Doing Business Development Virtually

Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.

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Dear Bev,

We have spent the last two-plus months trying to put client’s minds at ease, make sure we are tracking the markets, making the right portfolio moves, reading everything we can about the virus and its impact on the markets and generally trying to keep our clients content and safe during these times.

Now our senior advisor wants us to add in prospecting and developing new business along with these activities.

He is “frustrated” and “annoyed” that we’ve not done more to increase AUM and fees during this period. In my view, we could use a pat on the back for what we have done. We have not lost one client and in two cases we have been able to add to existing commitments. We have managed portfolios well and showed strong overall returns. We have kept in contact with our clients who all seem very satisfied with what we are doing.

Is it appropriate to ask us to focus on new sales too? Where do we take the time away from in order to do this?

This has been a stressful period and an attitude of gratitude would be better than a focus on what’s missing.


Dear J.P.,

You have so many elements rolled into one short question and I want to make sure I don’t ignore or overlook any of them.