2017 is upon us, and it’s a good time to commit to achieving some milestones in terms of your own firm’s practice management.


Because we’ve worked with financial advisors and entrepreneurs for over 30 years, we’ve seen what can truly move the needle and make a positive impact for you.* Here are four ideas for your consideration:

  1. Delegate more. If you are a solo practitioner who “never has enough time” to take any weekends or evenings off, do any big-picture analysis for your business, or prospect for clients who might be a better fit, consider hiring the right administrative staff to free up more of your time. At some point, it doesn’t make economic sense to continue answering your own phones or doing all your own paperwork. Getting the right support people in place can help you increase revenues as well as gain some balance in your life.
  2. Say no to unprofitable clients. This doesn’t mean you should release any of your current clients, but it does mean that you should analyze which types of clients take up too much of your time for too little return. Once you know what your unprofitable client attributes are, you will more readily recognize them during an initial interview. Make a commitment this year to refer prospective clients which don’t benefit your practice to another advisor who will be a better match. It’s a win-win situation to spend the majority of your time servicing the types of clients which are a good fit for your personality and your area of expertise.
  3. Create a continuity or succession plan. This year, plan to take your own good advice when it comes to your business continuity plan. Create a written, workable strategy which spells out what will happen to your practice (and your clients) if you pass on unexpectedly.
  4. Be prepared for various economic scenarios. As the Dow inches towards a 20,000 milestone at the time of this writing, it pays to have a business plan for your practice that addresses both a continued bull—and a potential future bear—market. By adding a section to your business plan that addresses how you will handle a possible market downturn, you’ll help achieve peace of mind for yourself—and your clients.

For more practice management ideas and help, call us at 800.440.1088. Ask us about “Total Client Engagement,” Shurwest’s practice management strategy developed by financial industry expert Duncan MacPherson.


*The inspiration for this blog post came from an article in Investment News.