Winning Ways
Real-world strategies to help you reimagine your practice
Unlike thousands of practice management books that highlight the views and opinions of a single author, Winning Ways shares the insights of more than one hundred on-the-ground practitioners who are either engaged in running their practices or provide professional services to advisors on how to build and run their practices.
Building and maintaining lasting client relationships
You must consistently strive to deepen client relationships in a way that is similar to the way friendships are built to sustain their trust and confidence over time. Deeper relationships lead to increased client loyalty, increasing your chances of keeping them for life, just as you strive to do with real friends who would not abandon you.
Boost your profits using business metrics
Business metrics incorporate a range of measurements that allow you to track various aspects of your business, such as growth in assets under administration, client profitability and staff productivity. You need metrics to figure out whether you are optimizing your time to deliver your services and to determine whether your practice is profitable
Establishing your road map to success
Your road map helps you to define where you want your practice to be within a certain time frame and how you plan on getting there. It gives you direction and purpose and keeps you on track to achieving your goals. Without a roadmap, you will not know when you have arrived at your destination. We'll help you set appropriate milestones and an achievable destination.
What's inside the book
8 sections to supercharge your business!
Delivering on Your Value Proposition
When crafting your value proposition, it is imperative that you have a thorough understanding of the needs and values of the clients you are planning to serve. Otherwise, what you bring to the table might not be sufficient to meet their expectations. Even though your value proposition might be unique and differentiates you from the pack, you must be careful that it is not too narrowly focused. Or you might end up attracting clients who are mostly part of a niche that might not necessarily be large enough to build a viable business.
Building and Maintaining Client Relationships
You must consistently strive to deepen client relationships in a way that is similar to the way friendships are built to sustain their trust and confidence over time. Deeper relationships lead to increased client loyalty, increasing your chances of keeping them for life, just as you strive to do with real friends who would not abandon you.
Acquiring, Retaining and Segmenting Clients
Acquiring new clients is undoubtedly critical to growing your business. But equally important – or perhaps even more important – is retaining your existing clients. That’s because it costs much less to retain existing clients than to find new ones.
Marketing and Communication Strategies
Whether you're promoting your brand, your products or your services, your marketing initiatives must always be relevant and meaningful to your target audience. The more frequent contact you have with clients, the more opportunities you have to provide value and keep them satisfied.
Helping Your Clients Understand and Manage
Risk is often misunderstood by clients. They either underestimate the amount of risk they can take or see risk and market volatility in the same light. It is therefore important that you have a clear understanding of your clients’ tolerance as well as their capacity for risk.
Operating Your Practice
It goes without saying that the overarching objective of all advisor businesses is to be profitable. While revenue growth is an important gauge of success, it is not necessarily an indicator of growth in your bottom line. It will, therefore, be prudent to keep tabs on your profitability by using business metrics that measure variables such as the growth of assets, fixed and variable costs, individual client revenue, profitability, and staff productivity.
Growing your Practice
There are myriads of approaches for growing your practice. But how you get to where you want to depend on the competitive landscape, the type of clients you prefer to work with, the strategies you use to attract and retain clients and how your practice evolves over time. In reality, there is no silver bullet for growing your practice. It comes down to how you attract the clients who you choose to work with and who choose to work with you.
Charting and Managing Your Course
Whatever the goals for your practice you must determine where you are today and what strategies you must put in place to get to where you want to be. Keep in mind that if you don't know your destination, you wouldn't know when you would have arrived.
What people are saying
“I have no doubt whatsoever that every advisor who reads this book will find something with the potential to elevate their business to new heights."
"A must read for advisors. Unbiased advice from hundreds of practitioners who successfully run their own businesses. You can spend a lifetime learning what you can find in this book."
"A compelling, well written and easy to read book which provides potential and experienced advisors with comprehensive insights into how successful financial advisors build their practices by adopting flexible strategies to meet the ever-evolving needs of investors."
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Blog Posts
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How to chart the course for your business
A business plan is a necessity to chart the course for any business. It can help you define where you want your business to be within a certain time frame and how you plan on getting there.
Repositioning your practice for growth
Expanding beyond a stagnant period or growth barrier can be a challenge for some advisors who have built a successful practice. You might have set yourself a target to achieve a certain asset level and, once you got there, found that growth has become elusive.
How to break through the growth barrier
Many advisors reach a point in their careers when the growth of their practices reaches a plateau. Even though they continues to be profitable, they are no longer growing.
Do you know the potential to grow your business?
If you want to grow your business you must first assess its potential for growth. To do so, it is important for you to have a thorough understanding of the market space in which you are operating, as well as your capacity to take on new clients.
Charting the course for your business
A business plan helps you define where you want your business to be within a certain time frame and how you plan on getting there.
Leapfrog Your Competition For Success
Leapfrogging your competition can put your practice on the road to success in a highly competitive environment in which the products you sell and the services you provide have been commoditized and your peers are flogging the same fare.
Re-engineer Your Practice For Growth
It will become necessary at some point for you to re-engineer your practice as your business and the environment in which it operates evolve. The truth is, as your practice grows, it becomes more complex and you might find that you're spending more time managing your business than building it. It...
Improve Efficiency Through Repetition
You can improve the efficiency of your practice significantly by establishing repeatable processes for routine, predictable activities.
The Launch of our book!
The book, Winning Ways: Real World Strategies to Help You Reimagine Your Practice, is a comprehensive resource for financial advisors seeking to build and sustain their practices.