Financial advisors focus so much of their time planning their clients' retirements, but often neglect the big picture when it comes to their practices and their futures, according to Matt Matrisian of Genworth Financial Wealth Management. That topic is the subject of Matrisian's new book, The Power of Practice Management, which covers ways that advisors can manage their business more deliberately. Here, he talks with Managing Editor Lorie Konish on how advisors can improve.
1. How can advisors refine their approach to their business? It really depends on what the advisor feels like he or she needs to work on. Each individual business is unique, and each advisor is at a different stage and maturity. We try to focus on five critical areas within a practice. The first three are business strategy and planning, business development and growth, and human capital. How are you building expertise within your firm, making it a self-sustaining entity? The fourth one is optimizing your operations. How are you building leverage and scalability to enable and also to maximize value? The last one is realizing that value at the end of the dayhelping advisors to think about succession planning.
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access