TRANSITION TALK

Business Insights Solving for Growth & Capacity Constraints

Posted by FP Transitions on Oct 3, 2023 9:00:00 AM

Blog Header - Business Insights Solving for Growth  & Capacity Constraints

Sparking that next phase of growth might be harder than expected. For firms moving from sole proprietor to a practice, growth may come easy – but only to a certain point. When a plateau hits, where should advisors look to dig in and overcome? Benchmarking, alongside a deep understanding of business growth and value drivers, is where firms can stand apart from the pack.

If you are ready to grow your financial advisory business and wondering, “Why haven’t I grown faster?” this may be the blog post for you.

Read on for our best tips on diagnosing and overcoming growth inhibitors.  

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Topics: Business Growth, Building Your Team, Client Relationships, Business Operations, Key Insights

Are You Ready for Ownership?

Posted by FP Transitions on Jul 5, 2023 9:00:00 PM

 

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It’s the dream scenario for a lot of financial professionals: business ownership. It sounds great, right? It means you get to make important business decisions, make more money, be the boss, and enjoy the freedoms that come with it.

It’s all true, but there is so much more to being a business owner. Your investments of time, energy, and money can come back to you in tremendous profits and satisfaction. There are also obligations that go along with the perks. Riding the highs and lows, responsibility for your team, and getting involved in every aspect of the business. 

Building a business from scratch takes patience, resilience, and risks. Earning a place in the ownership circle of an existing business takes focus, commitment, and ingenuity. But the real question is: Are you ready to be an owner? 

FPT RESOURCE: Rights and Obligations of Equity Ownership

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Topics: Multi-Generational Ownership, Next Generation, Leadership, Business Operations

Solutions to the Advisor Marketing Yo-Yo Effect

Posted by FP Transitions on Jun 19, 2023 10:00:00 AM

JUNE BLOG - BANNER - SOLUTIONS TO THE ADVISOR MARKETING YO-YO EFFECT

End the Cycle: How to Make Marketing a Constant Business Generator

Marketing powers growth, which is why it’s a priority when we’re in need of more business. But over time, with great marketing, business starts booming. That’s when many advisory firms begin to pivot to client service and satisfaction, letting the lead generation campaigns run their course. When the funnel starts to dry up, we dig back into early-stage marketing on social media, email campaigns, more lunch meetings – only to hit pause once a few more clients trickle in. Enter the vicious cycle of the start-and-stop campaigns. We get it, you cannot do it all.

But what if I told you there was a way? Would you be interested? We’re breaking down the challenges and matching you with immediate solutions. Let’s go!

CHALLENGE #1: In the Moment Decisions

Something triggers a renewed marketing focus. It could be anything, but more commonly this can come from an increase in capacity (new team members, better technology, clients on target and requiring less focus) or it could be due to a need for more revenue (profit margins are down, loss of a long-time client, more clients entering retirement). Whatever the source, you start looking for ways to boost revenue.

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Topics: Education, Business Growth, Business Operations, marketing

4 Tips for Building a Strong Foundation

Posted by FP Communications on May 26, 2022 12:00:00 PM

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Designing a sustainable firm is something that requires intentionality. For most advisors, this is always the goal, but having time to monitor your progress and course-correct is simply overwhelming. It gets shelved in the back of our brains, and its not until something unexpected crops up when we realize its time to revisit our goals. 

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Topics: Continuity Planning, Organizational Structure, Entity Structure, Sustainability, Business Operations

Top 6 Ways to Grow Your Business

Posted by Christine Sjölin on Apr 11, 2022 2:30:00 PM

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Business growth is a never-ending, and ever-changing objective of all business owners; financial planners included. While the lingering social effects of the pandemic and the challenges of upscaling during the Great Resignation/ Reshuffle can make the task-at-hand seem insurmountable, there are still tangible ways that you can steer the course of your enterprise. Here are a few tips to help grow your financial planning business.

1. Invest in Human Capital
Most advisors have built their business from nothing into their single most valuable asset. Finding talent can be a challenge these days, especially with unemployment settling into lows not seen in over 50 years. Data from FP Transition's Valuation Database has indicated that businesses with multiple professionals accumulate assets at a higher rate than sole practitioners. As your business matures, it is imperative to invest in the next generation of talent, to keep the engine running while you begin to enjoy the reward for what you’ve built.

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Topics: Acquisition, Multi-Generational Ownership, Business Growth, Tip of the Week, Revenue Strength, Enterprise Strength, Business Value, Buying & Selling, Next Generation, Talent Recruitment, Building Your Team, Client Trust, Business Operations, Trends

LLC vs. Corporation. Which entity structure fits your goals?

Posted by FP Transitions on Feb 23, 2022 1:32:32 PM

 

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LLC vs. Corporation. Which entity structure fits your goals?

Understanding your specific needs and specific goals is an important first step of the entity-building process. As Rod Boutin, JD, General Counsel at FP Transitions outlined in a recent webinar, “it is important that we build an entity that clearly identifies and promotes your attainment of those goals. Done right, an entity is a tool to align with your goals.”

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Topics: Succession Planning, Organizational Structure, Business Growth, Tip of the Week, State of the Market, Exit Planning, Next Generation, Sustainability, Wealth Management, Valuation & Appraisal, Business Operations

Addressing Sustainability – One step at a time.

Posted by FP Transitions on Jan 12, 2022 12:54:26 PM

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Topics: Continuity Planning, Webcasts, Multi-Generational Ownership, Organizational Structure, Business Growth, Tip of the Week, Business Value, Client Success, Sustainability, Client Relationships, Business Operations

KPIs. What are Key Performance Indicators, and how do you Leverage them?

Posted by FP Transitions on Nov 29, 2021 7:47:00 AM

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KPIs, or Key Performance Indicators

During a recent webinar hosted by FP Transitions, several attendees had questions about KPIs. Marcus Hagood Director of  Equity Management Solutions®at FP Transitions, and Mike McKennon, EMS™ Consultant at FPT, had previously hosted a webinar on KPIs, and many of those key points are featured in the following post.

Knowing the KPIs

The industry is flush with discussions of KPIs. Surely, you’ve heard the term before, or perhaps seen these indexes described as performance metrics, key variables or key success indicators. At FP Transitions, we use the term Key Performance Indicator; but ultimately, the data these terms convey is the same. KPIs are a unit of measurement leveraged to help you determine where your business is at, where you want to go, and will ultimately provide you with a road map of how you should proceed on your journey.

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Topics: Webcasts, Business Growth, Tip of the Week, Deal Structure, State of the Market, Sustainability, Benchmarking, Valuation & Appraisal, Business Operations

Virtual Meetings : Navigating the Tools [Video]

Posted by FP Transitions on Oct 14, 2020 4:22:20 PM

Digital meetings with colleagues and clients are the “new normal” for business operations. There are many free and paid options for virtual meetings­, and each software platform has different capabilities in terms of customization, security options, and additional features. Each of these tools is designed to help you connect “face-to-face” in a digital world. 

We’ve put together the video guide below on navigating the basics of virtual meeting software and successfully connecting with your colleagues and clients. Learn about managing audio and video settings, screen sharing, virtual backgrounds and, of course, the importance of practice, practice, practice.

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Topics: Client Trust, Client Relationships, Business Operations