Without a strong practice management guideline, your business could be in jeopardy. As we come to the end of the year, you need to start to decide what you want your practice to look like. Are you going to remain transactional, meaning commissions and product by product, or are you going to transition to a longer-term practice with fee based products and development of your practice? Here are a few things to think about as you structure your practice:
· Who is your ideal client? Are you looking for higher net worth clientele, or are you a middle market guy? I was talking with an advisor a couple weeks ago. Their main practice is P&C but they also offer insurance and financial products as well. Their company, positions themselves as a high net worth company, however, his clients, and the clients of over 96% of that company’s advisors are middle market, thus the programs the companies offer do not fit into the advisors practice. In addition, the compliance costs and procedures might be too overwhelming for your clientele, or you may need to market more.
· Are you with the right company? See the situation above. Is your company supporting your clientele the way you want your practice?
· What products do you offer? Are you limited to just a few products, or do you have multiple offerings? If you have multiple offerings, how are analyzing and picking those products for your clients?
· What are your systems?
· What is your value?
These are all good questions. However, once you answer the questions, how do you implement the answers into your practice and what changes do you make to these answers if they are not fitting your vision of your practice. Change can be hard, and implementing change can be even harder. Are you ready for change? Is your skill set there? Learn more how you can do this by contacting us at 512-428-4145 or email@example.com.