The Top Ten Challenges of Advisory Firms - Business Management for Financial Advisers

To validate these assumptions about advisory firms, each year we ask advisers to tell us their top challenges as business owners. The top ten haven’t changed for ten years, although the order in which they appear changes from year to year:

  1. Lack of capacity to serve clients
  2. Building value in the practice
  3. Improving efficiency
  4. Getting better clients
  5. Managing growth
  6. Offering value-added services
  7. Keeping pace with technology
  8. Developing specific expertise internally
  9. Maintaining a life outside of the business
  10. Time management

Advising consultants, try to find a permanent solution to a chronic problem. Such solutions would work only if owners are willing to change their behavior.

The only 2 things that they need to do are save enough money to invest and purchase insurance. The longer the practice takes to invest in processes, protocols, and people, the greater the likelihood that it will not flourish. So as an advisory firm begins thinking strategically about its future, it’s helpful to understand where it is in its life cycle.


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