Business Planning for Financial Advisory Firms

Laveta Brigham

A financial adviser’s clients value the planning that helps them achieve their financial goals. It’s important that advisers themselves do business planning for their advisory firm to ensure that it remains a viable business that allows them to continue servicing their client’s needs, and that helps advisers meet their own […]

A financial adviser’s clients value the planning that helps them achieve their financial goals. It’s important that advisers themselves do business planning for their advisory firm to ensure that it remains a viable business that allows them to continue servicing their client’s needs, and that helps advisers meet their own personal financial goals.

Here are some questions that advisers might consider in developing their firm’s business plan.

Who do you serve and what services do you offer?

Over time it’s not uncommon for an advisory firm to accumulate a number of clients with widely different situations and needs. Does your firm have a niche or are you trying to develop one? Are there clients the firm serves who don’t fit with the direction that you are trying to move your firm? It’s important to identify the types of clients you want to focus on going forward and to be sure your firm is set up to serve those clients in the best manner possible.

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