TAILIEUCHUNG - Practice Made Perfect 4

Practice Made Perfect 4 is the ideal opportunity to spend quality time with the best financial-advisory business consultants in the country. You get tips, tools, and worksheets to ensure that you can manage your practice to become the business success you want it to be. This book will be your new best friend—guaranteed | 8 Practice Made Perfect Source Moss Adams LLP Blunder. In the blunder phase business prospects are looking up. But this is a time of rapid growth so the ability to manage is tested severely. Advisers in this phase come into the office early in the morning and leave late at night continually operating in crisis mode perpetually reacting to events around them. They re seeing an inflow of referrals and an increase in clients but they lose the ability to pay much attention to either. Although income is increasing cash flow is decreasing because they re continually reinvesting in the business with technology office space equipment and in many cases people. Thunder. This is the phase of the harmonic convergence when all the stars are aligned. Emotionally advisers are more confident managerially they re more structured financially they re producing income for themselves at higher and higher levels and their client base looks more like the optimal prospects they envisioned when they started. Plunder. Although some advisers are fulfilled by the time they reach the plunder phase our experience tells us that most practitioners are tired burned out bored and indifferent. Some look to sell others look to just maintain the status quo. For many this is the time to harvest all that they ve sown throughout their years in the The Financial Advisory Business The View from Here 9 practice. Revenue and profits will begin to decline as they slow down and as their clients die retire or begin withdrawing principal. Where Are You in the Practice Life Cycle Some practitioners go from thunder to plunder in a short time and some remain in the wonder phase for their entire career. It s helpful to recognize where you are in your life cycle because it helps you to frame your priorities better. In the first phase the watchword is survival. Everything you do in this phase is geared toward enhancing your personal reputation building up your referral sources and serving your clients well. .

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