Stage 2 Solution Blog


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.


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

Do You Spend Too Much Time Planning?

Posted by Josh Patrick

Oct 17, 2014 9:00:00 AM

planningWealth managers often spend hours putting plans together.  This results in a couple of things that could happen in your own firm.  You either take too long to plan or you don’t plan at all.  Both are really bad things for you and your firm.


Topics: creating value, wealth management firms, time management

You Don’t Have To Sell Your Practice!

Posted by Josh Patrick

Oct 14, 2014 9:00:00 AM

client_managementSuccession planning is a hot topic in the financial planning world.  Not only for our clients but also for wealth management firms.  It seems the only option owners of wealth management firms see for leaving their business is to sell to business to your key people or to an outside party.


Topics: management, wealth management firms, client management

Profits Don’t Create Value

Posted by Josh Patrick

Oct 10, 2014 9:00:00 AM

I recently had a very interesting conversation with Chuck Richards, the CEO of CoreValue Software.  Chuck is in the business of helping private business owners evaluate what drives value in their business and where there are gaps that can be filled.  He does this through his software product, which I use and highly endorse.


Topics: creating value, wealth management firms, profits

Is Your Website A Brochure?

Posted by Josh Patrick

Oct 7, 2014 9:00:00 AM

website_mgtI want you to think about your online presence as one that helps you build a great reputation.  There is so much your website can do and too often I look at wealth management firms where the potential to tell a great story just falls flat.


Topics: inbound marketing, wealth management firms, website management

Congruence Leads To New Clients

Posted by Josh Patrick

Oct 3, 2014 9:00:00 AM

You’ve had it happen.  You walk into a store.  You want to buy whatever it is they sell.  A salesperson walks up to you and you feel slimed.

What do you think happened?  The salesperson was likely more interested in selling you something than in solving your needs.  Or, the salesperson just didn’t believe in what they were selling.  Or even worse yet, the sales person was trying to pull the wool over your eyes and wanted to take advantage of you.


Topics: selling, client management, congruence

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