Stage 2 Solution Blog


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

5 Reasons Insiders Need To Buy Your Wealth Management Firm

Posted by Josh Patrick

Aug 26, 2014 9:00:00 AM

I’m not sure why this is true, but it seems the only legitimate transaction I read about in the wealth management world is to sell your firm to a third party.  For most of us in the industry this is the absolutely worse way to transfer a business.  The fact is, most wealth/investment management firms only sell of 40% in cash and the rest financed by the owner over five years or so. 

To me, this is not a great way to transfer your business.  When you hold 60% of your purchase price as a sellers note to people who you don’t know, there’s a very good chance you’re not going to get paid.  I have no idea why people in the wealth management world think this is a good idea.


Topics: wealth management firms, buying, selling

5 Things I Love About The Wealth Management Business

Posted by Josh Patrick

Aug 22, 2014 9:00:00 AM

august_22In 1995 I sold my vending and food service business.  It was a business my father had started in the early 1960’s.  It wasn’t a decision I made lightly.  The sad fact was the industry was becoming more and more difficult to make a living without having to cheat our customers.  I decided that instead of going down that road I would make a different choice.  I would change industries and careers.

This meant I had to start thinking about what I really wanted to do.  Since I was 44 years old and starting from scratch the world was wide open to me.


Topics: wealth management firms, financial management, career choices

Are You A Leader Or A Manager? – Enterprise Value

Posted by Josh Patrick

Aug 19, 2014 9:00:00 AM

curtThere have been tons of articles written about leadership and management.  In my opinion, both leadership and management are tremendously important.  In fact, I believe that in most organizations having competent management is just as important as having great leadership.


Topics: leadership, management, wealth management firms

5 Reasons An RIA Firm Should Care About Inbound Marketing?

Posted by Josh Patrick

Aug 15, 2014 9:00:00 AM

inbound_marketingI’ve been in the wealth management business for almost twenty years.  I’m not the most active marketer.  At my core I’m probably a little introverted.  I definitely don’t like cold calling and will do about anything in my power to avoid it. 

Does any of this sound like you?  If so, you should care about inbound marketing.


Topics: inbound marketing, RIA wealth management, relationships

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