Over the next few posts, I will be discussing what I view to be the three primary systems of an advisory business. Just as the body has a circulatory system, a nervous system, and many others, a business can be parsed in similar fashion. As an independent advisor, the challenge is to spend an adequate amount of time on each. The three systems are: marketing, service, and operations. In this post, I will briefly cover each with the intent of taking a deeper dive over the ensuing weeks. I hope to bring you some very actionable steps which will help you in your practice.
Primary System No. 1: Marketing
Many view this as the most important system. Truth is, you can be the best practitioner in the world, but if you don’t continue to add new clients, you have a good chance of failing. However, if you are very good at what you do, and you have enough excited clients (and centers of influence) to provide an adequate supply of referrals, you will likely succeed. Either way, marketing is an important facet of any business. We’ll get into the details of this system next week.
Primary System No. 2: Service
Once a prospect comes on board as a client it’s important to service that client properly. The key is to provide a positive experience utilizing efficient processes which are easily replicated. After all, it requires much less effort to maintain an existing client than to find a new one.