Financial advisors are often the folks who give others guidance, and that can make the idea of hiring a consultant seem a little odd. However, practicing management consulting may make a huge difference in the success of your business. Here are four times a financial advisor might want to ask for the support of a practice consulting firm.
The Startup Process
Even if you've had extensive managerial experience in the financial advice world, starting a practice is a different animal. Being the boss is one thing, but being the owner is quite the other. It is important to think about the basic laws governing financial advisors, such as rules regarding fiduciary obligations. You will want to limit your practice's liability exposure as much as possible while also providing a broad range of products and support. How you configure your practice as a business will determine what services and products you can sell and how you can represent them to your clients.
A financial advisor practice management consulting professional can guide you through the startup process. You can tell them what your licensing level is and how you wish to run your practice. They can then help you choose the right corporate structure.
Regulatory Friction
If you encounter any regulatory friction, it's a good idea to seek outside advice. A practice management consulting company can provide fresh eyes regarding how your office and its employees are handling issues. They also can make recommendations for reducing overall regulatory friction. This may reduce your legal and financial risk exposure.
Expansion into Other Jurisdictions
An established office can also benefit from financial advisor practice management consulting support. If you're expanding your offices into a different state or country, it's wise to have someone guide you through the process. The rules will be different, and there may even be an entirely different licensing or certification regime. A consultant can help you to identify compliance requirements so you can begin fulfilling them as early as possible. This will reduce the risk that your new offices won't be in compliance by the time you're ready to open the doors.
Branding and Marketing Changes
Over the life of a financial advisory practice, you will likely need to adjust your branding and marketing efforts. How a financial advisor's practice represents itself has legal implications. Likewise, someone who's great as a financial advisor might be less of a branding wizard. A consultant can help you position your brand and choose marketing strategies that will amplify it.
Contact a financial advisor management service such as Bill Good Marketing Inc for more information.
Share28 September 2022
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