In the wake of recent economic problems, many sponsor firms, broker/dealers, banks and insurance companies, have made expense cuts to counteract reduced revenues.  Downsizing has been all too common, including cuts to product managers and product specialists who play key roles in strengthening fee-based platforms; there have also been reductions in the marketing and support personnel who are so instrumental in training advisors.  Many platform expansions planned long before the crisis have undoubtedly been pushed back as well.
 
But the time has come to end the retrenchment; the economy has begun to recover, and you must plan for the future.  We have been helping clients develop their "Rebound Plans," a forward-looking demonstration of how they have successfully weathered the economic turmoil and positioned themselves for long-term success.
 
From a home office perspective, your "Rebound Plan" should be addressed to a number of constituencies:
 
1) Advisors - Many of them are wondering what your plans for new product, platform or training initiatives are; they are also probably wondering about your plans for replacing laid off employees.  Now is the time to reassure them of your plans for supporting them, lest they look elsewhere.  They need positive news to share with their clients to prevent them from looking elsewhere as well.

2) Home office staff - Reassuring them that their jobs are safe will help alleviate stress. Including them in the planning process and getting their input helps build upon team spirit.

 

3) Business partners - your distribution partners and service providers will be happy to hear about your plans and can be valuable contributors if asked for their input.
 
One major question you might be asking yourself though is "What are the best ways to move forward in today's new business environment?"  Before you can formulate your Rebound Plan, you need to formulate your future strategy.  We can assist in this process, as one of our core competencies is helping clients run their businesses efficiently and strategically from top to bottom.

 

Specifically, you may be faced with one or all of the following business issues:

 

* Marketing - What is the best way to utilize our marketing budget?  Should we hire internal or external marketing staff?  Are we marketing in a cost-effective manner?  Do our materials and strategy reflect our branding and value-added proposition?  Has the financial crisis changed our value-added proposition?

 

* Distribution - Are we leveraging our distribution partnerships effectively?  Do we have the correct number of partners?  Do we have the right partners?

 

* Product Development - Do we replace some of the people that we have laid off or do we outsource these functions?

   

* Platform / Product Offerings - Is our current platform and our product offerings appropriate in light of industry trends?  What is our plan for unprofitable products?  What new products do we need to offer in order to be competitive?

 

* Training - Are we providing enough training and support for advisors as they handle tough questions from clients?  Have we adequately trained our home office staff to support our advisors?

 

* Corporate Strategy - What is our strategy for stemming the flow of advisors and assets under management?  Is the home office appropriately staffed to help us meet our corporate goals?  Are we operationally efficient?

 

While assessing all of these areas may seem daunting, it is necessary to do so to position your company for success.  AK Advisory Partners LLC can assist you in the strategic assessments that are necessary for your particular business. We can then help you package the results in a Rebound Plan that assures that you benefit from the changes that you make and communicate them appropriately.  There is no time like the present to begin this process. We stand ready to partner in the process with you as you unlock the real value of your company.