7 Mistakes of Financial Advisory Practice

Are you a financial professional struggling in your practice?

Workflow is the Secret Weapon For Growing Your Service Fast & Profitably

“People. Process. Product!”

Marcus Lemonis CEO, Camping World Billionaire & Star of CNBC’s “The Profit”

“Talented people with a poor or mediocre process will deliver a bad product.” 

To grow your firm, you need a great process that can consistently deliver a great “product” to your clients.

“Products” Grow Fast 

“Services” are HARD to grow

Hard = Time intensive, Expensive,Hard to Sell & Market 

Mistake #1: Client experience isn’t accounted for 

The reason your business stays open is because of your clients, but too often they’re the last person you think of when you design a workflow! 

Questions to ask: 

Are there moments when the client often becomes frustrated? 

Are there common questions or failure to understand expectations among clients? 

Are there steps or communication we can include in order to increase client expectations, satisfaction, and retention? 

Mistake 2: KPIs are not properly addressed or tracked 

We know the great Peter Drucker expression “What gets measured gets managed”… but do we apply this to our business? 

If our “product” is our service, what KPIs should we track to keep us aligned with our growth strategy? 

One of the most common metrics is “Turn Around” tracking, because it gives an internal gauge of how quickly and efficiently we work on client engagements. Longer wait times create poor experiences for clients, so it’s critical to identify similar metrics to rally the entire company around. 

Mistake 3: Bottlenecks become ingrained in the process 

One of the biggest areas owners struggle with is recruiting and retention. It’s no secret that good talent is hard to find and harder to keep! 

One thing that can destroy both retention of staff and clients is an ingrained bottleneck because “that’s the way it should be done”. Of course we want to deliver a quality service, but how often are these “must have” steps just an excuse to keep an old habit or behavior in your workflow? 

It’s important to identify bottlenecks (if you’re not sure where they are, ask your team :), and resolve to find ways to fix them. 

Mistake 4: Client management and job tracking includes manual entry and updating 

Speaking of retention, manual entry is no longer an option if you want to retain talented staff AND a healthy profit margin! 

Are you still stuck using spreadsheets to track client work or even schedule out jobs? 

This is dramatically hurting both your profits and your ability to grow. Where are the top areas where manual entry is still common… and how much time is wasted doing the work (instead of working on high value strategy or client work?)

Mistake 5: There is not a fluid onboarding process or workflow 

The first experience a new client has will set the expectations for the rest of the relationship. 

A disjointed, disorganized on-boarding process will give your client the impression that it’s acceptable for them to be disorganized on their end. Additionally, it’s hard to convince a client to invest in a higher, value driven service if the company does not convey excellence at the start! 

Too often a fluid onboarding sequence is an after-thought, but from this day forward, we shall say “no more!” and demand the same quality from onboarding as we do service fulfillment!

Mistake 6: A/R or payment is not addressed in the workflow 

“Cash is King (or Queen)”… right? 

Then why don’t we prioritize it in our business?! 

You need to either get paid upfront or have a very clear, well articulated expectation of payables from your client. 

We personally recommend changing upfront and using modern online payment processors to automatically charge your clients each month. Sure, there’s a percentage taken out, but you no longer need to spend time (or hire someone) to track down A/R!

Mistake 7: There isn’t a standard or recurring workflow review process in place 

Since your Product IS Your Process, you must set aside time for a “product review”. This is a must for serious business owners who want to build the best company they can. 

Your workflow review process should include an analysis of your: 

1. Time to complete jobs and tasks (look for red Flags) 

2. Training (Your team, yourself, your clients) 

3. Technology (what tools can remove manual entry, tracking, and more?)

Questions & Action 

Which point do you feel could make the biggest impact in your company? 

Set aside 30 minutes this week to focus on these questions: 

1. Can my business grow without me? 

2. How do we define “success” and what metrics will we track? 

3. Do we have the right tools, systems, and strategies to reach our milestones? 

Next steps:

Book a free consultation to find out if our professional training services can help you create a consistent standard of excellence for your clients