Yes, there is an end to practice management. It happens when your business is successfully disposed of - to the satisfaction of all parties concerned. A measure of that satisfaction is the extent to which your clients stay with the practice after you've left and to achieve such goals, you could implement a formal succession planning strategy, an essential element of any Practice Management program.   Read more.

Trends in the financial services environment over the past decade have forced financial advisors to change the way they do things. While some changes have come from within, others have been imposed through external influences.   Read more.

At a recent FPI conference Tony Stephens presented a talk on "Professionalism - Journey or Destination?"  The journey to professionalism is not an option, it is the only way to stay in the business of being a FA.   Read more.

Signing a gym contract will not affect your weight by a single milligram. Unfortunately, regular attendance, toil and sweat may not do the trick either. You need to have a goal and participate in a structured program with regular checkpoints, preferably overseen by a qualified, professional trainer. Apply the same principles to Practice Management and you will maximise your long-term benefits. Read more.

You cannot buy practice management off the shelf or simply attend a course and qualify. It's about understanding best business principles and then successfully applying them in your own practice, more often than not, this requires professional, practical support tailored to your practice.  Read more.

Human nature has taught us to divide our needs into two categories; must have and nice to have. The problem with categorising needs this way is that we miss out on potential opportunities to improve or excel. Once we've attained a must have goal, we sigh and move onto the next. Often, we postpone the nice to have until a future date when we will have surplus funds - not appreciating that this issue could very well generate those surplus funds.  Read more.

While there was only one winner in the recent SA Best Practice of the Year competition, there were close on 80 participants who benefited directly from the experience. Read more.

At an Old Mutual Broker Distribution Gold conferences, guest speaker Tony Stephens of Business Health, Australia, listed the common attributes of companies that survive, even thrive, during tough times.   Read more.

"Winning the SA Best Practice of the Year award is like receiving a trophy before you run onto the field. From that point on you are under scrutiny and must prove that you are worthy of the award." These are the words of Tom Feher, Director of Execuserv, who won the inaugural SA Best Practice of the Year award last year. Tom highlighted some points in what it meant in winning the award  to the practice.  Read more.

Experience suggests that most of us are pretty good at communicating when required to do so. What is lacking, possibly, is a constructive strategy that ensures that we communicate regularly and with a clear purpose. If making communication count is important then we should want to ensure that we get the right message out whenever appropriate, that is why a communication strategy is very important. Read more.

Client centric is one of the fundamentals for success in difficult times, most often it takes a jolt like the economic turmoil  we experience before we turn our attention to our most important assest, our clients. There is five aspects to client centricity that is important: knowing what clients wants, seeking feedback, service delivery, communication and client reviews.  Read more.

In the SA Best Practice of the Year competition, 68% of the participants reported that they segment their client bases. This encouraging statistic means that a significant number of financial advisory practices have reviewed the value of their clients to the business and categorised them accordingly.   Read more.

During winter months it seems that most of us get stuck at doing our admin. You can use this time to review and update your segmentation and client service policies. By segmenting your client base you can identify your most valuable clients. Read more.

Differentiated service is not about how your staff, greet clients and what they do when clients call or arrive at your offices. Adding to the fundamental service standard is what differentiated servicing is all about, and doing so in a way that recognises the status of the client is very important.  Read more.

Do you sometimes wonder what you have done to deserve some of your clients?  Wonder no further...they are your clients and you deserve them. You attract clients to your practice and if you are not sending out the right messages, the chances are that you will be a magnet for the wrong clients Read more.

Client value proposition is not about you but about your clients and is only as good as your understanding of your clients. The secret to powerful client value propositions lies in knowing your clients, speaking their language and seeing the world of finance through their eyes. Read more.

Our 2008 focus has been on profitability and one of the issues we have encountered in recent times relates to the cost of client service.  There are two points around the topic that could make service differentiation easier to accept, the cost of delivering services can easily exceed the revenue generated in return and service differentiation does not mean a lowering of service standards. Read more.

We have come to the conclusion that size definitely counts, but it depends on what you do with it. Clearly managing a big client base is more profitable and then there is those that will argue that a big client base can be too much to handle. Read more.

Are you sure your clients are happy with the advice and service you deliver? Research has shown that clients will stay with their service provider just because it is too much effort to change. You have to do a client satisfaction survey in order to see how satisfied your clients are.  Read more.

