Stage 2 Solution Blog


Is Passive Ownership Possible In A Wealth Management Firm?

Posted by Josh Patrick

Sep 30, 2014 9:00:00 AM

In every business I work with there are two things that lead to high valuations.  They are having a recurring revenue stream and having the owners of the firm be passive owners.


Topics: RIA wealth management, advising, passive ownership

What Is Reputation Management For A Wealth Management Firm?

Posted by Josh Patrick

Sep 26, 2014 9:00:00 AM

reputationIt’s no secret that I’m a big fan of what’s known as inbound marketing.  This is where potential clients find you online and then decide to do business with you.

At the same time, when I think about inbound marketing for the wealth management business, especially at the higher end it makes no sense.  Let’s face it; your potential clients are not looking online for wealth management firms to manage their money.


Topics: inbound marketing, management, wealth management firms

Creating A Shareholders Agreement That Works

Posted by Josh Patrick

Sep 23, 2014 9:00:00 AM

I’m often asked to help business owners add another owner to the mix in their company.  Sometimes this person has worked in the company for years and sometimes it’s someone from the outside they want to add to the ownership group.  In either case having a shareholders agreement with an exit clause is a crucial part of the transaction.

You never really know who you’re getting.


Topics: exit planning, shareholder agreement, business ownership

3 Reasons Value Billing Rocks

Posted by Josh Patrick

Sep 19, 2014 9:00:00 AM

I’m a big fan of value billing in the wealth management world.  This is where I bill for a project or charge a retainer fee and don’t bill by the hour.  You know what you’re going to pay.  My incentive with value billing is to produce the best work I can in the least amount of time. 

You get to decide whether the price I’m proposing is fair and if you’re going to get an adequate return on your investment.  Value billing allows you know the price up front.  You won’t have to wonder how many hours I’m spending or whether I’m learning at your expense.


Topics: wealth management firms, value billing, investments

5 Hiring considerations for your RIA Firm

Posted by Josh Patrick

Sep 16, 2014 9:00:00 AM

hiring_blogOne of the complaints I most often hear is that I can’t find good employees.  No question about it, finding great employees is a challenge. 

My question to you is… you have a system?


Topics: RIA wealth management, hiring techniques, employee mangement

RIA Firms Don’t Need A Fulltime CFO!

Posted by Josh Patrick

Sep 12, 2014 9:00:00 AM

CFOI’ve often written about outsourcing senior management talent instead of buying it.  I believe the most important person to oursource for your wealth management firm should be a CFO (Chief Financial Officer.)  This person can help you learn the language of finance and then help with strategic activities to move your company forward.

The question you should answer is what type of CFO do I need?  There are two major skill sets that you will eventually need as you move towards a company that has more sophistication and value. 


Topics: RIA wealth management, chief financial officer, budgeting

Your Wealth Management Firm Needs A Blog

Posted by Josh Patrick

Sep 9, 2014 9:00:00 AM

blog_picYou could say this is a pretty bold statement.  I might even agree with you.  A blog can be a lot of work.  At the same time there isn’t a better way for you to talk in human terms about what makes your firm special.

A blog isn’t a long quarterly report.


Topics: inbound marketing, wealth management firms, blogs

Wealth Managers Know KPI’s Are Only The Beginning

Posted by Josh Patrick

Sep 5, 2014 9:00:00 AM

KPIsIn our wealth management mentoring process we work with clients on understanding the different between KPI’s (Key Performance Indicators) and Drivers. 

Too often owners make one of two mistakes:

1.  They will focus on KPI’s as something their people can do something about.
2.  They have too many KPI’s in their company.

Topics: wealth management firms, KPI's (Key Performance Indicators)

Use Persona’s To Develop A Niche

Posted by Josh Patrick

Sep 2, 2014 9:00:00 AM

september_solutionsI admit it, I’m a nicheaholic.  I love it when businesses focus on what they’re really good at.  Both their customers and the business benefit.

One of the challenges that I see in developing a message about your niche is being able to define it.  Here’s a possible new term for you, persona.  A well developed will help you define your niche and make it easier for clients to find you.


Topics: marketing, ideal customers, personas

What Is A Value Driver And Why Should You Care?

Posted by Josh Patrick

Aug 29, 2014 9:00:00 AM

Every business has them.  Most of the time it’s not very obvious what yours are.  It’s something you should spend a lot of time examining.  What am I talking about?  It’s value drivers.  Value drivers are what make your business more or less valuable.

Value drivers - a definition


Topics: creating value, wealth management firms, value drivers