logo-bloomberg logo-cnbc logo-cnbc-horizontal logo-fox-business logo-investopedia logo-wall-street-journal logo-yahoo-business logo-fa logo-investment-news logo-ria-biz logo-think-advisor logo-gma actcon-caret-left actcon-caret-right actcon-chat-bubbles actcon-chat-bubbles actcon-check actcon-email actcon-phone actcon-external-link actcon-check actcon-x actcon-location actcon-target actcon-check-circle actcon-social-facebook actcon-social-twitter actcon-city
← Back to Advisor Insights

GV Insights – Top 10 Practice Management Reads This Year

We have more than enough content here at GuideVine to help you improve your practice, increase your online presence, and add more clients, but this month we wanted to look at the top 10 articles so far this year. These are the articles advisors found most interesting and helpful, all compiled in one place.

Top 10 Practice Management Reads

1. Five Centers of Influence Advisors Need to Meet

Expanding your social circle to include centers of influence is a worthwhile exercise. These are individuals who can introduce you to new clients and act as a reliable referral pipeline so you can continue to grow your practice.

You’ll learn how to become referable, the top centers of influence you need to add, and how to get started building your own network today.

      2. How to Justify Your Fees and Communicate Your Value

When you clearly explain your services and offer a range of solutions for clients, the conversation on fees becomes a lot easier. Understanding on both sides is a key part of communicating the value you bring to the table.

See how you can build a more compelling approach to fees so that clients will eagerly pay for the help you’re providing them.

      3. Which Financial Planning Software is Right For You?

Investing in new technology is important to ensure your client offerings are both relevant and compelling, but how can you be sure which is right for your firm? With a review of services like MoneyGuidePro, eMoney, and NaviPlan, you can figure out which is your best option.

As with any of these services, taking the time to thoroughly demo and test each one is key to reaching a decision you will be happy with.

      4. How Advisors Should Prepare for a Market Correction

While it’s clear to the advisor community that safeguarding your portfolio from a correction is wise, many consumers don’t take the same protective measures. Help your clients prepare for the next downturn by keeping them aware of other financial downturns throughout history and getting a deep understanding of their concerns.

One of the most important things you can do is communicate openly and often with your clients to head off poor financial decisions before they have a chance to occur.

      5. How Much Should Advisors Spend on Marketing?

Determining a marketing budget can seem difficult, but there are some best practices to follow. The right budget is crucial to growing your practice in a cost-effective way, so it’s worth it to spend the time on the subject.

Creating a referral pipeline, developing a robust marketing funnel, and tracking your dollars closely are some of the best practices to follow.

      6. New Data Shows Growing Financial Advisor Shortage

As more people retire and the need for financial advisors increase, the number of available advisors is falling. The U.S. Bureau of Labor Statistics projects that the number of job openings for financial advisers will jump 27%, or 60,300 additional jobs, by 2022.

High barriers to entry, a lack of mentorship and training, and a sales culture not preferred by millennials all combine to create a need for new advisors going forward.

      7. Creating a Paperless Advisory Practice

Digitizing your practice can be one of the easiest ways to save time, safeguard your documents, and keep things organized. Clients also prefer to access their documents online for convenience and fast access, so digitizing can also add to your client experience.

The first steps are to scan everything onto your computer, and to sort out files afterward. You can then work on creating digital solutions for client needs and onboarding to allow for the entire experience to be digitized going forward.

      8. How to Talk to Your Clients About Bitcoin

It is not uncommon for financial advisors these days to get questions about Bitcoin and if clients should be invested in the digital currency. Get rich quick stories and news reports of overnight millionaires have certainly peaked interest on the topic.

After covering what Bitcoin is and the myriad risks involved, be open with clients about what investments best suit their goals. Use the conversation to answer questions and offer up alternatives so that all points are covered.

      9. LinkedIn, Facebook, and Twitter Ads: What’s the Best ROI?

Facebook is a clear leader in the social media space, with the site being the top-five most visited in the world. LinkedIn and Twitter also have their respective places in the media landscape, and all should be used differently for the best results.

To figure out the best ROI between the three leaders, test each platform using small amounts of spend and evaluate metrics like cost per click and the number of conversions you receive.

      10. The Power of Marketing Videos for Financial Advisors

Establishing effective and compelling means of communication with clients is a cornerstone of any firm’s success. One of the best ways to do so is through the use of video to showcase your firm’s brand and investing approach.

Video is proven to forge personal connections and develop trust with consumers above and beyond what written word can accomplish, making it a must-have for advisors who want to create deeper relationships with prospective and current clients.


Join GuideVine

GuideVine is a digital marketing prospecting platform that provides advisors with valuable consumer insights and helps advisors connect with affluent investors. Offering a range of plans for individual advisors to advisory teams, GuideVine is here to upgrade your marketing and prospecting efforts. Learn more about joining here.

Comments are closed.