Take advantage of competition

Strong competitors can make you a stronger advisor, according to the authors of “How to Build a Successful 401(k) and Retirement Plan Advisory Business.” Steff Chalk and Christopher Barlow recommend studying your competitors’ strengths and weaknesses to see where you can fit in the market.

Even if your competition is getting more press than you are, you can turn it to your advantage by studying how they got it. Pay attention to the topics, tone and substance of any articles about your competition. If the attention is negative, be careful not to disparage your competitors.