Ten Things Advisors Can Do To Boost Business

May 12th, 2022, 1:08 PM

Bryce Sanders of ThinkAdvisor.com has shared his thoughts regarding boosting business, and they are worth sharing.  According to Sanders, there are 10 things advisors can do.  They are: 



  1. Do Not Exceed Your Optimum Number of Clients 

  • It is important not to have too many clients so that advisors can offer great service and attention to a manageable number of clients. According to Sanders, the optimum number for most advisors may be under 100; for other advisors it may be up to 250.  

  1. Never Stop Prospecting 

  • Even if advisors keep all their clients happy and deliver results, a natural decline still occurs. Advisors need to keep adding relationships. 

  1. Smooth Out Revenue 

  • Sanders believes that the best way to smooth out revenue is to begin with financial planning. Thereafter, on a fee basis, advisors should pay attention to client portfolios regularly, initiate contact, and focus their attention.

  1. Deepen Client Relationships 

  • Clients have needs in areas such as lending, retirement planning, and insurance. They may have an interest in alternative investments. Meeting those needs may mean that the client starts a relationship with another provider, but Sanders does not view that as a negative.

  1. Attract Other Assets

  • According to Sanders, consolidating more assets at your firm is a win-win, not just for the advisor but for clients because that will help simplify their lives.

  1. Standardize Your Recommendations 

  • It makes more sense to have a smaller universe of stocks. This allows advisors to give each client more attention because the universe of what advisors need to follow is significantly smaller. 

  1. Know Your Limits 

  • Advisors can do a few things well or many things badly. Knowing when it is time to split the business with another advisor skilled in a particular area is essential to ensure the advisor's success. 

  1. Ask For Help 

  • At your firm, you are part of a team. If you spot a need or see an opportunity, bring in the people who can give the correct answers.

  1. Think Ahead 

  • Advisors should focus on what they think will happen in the weeks or months ahead concerning the stock market. Clients want advice on what they should be doing, not daily observations of the stock market. 

  1. Be Honest 

  • Clients value ethics and want to view you as their trusted advisor. Earn that trust.  Bending the rules once can lead a client to believe that you will bend the rules all the time. 

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.

Return to All

Blog

Ten Things Advisors Can Do To Boost Business

May 12th, 2022, 1:08 PM

Bryce Sanders of ThinkAdvisor.com has shared his thoughts regarding boosting business, and they are worth sharing.  According to Sanders, there are 10 things advisors can do.  They are: 



  1. Do Not Exceed Your Optimum Number of Clients 

  • It is important not to have too many clients so that advisors can offer great service and attention to a manageable number of clients. According to Sanders, the optimum number for most advisors may be under 100; for other advisors it may be up to 250.  

  1. Never Stop Prospecting 

  • Even if advisors keep all their clients happy and deliver results, a natural decline still occurs. Advisors need to keep adding relationships. 

  1. Smooth Out Revenue 

  • Sanders believes that the best way to smooth out revenue is to begin with financial planning. Thereafter, on a fee basis, advisors should pay attention to client portfolios regularly, initiate contact, and focus their attention.

  1. Deepen Client Relationships 

  • Clients have needs in areas such as lending, retirement planning, and insurance. They may have an interest in alternative investments. Meeting those needs may mean that the client starts a relationship with another provider, but Sanders does not view that as a negative.

  1. Attract Other Assets

  • According to Sanders, consolidating more assets at your firm is a win-win, not just for the advisor but for clients because that will help simplify their lives.

  1. Standardize Your Recommendations 

  • It makes more sense to have a smaller universe of stocks. This allows advisors to give each client more attention because the universe of what advisors need to follow is significantly smaller. 

  1. Know Your Limits 

  • Advisors can do a few things well or many things badly. Knowing when it is time to split the business with another advisor skilled in a particular area is essential to ensure the advisor's success. 

  1. Ask For Help 

  • At your firm, you are part of a team. If you spot a need or see an opportunity, bring in the people who can give the correct answers.

  1. Think Ahead 

  • Advisors should focus on what they think will happen in the weeks or months ahead concerning the stock market. Clients want advice on what they should be doing, not daily observations of the stock market. 

  1. Be Honest 

  • Clients value ethics and want to view you as their trusted advisor. Earn that trust.  Bending the rules once can lead a client to believe that you will bend the rules all the time. 

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.

Return to All