Communities in action—takeaways from SEI’s Advisor Summit
10 practice management ideas to help improve your practice in 2024
This year, almost 250 financial advisors joined us for the SEI Advisor Summit in Scottsdale, AZ to connect, learn, share, and grow together.
While there are many presentations, conversations, and notes taken over the three days, these are my 10 practice management takeaways from the event.
What do you get when you put over 60 advisors in a room together and ask them what’s working? A lot of best practices; unfortunately, too many for this blog. However, some themes consistently came up across the group:
While we provided three high-level topics to focus on throughout the hour and a half—growth, scale, and delivering value—participants at each roundtable were encouraged to take the conversation where they wanted.
Over and over again, themes around internal talent including hiring, organizational structure, compensation, motivation, and more came up during the Growth session. On a similar note, partnership, external talent—including sharing specific partners that were adding scale—and value within the business were shared. Finally, ideas about how to deliver value started and ended with a firm’s current and future clients’ needs, wants, and expectations.
The clearer you are about who you serve (today and in the future), and what they need, the more effectively you can build the talent and capabilities, internal and external, to deliver true value at scale. If you’re not sure who or how to scale through partnership, simply ask—many of your peers have worked through the same challenges you may be facing.
We recently shared three key themes that came out of the 2023 InvesmtentNews Advisor Pricing, Profitability, and Compensation Benchmark Study. In breakout sessions at Summit, we dove deeper into the themes of growth and capacity, and heard from advisors on what’s working when it comes to marketing and workflows.
As I outlined in a previous blog, the majority of advisors have not figured out how to use traditional marketing strategies and tactics to grow organically. In an interactive workshop, we attempted to tackle this challenge head-on. We started with a marketing scorecard and focused on the fundamentals, how you show up online including a peer-review of each other’s websites. By putting ourselves in investors’ shoes, we searched for an advisor and looked ourselves up. Based on the reactions from the attendees, there’s room for improvement! Then we walked through how to construct an effective marketing plan and heard from a handful of advisors who were having success. Here’s what we heard:
According to the InvestmentNews Advisor Benchmark Study, 69% of participating firms said they “will implement defining or refining processes and workflows this year.” We asked three firms who have successfully implemented workflows to share how they did it at Summit. Here’s what we heard:
Last but certainly not least, expert Penny Phillips joined us on the main stage to share lessons and tactics for “Building the Tomorrow Business.” While a blog can’t do justice to everything she shared on stage, there was a consistent consensus from the attendees that she not only gets it, she gets us (financial advisors). Some of the most powerful practice management ideas she shared were simple, such as:
While there were too many best practices shared in Penny’s session and Summit to fit into a blog, the key takeaway is to take action on the things that you believe can have the greatest positive impact on your business and to your clients today. There is no shortage of ideas and best practices available to advisory firms.
Firms who make the greatest progress are those who take action. Pick one area to focus on and improve, define what improvement looks like, and get started. If you need help taking action, we are always here to help.
2023 InvestmentNews Advisor Benchmark Study
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