Every Business Deserves a Plan
In one of my earlier articles I referred to a financial planning business being acquired by two salaried advisers.
These guys were buying the business they have worked in for quite a few years. The business had a long history with a solid client base and a number of third party relationships. It had been a very good business for the previous owner, however our new owners realised that to prosper in the future new thinking and a new plan was required.
They have now completed a thorough business planning process.
The business planning process has forced them to think realistically, objectively and unemotionally about their business.
These were the key strategies that they identified they will work on over the next 12 months.
- Principal Roles and Responsibilities – each of the new Principals had different strengths to offer
- Process Improvement – the advice development and implementation processes required an overhaul
- Client Value Proposition – they need to better define and articulate their offer and the client benefits
- Fee structure – the current fee schedule required testing and review against cost to deliver
- Organic Growth and Marketing – client referrals could be better – a process was required. Other relationships required more attention and management. A business development plan was required
- Staffing – support staff were struggling with work volumes. Need to determine correct support structure.
The Principals have a big job ahead to re model the business, however they now have a plan of attack and clarity around priorities. We have a resource that will hold them accountable to their plan. Exciting times ahead for this business.
Business improvement issues like these identified for this business are not unusual. The key is doing something about it in a systematic way through a well thought out business plan.
- Do you have a plan and the right support around you to help execute your plan?
- Does your plan acknowledge the current Industry environment?
- Does your plan take into account your personal goals?
- Do you have someone to hold you accountable to achieving your goals?
If you feel you could benefit from a licensee that understands the current challenges advisers face why not book a chat with one of our Directors?
Our Directors, Paul Kelly, Dennis Bashford and Manoj Pillai have a total of more than 80 years of Industry experience.
We have never witnessed a time where financial planners and their businesses face many uncertainties that directly impact on their professional and personal lives.
Now is the time to ensure you have the right Licensee partner.
To speak to one of us please call our office on 07 3018 0400 or email firstname.lastname@example.org
Futuro is a community of advisors built on group commitment, trust and companionship. We are unique in many ways but this core belief and ability to bring our advisors together, often to work with each other and thrive is what sets us apart.