I recently had the opportunity to consult with a client during a strategic day to really “dig-in” and make suggestions into how they could optimize their business and really grow their revenue. We look at all their processes, especially their business development process and client profitability. They found the process to be so valuable, I wanted to share some of the most important ‘KPI’s” Key Performance Indicators that, once you determine what your are, will give you a whole level of new insight into your business.

I have found over 40 KPI’s for a practice. For the sake of time I want to discuss some of the highlighted ones. These are in no particular order:

  • How many clients do you have? How are they segmented? What is the standard of care for each segment?
  • What is the average annual recurring revenue (AAR) per each segment?
  • What is the average length in years of your average client engagement per segment?
  • What is the lifetime value of the average client per segment?
  • What is your average cost to serve the average client per segment?
  • What does it cost you to acquire a client?
  • What does it cost you to onboard a new client?

These are just a few KPI’s that all advisors need to know. Remember, you are a business owner.

I am hosting a webcast on Wednesday May 10th at 11:30am EST. For details and registration info head over to:https://attendee.gotowebinar.com/register/308512349773829890

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