1 You have one chance to build a firm
One of the best things about growing a financial advice firm is you get to decide who you work with and who you don’t! It is important to be firm in this selection and outline where you add value. If I feel an introduction isn’t going to be one for me – for whatever reason – I don’t take that client on.
2 Harness the power of community
The amount of resources amongst the financial advice community, where people share information and experiences, is refreshing. Communities like the NextGen Planners is a great example, particularly for smaller financial advice firms, as they allow their advisers to obtain the perspective of others in a very collaborative way.
3 Go for value over volume
I don’t try and take on a lot of clients. In the professional football market, it is most definitely about the quality of client rather than the quantity. The good thing is that it is a small world given that clients share dressing rooms and if you do something well it gets around. Conversely, if you spread yourself too thin by taking on too much news of this will travel even quicker.
4 Take time to get perspective
I absolutely love what I do and feel lucky to have the job that I have, but I have learned that it is even more important to take yourself away from it to recharge, get some perspective and spend quality time with friends and family.
5 Network smartly
Starting out, I would go to as many networking events as I could and thought successful networking was coming away with 15 business cards. I have learned to get a lot smarter with both the type of events I attend and what I want to get out of them. People don’t want a business card shoved in their face within the first few seconds of meeting them. It is important to take time to get to know someone and their business to see if you can genuinely work together in some way.