Stage 2 Solution Blog

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Are You Safe From Burn Out?

Posted by Josh Patrick

Nov 21, 2014 9:00:00 AM

time_managementWay too often people will walk in my office and slump down in a chair.  We’ll start a conversation and eventually I’ll get around to asking why they decided to visit with me.  The answer is often I need to sell my business.  After we talk for a few more minutes I’ll find the reason they believe they need to sell their business is because they’re burned out.  They just can’t face another day of dealing with the same problems they’ve had for the last twenty, twenty-five or thirty years.

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Topics: time management, business management, delegation

What Would Happen If Your Practice Was A Business?

Posted by Josh Patrick

Nov 18, 2014 9:00:00 AM

I know you already own a wealth management practice.  Here’s the rub, if you think that’s true, then your not a business owner, you own a wealth management practice.  The difference here isn’t the practice part, it’s the business owner part.  I’ve found that wealth management firms who have leaders that think like business owners are very different and way more valuable than wealth management practices.  Read on to find out why.

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Topics: RIA wealth management, selling, business ownership

How To Define Your Perfect Wealth Management Client

Posted by Josh Patrick

Nov 14, 2014 9:00:00 AM

A_list_clientIt’s something we all want to have.  That is, the perfect client we have lots of fun working with and one that makes us a lot of money.  That’s my definition of an A client…..and I hope it’s yours.

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Topics: chief revenue officer, wealth management firms, client management

Do You Know How To Create A Sustainable Wealth Management Firm?

Posted by Josh Patrick

Nov 11, 2014 9:00:00 AM

sustainabilityOne of the goals of our firm is to help wealth management firms create sustainable value.  When I tell people that I often get the question, “what is sustainable value?”  For me, doing six things creates sustainable value.

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Topics: creating value, wealth management firms, sustainable value

What Would Happen If Your Business Is Sale Ready?

Posted by Josh Patrick

Nov 7, 2014 9:00:00 AM

sale_readyNo, I’m not saying is your business going to be sold tomorrow.  I’m assuming it’s not.  I’m asking whether your business is sale ready.  Sale ready is when your business could be sold but you’re not interested at this time.

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Topics: selling, exit planning, recurring revnue

5 Reasons You Want Your Website To Be Authentic

Posted by Josh Patrick

Nov 4, 2014 9:00:00 AM

Website_authenticI don’t know about you but too many times I look at a wealth management firm website and wonder if there are real people that work at the firm.  I have no idea what the firm really does, the language sounds the same and the pictures are ones that don’t leave me with a warm fuzzy feeling.

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Topics: inbound marketing, wealth management firms, authentication

Is Your Firm Safe From A Terrible Hire?

Posted by Josh Patrick

Oct 31, 2014 9:00:00 AM

employee_hiringHere’s a problem I bet you have.  You’ve hired a new staff member and three months after you hire them, you wonder if this person was even close to the person you interviewed.  You thought you had a real winner.  Instead you found your new hire is a dud.  Not necessarily the worst employee you ever saw but nowhere near what you expected.  If this sounds like an experience you’ve had read on.

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Topics: wealth management firms, hiring techniques, employee mangement

Everything Wealth Managers Need To Know About Revenue

Posted by Josh Patrick

Oct 28, 2014 9:00:00 AM

revenueWell, it might not be EVERYTHING.  It will be a lot.  Here is something I bet is true.  I bet you don’t think about revenue in any other manner than bringing new clients on board.  I also bet you don’t think about revenue in a global sense very often.

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Topics: RIA wealth management, client management, revenues

Do You Respect Your Clients?

Posted by Josh Patrick

Oct 24, 2014 9:00:00 AM

clientI find that too many advisors of all stripes come to a conclusion about what their clients need before the client even walks in the door.  We all have spent lots of time and effort becoming experts at what we do.  At the same time, experts often jump to conclusions about what their clients want before they’re clear why it’s important.

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Topics: creating value, RIA wealth management, client management

Your Firm Needs A Client Advisory Board

Posted by Josh Patrick

Oct 21, 2014 9:00:00 AM

advisory_boardsI’ve been involved in client or customer advisory boards for almost thirty years.  Every time I get involved with one I’m amazed at how much value they bring to the party.

I often will read that advisory boards don’t work.  When I read that I’m confused.  Every advisory board I’ve been involved with has been extraordinarily useful for both the firm that sponsored the event as well as the participants.

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Topics: inbound marketing, wealth management firms, client advisory board