In this Office Hours, practice management consultant Angie Herbers of Herbers & Company, along with Chief Financial Planning Nerd Michael Kitces, will conduct a ’financial makeover’ of 2 advisory firms, who will share their business financials and receive real-time feedback on the nature of their income, expenses, and various staff and other costs, to gain an understanding of what is really 'normal' (or not!) when it comes to the revenue, expenses, and profitability of an advisory firm! At this webinar, advisors will learn:
- How much revenue should go towards advisor versus other staff expenses
- What is a reasonable amount to spend on marketing
- What are typical technology costs for an advisory firm
- What should the profit margin be for an advisory firm as it grows and scales up
