In the wake of last year's market meltdown, and the resulting consolidation of many broker/dealers into commercial banks, many top financial advisors have chosen to go the independent route, either forming their own, or joining existing RIA firms. As attractive as running your own business seems on the surface, however, many of those that decided to go this route have underestimated how hard it is to both run a business and grow client relationships. Even RIAs that have been in business for years need to constantly update their organizational structures, procedures and strategies.
We at AK Advisory Partners LLC are uniquely qualified to help RIAs in all aspects of their business - from start-up and training issues to market differentiation strategies to organizational changes necessitated by the financial crisis. With more than 60 years of combined experienced, the Principals of AK Advisory Partners LLC have worked with many financial advisors facing the issues that you face today. We invite you to review our web site, www.akadvisorypartners.com, or call us to discuss how we can help you unlock the real value of your business and excel in today's difficult environment.
Whether new to the RIA business or just starting out, investment performance is no longer the key factor in attracting new business and retaining the business that is currently active. Investor confidence has been shattered in many cases due to the mismanagement of client accounts in some firms. Although you had nothing to do with any of that, what you do to assure your clients of your value is the key factor in keeping current and attracting new business going forward.
In fact, it takes specialized experience to deal with compliance, operations, and other vital functions to keep a financial services business in good standing with both the governing bodies and clients alike. The good news is that money is in motion; the bad news is that there isn't always a good reason for it. Many investors are simply upset and feel that they need a fresh start. Questions that are being asked these days are not the typical questions investors have asked in the past. They include:
- Is your regulatory background clean?
- How long have you been running a business?
- Where do you see your business in five years?
- What is the level of experience of your professionals?
- Is there a plan in place if something happens to you?
Individuals are much more astute and better educated after having gone through the '08 financial landslide. It would be prudent to ask yourself some important questions to see if you are on track for what may be needed to compete in the coming months and years.
* Are you prepared for the inevitable tough questions to be asked by new prospects? Do you use your value proposition and mission statement in your conversations with new prospects?
* Are your investment vehicles still attractive or are you using them because you always have? Do you offer clients' enough investment choices?
* Are your sales and support staff adequately trained in the art of offering advice to clients and prospects? Do you have a formal referral program?
* Are you effectively conveying your competitive advantages to clients and prospects? Have you refreshed your branding lately?
* Have you positioned yourself to be the beneficiary of client movement rather than the victim? Do you have a Rebound Plan?
* Does your organization match your growth goals?
Now is the time to consider the objective viewpoint that an experienced consultant can provide. At AK Advisory Partners LLC our core competency is helping businesses such as yours successfully address any one or all of the issues mentioned above to assure that your business is run efficiently and competitively from top to bottom.
I will be in touch with you soon to see how we might work together. If there is someone else at your firm who you would rather have me visit with, I would ask that you forward this information to them.
Thank you in advance for your consideration.
Respectfully,
Katie Hayden
