TAILIEUCHUNG - Practice Made Perfect 8

Practice Made Perfect 8 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 | This page is intentionally blank The Challenge of Growth Since the emergence of the independent financial adviser in the 1970s many practitioners in this business have characterized themselves as entrepreneurs. Since they re no longer employees of a parent organization the notion is that they are in fact business owners. They have the same risks and responsibilities as those who leave the cocoon of an employer-based organization and begin their own enterprise. In reality many of these financial advisers are not entrepreneurs they are simply self- employed. What s the difference Entrepreneurs start a business and build it into an organization that invests in people systems and branding. Self-employed advisers on the other hand consider themselves employees of their own business not investors in that business. These firms are operated by individuals who avoid putting money into their business respond and react to opportunity and consciously limit growth primarily because they have an aversion or fear of working with other people. That s not to say one approach is better than the other it s a fork in the road. The right path to take depends on each individual s personal definition of success. Is this debate merely verbal fencing Not entirely. By committing to being true entrepreneurs advisers make a conscious decision to invest in infrastructure that allows them to leverage off of other people systems and processes. In other words they commit to building an enterprise that is not totally dependent on its owner. That said the solo practitioner operating simply as someone selfemployed is hardly a dead concept. On the contrary solo practitio - 49 50 Practice Made Perfect ners today represent the vast majority of financial advisers and will likely continue to do so. Whether they re operating within a large brokerage house or bank or out of a guest bedroom or garage many people in this business prefer to work alone rather than be part of a team. Going solo is a lifestyle .

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