The saying goes if you want loyalty buy a dog. How do you cultivate loyalty amongst clients?  It takes more than integrity, sound advice and good service. Read more.

Client reviews are the most important aspect of the client advisory process. Advisors who conduct regular, formal client reviews are a staggering 416% more profitable that those who do not. The sad thing is that two in every five advisors stand to lose out by not conducting structured, regular client reviews and for many of those who do, there is scope for improvement. Read more.

We regularly deal with the concept of value in our everyday lives, but seldom relate it to what we are actually doing as financial advisors. The value you deliver will make you stand out amongst your competitors. As a financial advisor we need to understand value differently, to begin with, value is a perception in the mind of the recipient.   Read more.

Differentiated client service means offering different levels of service to different clients and can only be implemented if you have segmented your client base properly. Firstly, differentiating client services is a common practice throughout the world and across many industries and secondly, it's not a matter of lowering service standards, but enhancing the service you offer your best clients.   Read more.

We have been asked why Segmentation is one of the first Practice Management chapters that we offer and experience has provided two reasons for doing so. The initial effort you put in will result in future revenue and a more efficient way of doing business.     Read more.

Probably the most important step a financial advisory practice can take right now is to review its Client Value Propositions (CVPs). Knowing your clients and their needs, you are best positioned to determine what your CVPs should address.  Read more.

Client base segmentation helps you address and manage critical client servicing and by segmenting your client base, you ensure that the right clients get the extras they qualify for. Client base segmentation provides the structure that facilitates the delivery of extraordinary service in a professional, profitable and consistent manner.   Read more.

Cross selling and up-selling is two different things, cross selling is about making opportunities happen.  They do however have one thing in common, they both require a revisit to the client they have similar processes. Read more.

Five things to look at if you want to retain a client, Communicate, segment and focus, make it about the client, test client satisfaction levels and show appreciation.  Any clients have a choice when it comes to their financial advisor, being appreciated is always a positive factor in any relationship and client relations are no different.   Read more.

Reflect on the services that you deliver to your clients. The true test of your service delivery occurs during your client reviews and this is where long term relationships with your clients made. Client reviews offers you the opportunity to service your client relationship, catch up on changes and developments and build long term relationships.   Read more.

Cross-selling and up-selling are essential elements of delivering holistic financial advice so make them part of the service you offer and ensure that your clients stay with you. With the right approach to cross-selling you take the pressure off your client.     Read more.

"Now is the winter of our discontent" is the title of a novel written by John Steinbeck. It is probably also a thought that has passed through the minds of many financial advisors as the grey clouds of our cooling economy build up. Read more.

Cross-selling is the marketing of additional, often different products and services to existing clients. You will only succeed at cross-selling when it becomes a part of your fundamental advice-giving process - a part of your culture. In making a habit of doing the things that facilitate cross-selling, you will soon develop it as a natural part of your advisory process and you would have developed a healthy cross-selling culture that will benefit you and your clients. Read more.

The sheer inconvenience of changing service providers is often the driving force in client retention. The FICA requirements alone are not enough to prevent someone from switching advisors, not to mention the time and effort needed to complete the full analysis. Read more.

In the current volatile market the most important responsibility of a financial advisor is to embark on a structured program to contact all your clients personally. There is no reason why a structured contact program should be confined to investment clients it can be extended to an entire client base. Read more.

Esmé Davies believes that the foundation of any client relationship is the client review. During the review, there are several important considerations. It is essential to establish to what extent goals and objectives are being achieved and whether they need to be amended due to changed circumstances. The effectiveness of the plan (including performance) must be covered and it may even be necessary to manage a client's expectations.  Read more.

The aspects on fees vs commission should be considered - more financial advisors will consider charging fees for services rendered, but there are two particular obstacles that must be dealt with - advisors need to establish an equitable fee basis that will see them adequately compensated while clients receive value for their money and we need to overcome a perception that our market is not ready for fees.   Read more.

In dealing with performance appraisals it is important to take note of several important issues. Firstly formalising a process that everyone understands, link their performance contract to the business so that their personal objectives can be aligned to the practice's business objectives and lastly effective performance appraisal system provides a basis for the allocation of performance related bonuses.   Read more.

Servicing standards of our clients is one of the things we often overlook. Take time to reflect on client service especially on how to equate client satisfaction with practice profitability. Client services are one of the principal under-utilised drivers of profitability in any business. Read more.

