One of the big questions breakaway advisors face as they start a new firm is what to name it. In a post at his Nerd’s Eye View blog, Michael Kitces gives his views on if and when it’s appropriate for an advisor to name the firm after him/herself. He notes that it’s not a negative to do so, but the key is that advisors must be mindful about what type of business they’re building. Read the comments on his post for some personal insights as well. Also, Daniel Finley of Advisor Solutions offers guidance on how to know when to let go of a client or prospect. Watch for the warning signs. For example, if a client wants to keep working with a current advisor and work with you on a trial basis, chances are things won’t work out. You need to “stand by your value,” Finley notes. See his list of tips in a column at FPA’s Practice Management blog, below.
Is It Really Bad To Name Your Financial Advisory Business After Yourself?
By Michael Kitces
Source: Nerd’s Eye View blog
Whenever a financial advisor is starting a new firm – whether it is because they are breaking away to the independent channel, or simply just starting a new firm from scratch – there’s a lot to deal with, but one seemingly simple question that tends to stump most advisors is what to name their new advisory firm. Of course, clients will still be hiring you – the financial advisor – because of your skills and capabilities, not your firm because of its name. But nonetheless, the name represents the identity of the firm, and the brand that you will build. Which raises the question: if you are the primary advisor, should you simply name the advisory firm after yourself? And if you plan to build an advisory business beyond yourself, does that mean you need to avoid having your name on the door of the firm?
5 Signs It’s Time to Move On from a Prospect
By Daniel C. Finley, president, Advisor Solutions
Source: FPA Practice Management blog
Have you ever had a high net worth prospect who seemed semi-interested in working with you but you just couldn’t quite get them off the fence? You’ve called several times; maybe you’ve even met with them and offered recommendations, but something is holding them back from taking that final step to becoming a client. Then, your prospecting efforts become unreturned voicemails or vague replies to your emails. If this sounds familiar, maybe it’s time to acknowledge the signs and realize it’s time to move on.