One of the greatest challenges confronting most advisory firms in 2022 and beyond is finding the capacity within their business to deliver ongoing quality advice solutions and services for their clients.
So says Certainty Advice Group founder, Jim Stackpool, who contends many advice businesses are failing to implement a range of strategies that will allow them the capacity to deliver for their clients and to properly serve their current and future needs.
Lacking clients …is not the issue
Lacking clients, according to Stackpool, is not the issue. Rather, he says the challenge for many advice businesses is to develop a system that will both deliver great advice for its clients while at the same time generate sustainable profitability and reduce dependency on key individuals.
While the underlying logic in Stackpool’s strategy would be shared by most advice business owners and their key team members, he says his experience in working with hundreds of advice practices – each of which have their own unique ‘DNA’ – is that successfully implementing the strategies that will deliver this outcome appears to be a significant challenge for many.
Growing bigger is different to growing better…
Stackpool notes that “Growing bigger is different to growing better.” He says firms need to be very careful not to address current capacity challenges with solutions that worked ten or even five years ago when compliance, outsourcing, technology and client segmentation models were all very different.
Certainty Advice is conducting a one-day in-person workshop in September, where the central theme will focus on growing advice business teams and how to structure practices to ensure they have the capacity to deliver on their promises. Click here for more details on the upcoming Certainty Growth Day.
