5 thoughts about how to actually do what RIA experts say to do

Great article, especially the detail after each best practice. Having a great practice management coach is crucial. I have seen a number of them, and have not been impressed. Meeting with an old friend today, from a different firm, who transitioned into practice management 10 years ago. I should have set up this meeting 2 years ago, better late than never.

This comment is true in my experience, too, “in order for an advisor to execute a plan, they need simple, actionable steps with follow-up accountability.” I would add, though, one more ingredient. They have to want to do it!

So often I’ve found advisors are pretty comfortable with their situation in life and unless they have a burning desire to really kick it up a few notches (or they’re experiencing a crisis of some type), they may implement just the easier things.

Helping advisors gain clarity on “why” they should work harder and what the payoff will be for them, their clients, and the people they care about, is paramount. It may be cliche but getting back to their mission and vision (assuming they have one) and understanding and feeling how their lives will be different (and improved) by following through on your recommendations will help increase implementation.

Steve,

You make a great point, of course. I think what you’re saying is that it’s not enough to deliver the right information. It needs to be delivered bundled up with energy, partially generated by the right information about why the right information should be embraced. That’s where the science of practice management becomes an art and where salesmanship, in its best sense, begins.

Brooke