The fundamentals of good communication do not change simply because there is a camera involved. The limitations of virtual communications make it even more important that we present ourselves and our insights with an additional level of thoughtfulness and care.
Why The All-Virtual World Won’t Work
Since people have continued to be productive online during the pandemic, there is a strong temptation to conclude that we don’t need in-person interactions anymore. But when things go back to normal, we can’t forget that in-person meetings have always been fundamental to our client relationships.
Do You Know a Good Advisor?
Referrals remain the primary source of growth for advisory firms. Not only are referrals a fantastic source of growth opportunity, but they also get you better clients. I would like to spend some time on referrals—how they originate and what we can do to make sure we capture their full potential.
Survival of the Happiest
Financial advisors are exceptionally talented at reaching out to clients and asking them how they feel. Unfortunately, we often forget to do the same with our teams. We did a quick survey of advisory firms and found that virtually every single firm had reached out to its clients with multiple letters and phone calls during the pandemic. But almost no CEO penned a letter to employees.
Saving Sick Succession Plans
The likely impact of the COVID-19 crisis is that many firms will abandon their already fragile internal succession plans and seek refuge in the safety of institutional buyers and larger organizations. Founders need to continue trying to save internal succession, even if it’s tempting to give up.
Speaking in a Storm
Communicating during times of crisis requires a very thoughtful approach and presents additional pressure and challenges on a leader to find the right words and the right tone of voice to deliver the bad news but still reassure both clients and team members.
Intrapreneurs and Entrepreneurs
A lot of younger professionals think a larger firm can’t give them the same experience they’d have going off the beaten path and founding firms on their own. But I want to reassure them: There are still many adventures to be had in our profession.
Why People Pay Us to Tell Them What to Do
Clients hire trusted advisors because they have decisions to make that are too big and complicated to make on their own. There is nothing wrong with clients asking, “Why do I hire you, and how much do I pay?” Pricing is a critical decision, and the advisory industry has to be very mindful in determining its own way of pricing.
The Conundrum of Balancing Ownership and Contribution
One of the most difficult issues in managing an advisory firm is establishing a fair balance in rewarding those who own a firm and those who contribute to its growth. In the short term, equity and the work contribution don’t have to be aligned, but in the long term they probably should be.
How to thrive in a professional services firm as a young consultant
To thrive in a professional services environment, young consultants (and advisors) often must take the responsibility for their training, learning and growing in their own hands. Here is how.