FROM THE BLOG

As Manager of Business Consulting & Practice Management at Prospera Financial Services, Carolyn Sterling is a trusted consultant for financial advisors in helping them grow and build their practices. Carolyn’s 25 years of experience in business consulting uniquely positions her as a key advocate for Prospera’s advisors.

In a recent practice management survey conducted by Pareto Systems, 65% of survey participants reported they did not have a documented process in place to manage their practice. In contrast, 72% of high-performing teams with $2.5 million or more in revenue had a documented process in their practice.[1] Having a process in place for your practice can help take your business to the next level of success.

The Value of a Process
A process-driven business creates predictability and efficiency. The most successful advisors have learned that having a repeatable process allows them to fully utilize their time, their staff, and their resources. Creating a playbook for your practice can make a positive impact on both your client’s experience and the value of your business. How? A consistent client experience makes clients feel valued and more likely to tell others about the services you provide. This drives client retention and growth through referrals. A repeatable process not only allows you to run a more efficient business, but also allows you to manage growth when you are ready to add staff or acquire another practice. Finally, practices with solid processes are more valuable to a potential buyer because of high client retention and ease of transition.

Creating Your Process
As you develop your own process, look at it from the viewpoint of the client. How are they treated? What will their impressions be? What will they tell others about their experience with you? It is important to get your staff involved, making sure that the steps you desire are in fact practical to implement.

Not sure where to begin? Here are a few topics to consider when building your own playbook:

• Business operations—What do you do to operate in an efficient and effective manner? Does everyone in your practice know their role and responsibilities? How do you schedule your day?
• New client onboarding—What steps do you follow when you add a new client? Do you do the same tasks with each new client?
• Existing client relationship management—What do you do to continue to support and retain clients? How do you communicate with your clients? How do you make them feel appreciated?

Building a process-driven practice takes focus and commitment, but you will be rewarded with a clear vision for your practice, staff that understands their roles and responsibilities, and loyal clients who can articulate your value to others. All of these add up to a more efficient and valuable practice.

Until Next Time,

Carolyn Sterling
Manager, Business Consulting & Practice Management

[1] 2023 Financial Industry Trends Report by Pareto Systems

Posted by Prospera Financial