Challenges in running business - Business Management for Financial Advisers

If running a business is easy, everybody would do it . Managing a financial-advisory firm can be especially complex because the business depends so much on people and, over time, is at the mercy of events — from regulation to market swings — that can’t be controlled. When these businesses start up, advisers are focused on their own survival and can battle most of these challenges. But as the financial - advisory business in general as well as the individual practices becomes more complex, advisers must anticipate and respond to a myriad of challenges, including:

  • A slower rate of organic growth caused by competition and market returns Clients that are more demanding
  • Difficulty in recruiting, retaining, and rewarding people
  • An aversion to managing anything except their clients
  • The pressure of margin squeeze
  • The shrinkage of time

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