If you think that staff costs are probably your single biggest expense, you're no different to most practices. However a mistake that business owners make is to see staff costs as an expense, rather than as an investment on which you should achieve a return. But in a financial environment where return on investment (ROI) is determined by a simple formula (value of benefits divided by cost), trying to put a handle on the value of intangible benefits is viewed with scepticism. Read more.

Have you ever considered changing your bank? There's your current account, credit card, garage card, maybe your vehicle finance and possibly your home loan. So, rather than congratulating ourselves for something that could actually be a result of inconvenience, let us rather take a serious look at what we should be doing to keep clients.  Read more.

By maximising the true value of your employees you can increase both revenue and profitability. Make sure that employees go on skills training, in that way they can deliver an excellent service to clients at all times. Offer market related remuneration packages and invest in their personal development.  Read more.

There should be a CRM computer system that stores all the relevant details of clients from their personal details to telephone calls, extracting various reports, etc. This system must be well managed in order for information to be relevant and not outdated.  Identifying who will install this system is key to the success of it - proper training and ongoing support is another key factor in this process.     Read more.

Most people do not like meetings, but if used effectively, meetings can be a most productive practice management tool. Herewith some pointers to help turn your future meetings into powerful decision making tools: have a meeting about meetings, determine purpose and organise, schedule and invite, make it happen, stop it from happening and minute and follow up.    Read more.

Starting your first job or a new job comes with apprehension no matter how qualified and experienced you are, and as we know first impressions last. Therefore thought and preparation, as with any investment is key in order to get the returns that you are hoping for. Best business principles have some suggestions on what should happen when a new employee start.  Read more.

To get the best out of your staff, make sure that they are qualified and competent, reward them for jobs well done and facilitate their growth and development by sending them on training courses.  Remember your people are your business.      Read more.

Your premises can speak volumes and what do they tell your clients?  Having the right premises can make a difference to how you do business.       Read more.

Having recently begun implementing your 2010 business plan you may consider it strange that I now want to challenge you to reconsider your vision. The point is that one need to reassess goals and measure progress on a regular basis and reviewing your vision is part of the process.   Read more.

Over the past three years, September has become a month of inspiration for us at Celestis. It is the month that we have the privilege of visiting some of the best managed financial advisory practices in South Africa as we "audit" the finalists in the SA Best Practice of the Year competition.   Read more.

Locally and internationally, many financial advisory practices are experiencing decreasing revenues. A recent analysis of advisor activities in that Australia reveals that they conduct an average of 6.2 business appointments with clients per week. The Financial Standard (online at www.financialstandard.com.au), commented on this article, maintains that the average Australian advisor spends 39% of his time on business appointments each week while more than 56% is spent on admin and business processing.   Read more.

The San Diego Chamber of Commerce distributed an article entitled "Making money out of nothing", which deals with capitalising on the use of alliance in the market and sales environment. It will make sense to capitalise on alliances.The key to success in using this marketing strategy lies in the choice of alliance partners.     Read more.

We have found that for alliances to work there should be a contractual agreement in place. What would you expect an alliance partner to deliver to your client?  What can your alliance partner expect from you? Read more.

Technology is not a nice to have or a necessary evil. Sheer volumes and the complexity of products and processes demand the use of more sophisticated computers and peripheral equipment. Your electronic infrastructure should form the backbone of your operations and it warrants particular consideration.   Read more.

As a financial advisor you could be expected to have more than one business partner. The FAIS Act has removed many of the part-time financial product salesmen from the industry arena. Compliance demands standards and qualifications and we expect the bar to be raised on a regular basis in the future. Read more.

What are your staff members doing for you and what are you doing for them - you need to have your staff on your side and make sure that they team player. If your practice already pay market related salaries there are three other things to consider, fair and equitable salary increases, bonuses and other incentives and a detailed performance contract.   Read more.

While visiting financial advisors I was surprised to discover that several of them had been obliged to resolve staffing issues through the CCMA. Most financial advisors are people orientated, often too trusting and inclined to make intuitive decisions. All too often, staff appointments are subjective choices rather than business decisions based on a rigorous selection process.  Read more.

The induction of a new staff member is part of the communication process that takes place in a business. Not inducting new staff is the first sign that the business does not appreciate the value of communication and the practice owner who leaves the entire induction process up to others is missing a trick. Read more.

