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
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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
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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
The search for new talent can be time consuming and intimidating. As with any company, online job boards like Indeed and Monster are good starting points. There are other resources to supplement these tools, and as a financial advisory firm there are some unique tools you can leverage. Whether you’re looking to recruit experienced advisory professionals, or fresh, new talent, the following are 11 more resources for finding new talent.
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Topics:
Multi-Generational Ownership,
Organizational Structure,
Culture,
Tip of the Week,
Next Generation,
Talent Recruitment,
Sustainability,
Building Your Team
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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 System 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
One of the most important factors in structuring an acquisition deal is figuring out payment terms, including down payments, payments schedules, and expected annual adjustments, if any. It has become a common practice to fully buy out a business over the course of 4-6 years, and that a seller must wait until then to receive the full value of their business. But what if there was another way?
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Topics:
Acquisition,
Tip of the Week,
Financing,
Bank Financing
In our experience, the smoothest, most successful deals come from buyers and sellers who build a rapport, and cultivate trust through transparency.
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Topics:
Acquisition,
Tip of the Week,
Due Diligence
In our experience, the smoothest, most successful deals come from buyers and sellers who build a rapport and cultivate trust through transparency.
Don't forget to subscribe to get future acquisitions tip and the latest news right in your email
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Topics:
Acquisition,
Tip of the Week,
Deal Structure
Why doesn’t “all cash” equal best buyer? Our listings director Jeanie Northcutt tells you why in our latest Acquisition Tip of the Week.
Don't forget to subscribe to get future acquisition tips and the latest news right in your email
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Topics:
Acquisition,
Tip of the Week
There’s a big difference between just knowing you’re the best and proving you’re the best to a seller who doesn’t know you at all.
Don't forget to subscribe to get future acquisition tips and the latest news right in your email
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Topics:
Tip of the Week
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