Most advisers get into our business because they love planning, investing, helping people, etc. Usually, it is much latter they realize they also need to run a business and manage other people–their assistant. I cannot count how many times over my years of coaching work I find a highly dysfunctional assistant relationship that an adviser is tolerating. It doesn’t matter if you are a independent, wire-house, or bank adviser. Full-time, part-time, or shared with many others. You must get on the same page with that person. Please listen to my audio remarks for some very simple best practices when it comes to optimizing your assistant.

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One of my “pet peeves” about most advisers is they really don’t run there business as a business. Show me a business that serves clients and customers at a loss (most airlines) and I will show you a business model that is unsustainable. Do you know what is cost you to serve a typical “C” client well? I am speaking of an annual review, four touch-base calls per year, newsletters and mailings, and let’s not forget the risk factor of getting a written complaint in our new environment. Add that all up, and at the bare minimum your carry cost before you make a profit is $1000 gross revenue –not including “Uncle Sams cut (40%) that leaves you about $600 and then take your BD fees into account. Listen to my audio remarks for more information and ideas.

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