Irrespective of the type of advice practice, there will be groups of people with whom advisers regularly interact that are important to their business, says Terry Bell, partner in industry service provider Business Health.
He says that after your clients, there are five important relationships every practice has. Here he shares his suggestions on how to optimise these relationships this year.
- Your staff: Have up to date PDs, agreed business goals (realistic, achievable, measurable), development path, and training for all staff. Share your plans for this year and how they can contribute. Regularly communicate through team meetings and half yearly ‘state of the nation’ updates.
Terry Bell. - Your licensee: Meet with your PDM this quarter – share your plans, understand theirs. Consider the alignment between you both. Participate in peer groups and if possible, their advisory council.
- Your product and platform providers: Do their latest product enhancements reflect the ever changing marketplace and their competitiveness? Are they able to help you with a client event/function?
- Your tech support providers: Nominate one person within your practice to be responsible for your IT, to keep up to date with latest developments.
Lock into their training schedule, peer groups and participate as appropriate. Consider offering to be a beta test site. - Your professional third party partnerships/centres of influence: Formally meet with each one, share your 2025 plans, agree actions and set targets. Regularly monitor performance – client satisfaction, number of referrals (both ways – to/from you.
Bells says: “Irrespective of the nature of the relationship, the common success factor driving each is communication – frequent, relevant and personalised.
“And while virtual is easy and convenient, never underestimate the impact of in-person – a ‘how’s things? or thank you’ phone call, catch-up coffee or board room briefing – reinforcing the value of the relationship.”