While global economists have taken take pains to avoid describing the prevailing US conditions as a recession, there can be no doubt that "times are tough". South Africa is not exempt from the economic fallout and for many small business owners, dealing with the situation is a challenge. Financial advisors, in fact, face a dual challenge - that of advising clients in a difficult climate and managing their practices under trying circumstances. Read more.

There is nothing like coming back from a well deserved break, all relaxed and ready to tackle the year - but before you do so set up a constructive session with your staff, looking at key goals and objectives for the year and how you intend to achieve it, individual role responsibility and finally discuss some important staff issues.  There is nothing like being a part of a winning business team.  Read more.

There are a lot of changes in the market place and the current proposed change will have a material impact on your business. The authorities view the future of the industry as dependent on the development of a professional, client orientated body of advice and service providers. Commission regulations that can affect your business - The reduction of upfront commission in, changes applied to risk and other products, elements of your business mix includes contractual savings products you experience an impact on your cash flow and have you considered using a fee based service.  Read more.

Find a reliable service provider that can advise you on the best way to technically equip you and your practice. Always stay up-to-date with technology changes in the marketplace and make sure that all information is easy accessible in case of any technical breakdown.   Read more.

Training of staff to make them better equipped to do the job, which will help in delegating tasks to staff, in that way staff can be utilise to the max and this will enhance the value of the practice.  Read more.

It is critical to have a team of effective employees and there is more to a good team of people than gut feel and good luck. It is finding the right people and then developing them into a cohesive team of committed employees.    Read more.

Choosing the right technology is critical in your work environment as technology must enable you to perform your job professionally and more efficiently and that technology must be totally appropriate and absolutely reliable. If this is not the case its value must be questioned.     Read more.

In the current economic crunch, the first thing to do is to cut marketing costs, but as the typical financial advisor under spends on marketing anyway, cutting in this area seldom make a difference to the bottom line. That is why expense management is something that requires attention regularly and not just when there is an economic crunch.   Read more.

Practices should look in incorporating fees into its payment model. Celestis do not promote the use of fees over commission or vice versa but believe sound advice should be paid for in some way. There is some fee related issues that need serious consideration and it must be remembered that if fees are going to be charged, outstanding quality service and advice must be given at all times. Read more.

Legitimacy, efficiency and effectiveness, these are primary drivers to sustaining profitability within a business over the long term. In the financial services industry (FSI), whether you focus on short-term, risk and investment, healthcare or employee benefits, you must consider each of these drivers if you intend adding value to your practice over time and creating a saleable entity when you decide to retire or move on. Read more.

Take a look at not just cutting costs, but also to optimise on expenditure and enhance profitability. To do this effectively look at cutting costs on travel, incentivise your staff, develop your staff and look at your client base to see how you can generate additional revenue.  Read more.

The owner of a business is not responsible for the bottom line. And neither is the tea lady who could be saving money by re-using tea bags. Managing the bottom line is a collective responsibility and everyone in the practice should be measured on the contribution they make to profitability.   Read more.

Today, practice owners appreciate the value of a business coach or mentor. When problems arise, however, it is usually a result of a poor fit between coach and practice owner. Making the relationship work starts with making sure that coach and owner are right for one another. Read more.

With the auditing of the SA Best Practice of the Year you could clearly see the difference in commitment by the support staff to the company's business plan.  If you want people to help you achieve your business goals and objectives then they need to have an understanding of what you are aiming at. Read more.

If you are thinking of cutting back on your marketing spend, think again. Sales will generate immediate income, but the purpose of marketing is to sustain the practice's revenue generating capacity over the long term.  What is needed is an optimal mix of sales and marketing to ensure that bills are paid today and in the future. Read more.

There is probably nobody who predicted the changes we experienced, violent at their worst and unpredictable at their best. Few if any financial advisory practice's business plans would have escaped unaffected by the devastation of an economy that crashed and then burnt so many in the process. Read more.

More than half a year has gone and it is time to evaluate and take stock of your business...re-evaluate your client base, involve support staff, make sure that the procedures and processes that are in place is still working effectively.  Read more.

Rod Bertino often says that you need a plan for your business and not a business plan. In his mind a business plan is a document that gets drawn up then filed away and a plan for your business is carefully developed as the blue print of your business identifying the achievements of your goals and objectives.   Read more.

We need to work harder and not smarter and in order to do that, we need to apply the business management tool, to improve efficiency and effectiveness.  Read more.

