Your Morning Cup of Links: Building Trust, Being a Joiner, Succeeding at Succession and More

May 21, 2013

I love to share the latest practice management articles, tips and trends in our industry with our readers.

However, this week, there’s also been a lot of difficult news. On top of succession planning and marketing tips, I thought I’d share some insights gained last Fall during a different natural disaster. During these times, it’s important to reinforce that your role as a financial advisor goes beyond just your clients’ investments. It is compassion for both their financial and emotional well being.

Being the Trusted Advisor in a Natural Disaster – On Wall Street

Although this article is about Hurricane Sandy, the main message still rings true, especially in the wake of the recent events in Oklahoma. That’s this:

In this industry, we speak so often about how to build trust with clients. Well, this is the kind of situation where you can make a difference. Showing concern during difficult times for clients can make an advisor stand out from all the others.

If you’re based in Oklahoma, we hope that you and yours are all safe and sound. If you’re looking to help, here are easy ways to organize your efforts.

Why You Should Join Your Local Chamber of Commerce – Intuit Small Business Blog

Years ago, it seemed like everyone was a member of the local Chamber of Commerce. But with the advent of email, seminars, websites, etc., it seems like Chambers became passé. However, in an industry where personal relationships are key, and everything is local, your local Chamber of Commerce could hold promise for networking and potential new-business opportunities. I particularly liked this article for the five reasons why small businesses (likely you!) should consider joining, including yet another arena to position yourself as an expert and participate in educational events.

If you aren’t a member of your local Chamber of Commerce, why not? If you are a member, share your experiences (both good and bad) in the comments section of the blog.

What Must a Succession Plan Entail?
– Investment News
(free registration)

What’s the one thing that all advisors seem to overlook when developing their succession plans? In this article, Moss Adams veteran Rebecca Pomering lets you know. Clue: It’s all about training your successor.

You’ve likely spent years growing and nurturing your practice, but also your own skills – not only as an advisor, but as a business person. It’s key that you identify the skills needed to run a business and seek that out. After all, you want to see your successor succeed, and your clients’ needs must continue to be met. Perhaps your successor isn’t just one individual, but a senior partner and a business manager?

New Survey: 2013 InvestmentNews / Moss Adams – Adviser Compensation and Staffing Study

I always like to share financial-services-industry-related research information with readers of our blog. Enter your firm information and see how you compare. Study must be completed by June 10th.


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John Anderson

John Anderson

John Anderson is the creator and lead author of Practically Speaking blog and Managing Director of Practice Management Solutions for the SEI Advisor Network.

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