerful feeling that leads 43% of advisors to believe they’ll work "forever". They don't consider succession planning a “top of the list” necessity.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Selling, Succession Planning

How Financial Advisors Find New Clients: The Starting Point

Posted by Chris Holman on Nov 5, 2013 2:36:00 PM


What’s the starting point in how financial advisors find new clients, i.e. what’s the first step in the “sales cycle”?

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Selling

Financial Advisors: How to Close New Business. A Bibliography

Posted by Chris Holman on Aug 8, 2013 10:36:00 AM


“How to close new business.” What an inconsistent and conflicting phrase!

Among the many meanings and idioms of the word “close” that you can find in your dictionary is the definition that applies to completing the final details and negotiations of a deal, e.g. to close a deal. Yet for successful financial advisors, there is nothing ‘final’ about establishing a financial relationship with a new client. Indeed, it is hoped that the financial advisor is OPENING a relationship that will grow and thrive for many, many years.

 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Selling

Financial Advisors: 3 Approaches to the New Selling Dynamic

Posted by Chris Holman on Jul 31, 2013 11:11:00 AM


In Daniel Pink’s bestselling new book To Sell is Human, he compellingly makes the case that it’s a brave new world for all of those in the business of persuading, influencing and convincing others, i.e. which is pretty much all of us.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Selling, Client Acquisition

Financial Advisors: How to Ask for the Order

Posted by Chris Holman on Jul 18, 2013 9:47:00 AM


Bill McDermott
is now the co-CEO of SAP, the software company. His career arc is fascinating one, and a lesson for financial advisors. From a young age, he was precocious…knowing exactly what he wanted. How he entered the professional work-life is a shining example as to how direct communication can be very, very effective.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Selling, Client Acquisition

Financial Advisor Marketing: Being Clear on Leads and Opportunities

Posted by Chris Holman on Dec 11, 2012 11:49:00 AM



As financial advisors build out their marketing plans and campaigns for 2013, it is important to be clear on the various stages within the business development pipeline.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Organizing Priorities, Client Acquisition, Business Development, Selling

Financial Advisors: Do you really want to “pitch” your clients?

Posted by Chris Holman on May 24, 2012 9:50:00 AM

I subscribe to
SmartBrief, a service that I find very valuable. The company is on a mission to “save you time and keep you smart.” (Great value proposition, btw.) Each day SmartBrief scours thousands of articles and sends subscribers a compilation of the best-of-the-best. For financial advisors who want to stay on top of interesting, relevant newsworthy items in a well-organized manner, I highly recommend SmartBrief.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Marketing Approach, Communication, Selling

Mark Twain Teaches Financial Advisors How to Build a Sales Plan

Posted by Chris Holman on May 3, 2012 11:40:00 AM


“I called to give you an opportunity to see General Grant’s book, of which so much has been said in the papers.”

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Topics: Selling, History

Call Reluctance

Posted by Chris Holman on Jun 22, 2011 12:22:00 PM


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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Selling

Are you working hard enough?

Posted by Chris Holman on May 5, 2010 7:35:00 AM


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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Selling

Quest for "The World's Greatest Salesperson"

Posted by Chris Holman on Mar 30, 2010 5:03:00 PM


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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Selling