Welcome back to the eighteenth episode of the Financial Advisor Success podcast!
This week’s guest is Angie Herbers, one of the leading practice management consultants for financial advisors, who has published numerous research studies on best practices, and authors a widely read monthly column on practice management for Investment Advisor magazine. Her consulting services are in such demand, that she has a stringent screening process to decide who to work with, and turns away almost 90% of the advisors who contact her, in search of a select group of just 15 advisors she will work with at any one time, who she believes she can best help.
What’s fascinating about Angie, though, isn’t simply that she runs an incredibly successful “lifestyle” business as a practice management consultant, but that she approaches the issue in much the same way that we as advisors approach financial issues with our own clients. In the case of our clients, it’s not just about the technical planning strategies, but the client’s relationship with money, and how that impacts the financial decisions they make. In the case of Angie’s coaching and consulting with advisors, it’s not just about the technical practice management strategies, but the advisor’s relationship with the business itself, and how that impacts their business decisions.
Because in this podcast, we really talk about how the connection between an advisor and his or her advisory firm really is like a relationship. A relationship with a rather selfish entity – the business – that, for the sake of growing itself and maximizing its value, will demand more and more of your time, attention, dollars, and resources. To the point that if you don’t manage and try to control the relationship, then the business controls you.
And be certain to listen to the end, where we talk about the growth barriers that financial advisors often hit as their advisory firms grow, why $350,000, $750,000, and $1.2 million dollars are key revenue thresholds that often cause new breaking points in the business, and what it takes to change the business – and sometimes, yourself – to climb over that wall and get to the other side.
So whether you’ve been feeling like your advisory business is controlling you – and wish it was the other way around – or are on the growth path, and want to prepare for the next inevitable barrier that will come, I hope you enjoy this latest episode of the Financial Advisor Success podcast!