Finally, you have to downsize yourself-by deciding what you will not do in your practice. Trying to be all things to all people rarely works. The old phrase "jack of all trades, master of none" applies here. It's impractical to present yourself as an expert in all areas of financial services, and hugely inefficient trying to be one. Therefore, many firms have studied what they do well and what they do not do as well. You can either eliminate certain services or outsource those services that you don't like to do, don't want to do or don't do well. You might outsource financial planning, investment management or reporting, tax preparation, marketing or advertising.
If you do it prudently, thoughtfully and efficiently, downsizing can right-size your practice and your profits.

David L. Lawrence, RFC, ChFE, AIF, is a practice efficiency consultant and is president of EfficientPractice.com, a practice consulting firm based in San Diego, Calif. (www.efficientpractice.com). The Efficient Practice offers an advisor network and a monthly newsletter.

First « 1 2 » Next