Do you benefit from conferences that take you out of the office? Conferences, however, warrant careful consideration for two reasons. Firstly, chances are that you will learn something.  Secondly, and often more importantly, these events provide great networking opportunities. Next time you are invited to a conference, look beyond the subject matter and consider who is likely to attend the event and look at the networking benefits. Read more.

Whenever you get to see a business plan that contains concise goals and objectives incorporating quantity, quality, deadlines and responsibility then chances are you're dealing with a successful company. When that plan shows signs of wear and tear, fingerprints and what looks like an occasional coffee stain then the odds of success are raised. Read more.

You will never know if an idea is good until it has delivered results - in practice it is not the thought that counts but how we implement the idea. We have to look at some of the following to make sure that the ideas we try out have a change of succeeding.  Read more.

Niche marketing is about focussing on a small segment of the broader market with the view to carving out a lucrative competitive advantage. In a nutshell, somewhere between diversified and niche marketing is a space that most advisors will find comfortable. Read more.

Looking at your goals and making sure that you achieve them, you have to look at picking the lower hanging fruit, this means that you have to set some smaller, short term and achievable targets and then apply yourself fully to beat them.      Read more.

Norm Trainor wrote an article about getting three things right - your ideal client profile, your value proposition and the price of your service. If we modify his ideas slightly we can apply them to ourselves - know your client, develop a service offering and develop your value proposition. Read more.

What does a potholer mean? Giving financial advice is far more important than crawling through a cave, so why is, it that someone will be more interested to know what a potholer has to say than an advisor? Read more.

"Survive and thrive" is the motto given to 2009. For many of us and our clients, the emphasis has been on survival with little respite being offered by continued market uncertainty. Yet if you are reading this, the chances are that you are surviving and maybe you need to turn your attention to thriving.   Read more.

It will take a little more than hard work but the right preparation may make all the difference when looking to grow your business to counteract the effects of the economic downturn. Achieving sustainable growth as a financial advisor is seldom a quick thing, often requiring substantial time and effort. Accumulate enough of them in your business and you will soon be back on the road to long term growth. Read more.

Succession Planning often revolves around a family member taking over the business.  As parent and practice owner, you must assist in quickly developing the skills and confidence necessary for your son to do well.     Read more.

The most valuable asset in any financial advisor's business is the practice's client base. Business relationships are usually formed over years, resulting in mutual trust and respect between client and advisor. Succession planning must result in the transfer of these allegiances to the new advisor or successor. Any client transfer strategy must include a series of activities aimed at weaning the client off existing business relationships and establishing bonds with the new advisor. Read more.

A succession planning survey as conducted between 549 FA. One disturbing factor that came out of this survey is that the respondents were between 49 and at least a quarter of them over 55. Succession Planning is something that should be discussed with your practice consultant. Read more.

If you think that succession planning without an heir waiting in the wings is futile, then think again. Heir or no heir, not having a succession plan is simply not an option. The point is that a succession plan is, in effect, a business plan and death is only one of the contingencies. The main purpose of the plan is to dispose of a valuable asset to your maximum advantage - or for the benefit of your dependents.   Read more.

There is something you need to do and it entails working on your business, rather than in it. As leader, your people and your clients will be looking to you for two things - firstly, they need to see hope, confidence and determination and secondly as leaders, practice owners should not lose sight of the big picture, the vision of where the business is headed.  Read more.

The second FAIS annual audit season will be behind us. Peter Dempsey believes that we should take stock of FAIS and consider, in particular, who benefits from and who pays for FAIS compliance. He suggests that the debate is ongoing in terms of costs in our present environment, but there are three clear FAIS beneficiaries, i.e the financial services industry, the client and the financial advisor. Read more.

"The recent SA Best Practice of the Year competition highlighted that business continuity is an area where many local practices fall short. It's an issue that should concern us all." Approximately 80 participants in the competition completed the HealthCheck, an online diagnostic tool, and from the results, it was possible to identify key areas of weaknesses. Included in these were a lack of appropriate business planning, failure to address succession and the transfer of equity and inadequate business risk management (covering key person insurance, disaster recovery, etc). Read more.

How can you make compliance work for you? According to FAIS legislation an advisor is required to tell any potential new client who he is, who he represents, what services he is qualified to offer, etc., hence the Contact Stage Disclosure.  Why not optimise on this tell them what you expect from them, list what you actually do for your clients and then leave space for them to insert their requirements.  Read more.

