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 Much to Pay for a Client?
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.
A Case Study in Client Relationship Management: The Greek Island Situation
How would you approach a no-clear-cut client relationship situation? Read the case study and take the survey to tell us how you would approach the relationship.
It Takes a Village: The Benefits of External Training Programs
Most firms only use “ad hoc training” but there are significant benefits to investing in sending professionals to more formal training programs.
Find Your Inner Bad Guy
Time and again I work with firm owners who are reluctant to be “the bad guy” and deliver the tough advice to their employees or mentees that they aren’t doing as well as they should be. If you want your colleagues to develop into successful professionals, you have the obligation as a mentor to help them recognize and fix their weaknesses.
Growing an advisory firm so it will continue on
G2 Leadership Institute graduates Kelli Kiemle and Cecilia Williams of Halbert Hargrove on the value of strategic planning.
Millennials and Careers
Firms are dreading the arrival of their first millennial employee. But beyond stereotypes, millennials can bring energy and ambition, and help define and refine a firm’s sense of purpose.