The Job Description that Every Practice Should Have

Bob VeresWell-run advisory practices have job descriptions for key roles, from planners to administrators to client service. But here’s a description that I bet few firms have yet to fill.

Most of you know that I publish 16-20 pages every month in my Inside Information newsletter, reporting on topics that you will not find anywhere else (Recent examples: a detailed report on the many problems and glitches that TDA advisors were experiencing from the Schwab conversion; how one firm has found an entirely different way to provide a greatly enhanced client experience; the disturbing new trend of PE-backed (large) RIA firms outbidding the successors even with firms that have a viable succession plan in place). In addition, every month I summarize the best articles from Advisor Perspectives, Michael Kitces’ Nerd’s Eye View, and two industry magazines, which are all free without a “paywall.”

There is a constant stream of great information in all those sources (including mine) passing across your desk/screen which, if an RIA firm were to keep up with it, would greatly enhance client service, internal management, processes, marketing efforts and (as I recently wrote) the ”close” rate of prospects. But for most advisory firms, it is a wasted resource. The flow passes unnoticed, unread, and therefore the many potential benefits are never realized.

The most transformative step any RIA firm could take, starting tomorrow if not sooner, is to systematically collect all the great advice and ideas from the best columnists and information sources, and meet with your team to discuss the highlights on a regular basis.

But I often hear from advisors who say: I just don’t have time to read everything.

Of course, you don’t. You’re busy. I get that.