Advisors should advertise but they should do it selectively and consider the alternative promotional opportunities. If they use traditional advertising in magazines or newspapers they should use a reputable advertising agency, as would not like to look unprofessional while trying to establish your brand.     Read more.

During a recent visit, Tony Stephens of Business Health Australia, spoke to financial advisors about the 5 things they have seen successful advisors around the world apply to overcome the current economic challenge - one of these we were great leadership.  Read more.

Building a practice is about building a business team in which all players understand the goals and are committed to the game plan. In a recent survey conducted by Celestis amongst 1 100 South African advisors currently participating in their practice management program, only 59% of them reported having employee contracts in place.   Read more.

To start your Business Plan define what your business must look like and its purpose, than define your business goals and objectives. Finally identify the actions in order to achieve your goals and objectives. Implement the plan and always check to make sure that you are on track. Read more.

Working in your practice refers to various functions that you perform as a FA and working on your practice refers to your responsibility as a practice owner. Here are some things to reflect on for your practice - review core objectives, review your business plan, analysis of income vs expenditure and appraisal of performances. Read more.

One of the most important factors in managing a practice is business continuity and many advisors take steps to ensure that they are covered if they are unable to function due to ill health or disability.   Read more.

For several months now the Reserve Bank Governor has warned us to tighten our belts. Unable to halt spending he has raised interest rates and further increases are on the cards. Prevailing market conditions favour the financial services industry but there are definite signs out there that things are getting tougher.  Read more.

Risk management and risk management plans for FSP's are a major focus area of the regulator. Identifying the areas of risk can be as simple as referring to the FSB report, the next step is to rate your risk in terms of severity and probability the final step is to monitor the risks facing the FSP. Read more.

So you're about to retire and several interested parties are ready to take over your business. All of a sudden one of them asks the inevitable question, "What's your asking price?" Do you umm and ah, quote a figure and watch the reactions very carefully or mumble a response suggesting that the price is negotiable depending on the conditions of sale? Read more.

Is a full client needs analysis (FNA) always necessary when interacting with a client or may a financial advisor provide a client with the financial product he wants on a single needs basis?   Read more.

To make planning a little easier and more effective there is 2 things to look at. Firstly the "low hanging fruit" principle and secondly too take stock of your performance for the year. Business planning does not always required hours of work, once you have a basic plan that works an occasional quick review is all that is needed.  Read more.

Servicing clients is a key component in any business. If you want to enhance service delivery here with some points to consider - focus on service optimisation before you consider service, review service delivery performance, include activities in your service plan, downsized unrealistic expectations before you commit to a client, find out client expectations, offer differentiated services to a variety of clients.  Read more.

The 2006 Compliance Report has remained the same however the focus of the Report has shifted from reporting on general compliance with the FAIS Act, to more specific issues. Another change to this report sees the introduction of separate Schedules A and B - whether the FSP relied on S8(4)(a) and (b) of the Code of Conduct as the reason for providing the client with limited advice and if so, how often this was relied on. Read more.

FICA applies, inter alia, to any persons conducting "long term insurance business" including brokers (advisers) in the definition of "Accountable Institutions". Herewith some aspects of the Act that is worthwhile revisiting that spell out what is required from FSP's on a continuous basis, as verifying your clients, record keeping, internal rules, training, continuous focus. Read more.

Without doubt, the recession has burnt fingers and heightened caution. Expect your clients to be looking for value and to be asking questions where previously much was taken for granted. Be aware that competitors offering better service may take business off you and that the decision driver is a perception of value - not necessarily a standard of delivery. Read more.

The biggest passion killer known to entrepreneurs is, without question, red tape. Often it's bureaucracy, the sticky, messy stuff that bogs you down and stops you from getting on with the things that you have dreamt of and worked so hard for. Read more.

September marks the beginning of spring, the season in which things happen naturally. And even the most "horticulturally" challenged amongst us cannot but notice Mother Nature's bold statements of change within our surroundings. That's why there is no better time than the season of Spring for us, as financial advisors, to make things happen. Read more.

In a recent succession planning seminar facilitated by Celestis, speakers raised a variety of issues pertinent to those interested in buying or selling a financial advisory practice. Like the proverbial shoemaker whose children walk around barefoot, many of us have well advised clients while our own affairs need attention. Selling your practice could mean changing from a career that has spanned many years to something entirely different. Are you ready for a change of that magnitude? And what are the implications for your fellow stakeholders if you have any, or your staff? To say nothing of the onerous task of transitioning your clients from one advisor to another. Read more.

