Securing your own client is one of the most rewarding milestones in an advisor’s career: personal, defining, and unforgettable. Our new G2 Growth Academy is designed to help
professionals build that success one-on-one, with individual focus, accountability, and results. Hear from Philip how we got to this point and to see if the program is right for
you.
The best advisory firms recognize that they service three constituencies—their clients, their owner and their team. All three interact and influence each other. A good team with strong motivation is likely to produce superior client outcomes.
Heath Alloway, Director with Upstream Academy, recently met with the G2 Leadership Institute’s Class of 2024 in Austin, TX to help demystify business development and provide tips to make it more approachable.
The seeds of destruction are sown in good times, as the proverb goes, and these have been good times for the advisory industry. Because our industry has been so successful, we have started to make some dangerous assumptions. Perhaps it is a good time to review our business models and take a hard look at these assumptions.
Time and again, even the largest and best run advisory firms refuse to declare any specialty or client profile and instead go in search of a generic investor of wealth. If advisory firms want to help their G2 advisors become better business developers and accelerate their own growth, they need to take a more differentiated approach focusing on specific target markets.
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.
Many firms consider incentive compensation for business development. The carrots are there, but the bunnies don’t seem to be running. That warrants a discussion about whether the carrots work in the first place, and how bonuses ought to be structured.
For a firm to thrive, it needs to intentionally balance the needs of star performers with those of the team.
