I think you should make it a habit to read the Mark Tibergien column and the Angie Herbers column in Investment Advisor magazine back-to-back; both offer great insights into building a business. Tibergien tells us that every firm should be organized around a core purpose, which is up to you to articulate. When you do, you’ll find it much easier to market your services, and employees will be more motivated to rally around the purpose as well.
Herbers, meanwhile, says that many advisory firms are plagued by confusion and misunderstandings about who should be handling which tasks. Then she offers a step-by-step process for eliminating wasteful overlap, and achieve dramatic increases in efficiency.
I was also interested in the hidden broker-dealer profit centers, and Tom Giachetti continues to demystify how to handle the SEC audit process—which is more important in this regulator-aggressive environment than it has ever been.
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