The sale of a financial advisory business or a client book is fundamentally about the transfer of clients from one relationship to another, and even though they represent the lifeblood of the business, clients have little say in the transaction. Or do they? Read more.

Lots have been said about the tough times that we have experienced then there are those that have just gone on with the tasks at hand.  Read more.

Practice management is a way of doing business by implementing best business practice with the purpose of enhancing sufficiency and adding sustainable value to your business. There are quick wins to be had, but view the implementation of practice management as a long term strategy, phasing in changes as and when the business is ready in order to achieve lasting results. Read more.

As is the case locally, economic conditions have made for difficult markets in most countries as Rod Bertino one of the principals of Business Health, Australia has noted in one of his recent visits. We identified five common attributes of financial advisory practices that succeed, despite facing adverse conditions. These characteristics would appear to be universal, rather than peculiar to a particular market or country. Read more.

For the way forward we need to realise the benefits of effective practice management. There are various definitions of practice management but, without a doubt, its purpose should be to enhance profitability and build the long term value of one's business - your vehicle along this road. What we need to do is to take time out to work on rather than in our businesses. This means exploiting efficiencies and extending the longevity of our revenue generating capabilities. Read more.

"What is more important in the throes of a turbulent financial climate - optimism or optimisation?"  Both are imperative. The optimists have given us the strength to review, restructure and redirect our financial goals and objectives. Optimisation encapsulates the essence of practice management - the application of best business principles in order to capitalise on one's situation. Read more.

"You don't have to make a mistake to learn from one." I read this statement on an advertising billboard recently and it has stuck in my mind ever since.  Read more.

If we look at the progression of the financial intermediary over the years we see a move from salesman to financial advisor or planner. For many, this change has been a voluntary process and for some this is where the development has ended. But there is a need to move up to the next level and that means functioning as a practice owner. This is the future of the financial intermediary in South Africa. Read more.

You heading for the final quarter of the year, but no matter how your year has panned out thus far, this are the time to inject new vitality into your business. Review your goals and targets and celebrate successes with your team.   Read more.

Sometimes it is good to evaluate and throw out the old things that don't work. If there is something in your practice that is not working you cannot simply ignore it, isolate and evaluate activities. This is the time to double up on activities that have worked or try new ideas.   Read more.

Practice management is the implementation of international best business principles with the view to enhancing profitability and building sustainable value in the practice itself. The real issue is what practice management and best principles entails. Read more.

An extensive survey of top US FA showed that their success had four key factors in common - Focusing on client needs, Asking for referrals, Specialisation and Outsourcing. Each one of these key factors, if applied can make a material difference to SA financial advisory practice.     Read more.

Best business practice is a way of doing business best. Unlike legislation, rules or regulations that are mandatory, best business practice is something the practice owner voluntary embraces in order to enhance the value of the business. There are three elements to implementing best practices management in SA - Compliance, Technology and Managing of the practice. Read more.

The HealthCheck (self assessment) undertaken by the participants of the SAPOTY Competition is confidential but the "finalist" practices agreed that some information can be shared. Herewith some of the questions that the practices did not score top marks in: Business planning, Business ownership and continuity, Client base segmentation, Client service, Technology and processes, Staff training and performance management, Client communication and Financial planning and reviews. Read more.

Three important reasons why you enter your practice in the SA Best Practice of the Year competition - Involvement is good for your practice, Involvement is good for the industry and Business reviews are imperative. Read more.

With the launch of the SA Best Practice of the Year award in 2007, Celestis and its associates, FAnews and Business Health of Australia, are now in a position to analyse hard data about participating practices.   Read more.

Practice management is the application of best practices for the enhancement of the business, its stakeholders including staff, and its clients. Practice management should be tailored for specific practices, needs for each business is different so it should be tailored accordingly. Commitment is vital in this process as well as choosing the right partner.   Read more.

SA Best Practice of the Year finalists had one thing in common - they all got the basics right. Persona differs for each practice but there are basic attributes that are not negotiable when achieving sustainable success. Some key areas that was looked at: Business Plan, Succession Planning, Management of Staff, Training, Client relationship management, the use of technology & profitability. Read more.

There is a well known proverb that says, "What you don't know can't hurt." Whoever came up with that questionable pearl of wisdom certainly didn't own a successful business. It is what you know that can give you a competitive advantage. And what you know can also be a powerful driver of value and profitability. Read more.