5. A Strong Focus
Mark Smith, a Raymond James branch manager in Greenwood Village, Colo., talked about the proper use of time management. He talked about how hard it was to hire the first person and encouraged many advisors to let go of some of what they are doing so they can start concentrating on getting out there and getting referrals. Advisors should look at the internal team as an investment, not an expense. One staff person for every quarter million of production was suggested as the right ratio to benchmark against.
Regarding the value proposition to offer clients, Smith said to control what you can and plan for what you cannot. We can’t control the economy, the stock market, inflation and interest rates, said Smith. We should humbly admit how hard it is to predict these things and help manage investor behavior.
“Talk about reducing taxes. That is one area we can add value. Things are changing. Make it a focus. Increasing taxes are now a real concern for the affluent investor. The party is over. Taxes are going up. Become as knowledgeable as you can,” recommended Smith.
He ended by saying, “Growing your practice is a numbers game. You must get in front of people.”