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Practice Management > Building Your Business

AdvisorOne, ActiFi Seek Advisor Input on What Works in Practice Management

By James J. Green

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Practice management for advisors is like the weather: everybody talks about it, but nobody does anything about it. Yes, there are industry studies that look at part of the practice management puzzle, and many consultants and coaches who help individual advisors with their challenges, but AdvisorOne has partnered with ActiFi to do something about practice management.

Specifically, in a new practice management study, we want to define what it is, to determine what advisors want from their custodians and broker-dealers and other partners and to survey what those partners—and yes, the consultants and industry experts—provide to advisors.

But we want to know what really works when it comes to practice management programs and tools. What are your partners spending on their programs, and what are they getting in return? More important, what works for you, and where do you need help from your partners and consultants?

Beginning now, AdvisorOne and ActiFi are seeking advisor input into these issues, as well as input from your partners. You can take the survey (and be entered into a drawing for a free iPad2) at this URL.

This is no small task. It will take months to gather, compile and analyze the data. Moreover, in addition to collecting quantitative data, we’ll also be asking for qualitative comments. The numbers will be crunched and the comments and critiques will be fashioned into articles in Investment Advisor and Research magazines and news, analysis and Web seminars on AdvisorOne by, we hope, the early Spring of 2012.

Yes, we cover practice management in our magazines and at AdvisorOne.com. We will continue to carry in print and online the wisdom of Mark Tibergien and Angie Herbers, of Bill Good and Bill Miller. We’ll continue to partner with Dan Inveen and Eliza De Pardo of FA Insight on their benchmarking studies. We’ve even run multi-part blogs by Spenser Segal of ActiFi on how to plan and implement practice management strategies. Their work and wisdom, along with the reporting of our editorial staffers on practice management trends, topics and surveys, will continue to be valuable. But we truly believe this study will be different.

To make this work, to provide this kind of insight into a topic that affects the top and bottom lines of your businesses, and those of your partners, we need your help. So we’re asking for it, and inviting you take the survey here.

We think the findings, of what we humbly believe will be a ground-breaking study, will benefit you and the entire industry. So please help us. You, your colleagues and your successors will thank you. And I thank you.

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