From balancing client needs to mastering the latest technologies, financial advisors have a lot on their plates. To help them manage their advisory practices, many asset managers offer articles and insights on business building and in-house management. This month, we highlight the top five practice management articles:
1. Lord Abbett: Meditation Tips for Advisors– “Mindfulness” is fast becoming the buzz word du jour, with everyone from gurus to talk-show hosts touting its benefits. Financial planner Deena Katz brings meditation off of the mountain and into the office with this article discussing the benefits of mindful practice for a financial advisor. She notes that meditation can help reduce stress, improve civility and improve work performance.
Lord Abbett Meditation Tips for Advisors
2. AllianceBernstein: The Problem with Planning – and Why Every Advisor Needs One– AllianceBernstein turns its eye to business plans, quoting President Dwight D. Eisenhower who once said, “Plans are nothing; planning is everything.” The firm explains that it is essential that advisors make a business plan, but that they also consider this a “Living Document” that can be regarded with flexibility. AllianceBernstein recommends creating goals and defining the methods of reaching those goals as keys to effective planning.
AllianceBernstein Planning Discussion
3. Oppenheimer: How Do You Do It?– Oppenheimer’s Paul Blease, Director of the CEO Advisor Institute, offers tips on how advisors can explain their value to clients. The article suggests that advisors talk about how they can help clients meet their objectives and emphasize the importance of a disciplined process rather than focus on individual product performance. Blease offers a sample script for a conversation and breaks down the discussion process into three steps: diagnosis, prognosis and treatment.
Oppenheimer Provides Conversation Tips
4. BlackRock: Address Changes in Social Security Benefits– BlackRock discusses the recent cost-of-living increase to Social Security insurance, noting that this could be a prime time for advisors to open Social Security discussions with their clients. To help with this, the firm offers a brochure on retirement benefits and links to a multistep business building tool, Maximize Social Security Income, which provides advice for how to answer client questions.
BlackRock on Social Security Changes
5. Eaton Vance: Mobile Device Etiquette: R U Serious!?!– Eaton Funds’ David Richman blogs on mobile phone etiquette. Reflecting on a recent dinner party where a guest began texting at the dinner table, Richman explains the importance of being mindful of courteous cell phone use. The article notes that when an advisor meets a client, “there is nothing more important than making that person feel special.” The article explains that generational gaps exist regarding technology use, so younger advisors must be especially careful not to be glued to their phones while meeting with clients.
Eaton Vance on Texting while Advising
Interested in learning more about how asset management firms promote practice management? Check out the November Mutual Fund Monitor – Advisor Report, due out at the end of the month. For more information on the report or subscribing to Advisor Monitor, contact Fred LaPolla at 646-751-6964 firstname.lastname@example.org.