Shorts: Optimization, Fossils, and Talking Heads

“Shorts” is a newer feature on Practically Speaking, featuring items that I thought were important, but didn’t warrant a full article.SEI-Refining_for_Results-Infographic-1407431-Web

Being Refined and Going Advice-based

Last week, Chris Rice and I co-hosted a webinar entitled “Refining for Results.” The premise of the discussion was that giving your practice an occasional tune-up is the key to potentially improving your profitability and that now is the time to do it. Chris and I discussed the five keys to optimize your book for better efficiency and profitability. The topics were:

  1. Building your unique value proposition
  2. Enhancing your client service statement
  3. Aligning price and your value
  4. Choosing your operating model
  5. Expanding client relationships.

As I explained in the post “Three States, One Story: How Advisors Can Explain Going Advice-based to Clients,” I believe that many of you are doing “advice-based” business with your new clients, but are challenged with going back to your existing commission-based clients. Part of the webinar and the accompanying materials were designed to give you tools and advice on how go back to those clients. If you want a copy of the recording, send me an email at or leave a comment on this blog. If you want a copy of the Article: Refining for Results – 5 Key Ways to Optimize Your Book for Better Efficiency and Profitability or the checklist companion: The Refined Practice, you can download them here.



Are Your Clients Thinking the Same Things About You?

As a freshman in college, I took my first of many computer programing languages (BASIC). A lot has changed in those 30+ years, but I still have the basics (pun intended) of how a computer works and the logic behind programming. I still know what a floppy disc is and know what to do when I see the C:>\. But is all that stored knowledge a good thing?

This humorous video and article from Entrepreneur shows today’s kids looking at a 70s-era Apple computer. When you think about your business model and services, do you think the younger generation of clients understand you and how you work?



Listening to the Pundits? Think About Tomorrow, not Today

NPR ran a great story about Josh Brown’s new book “Clash of the Financial Pundits.” The next time any of your clients tell you what Jim Cramer or some other talking head said on CNBC, be prepared.

One of my favorite pieces from the interview went something like this “Here’s a gentleman on the screen, talking about, you have to sell this, you have to get out of this. But he’s a trader. And he’s thinking about today and tomorrow, whereas the viewer is thinking about, you know, a 10 or a 20 year retirement that they’re trying to fund.” Listen to the 5-minute story here.

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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