Is Your Practice Focused on Advisors – Instead of Clients?

Is Your Practice Focused on Advisors – Instead of Clients?

John Knowlton is the managing director for corporate development at Credent Wealth Management, a multi-million-dollar hybrid RIA that covers the states of Michigan, Indiana and Texas.

John Knowlton is the managing director for corporate development at Credent Wealth Management, a multi-million-dollar hybrid RIA that covers the states of Michigan, Indiana and Texas. Today he provides advice on corporate structure – in particular, keeping the focus squarely on clients.

How else could a company be organized, one might ask? Mr. Knowlton has long experience in firms that kept the focus on the advisor. This approach doesn’t sound all bad: the advisor serves the client, so anything that helps them is good for the customer, right?

No clients ever suffered from this format, he says. But there was a problem: clients had to reach out to advisors for assistance. If they wanted to open an account, adjust an investment, update personal information in their file – any of the host of activities that an advisor must address – they needed to call or write the advisor. No one else in the firm would do.

Plenty of staff were in place to support the advisors in their work. These employees had little contact with customers apart from referring their phone calls and messages to the relevant advisor. That’s the way the advisors wanted it: only they could serve the clients. The regular staff were not encouraged to horn in on their turf – even if that would speed service to the clients.

What’s really wrong with this picture? In advisor-centric firms, the advisors become indispensable. They can’t take a break to participate a conference. They can’t spend too much time with their families. Vacations are put on hold and remain there. Jobs that could be handled by staff are off limits, so everything is left to the advisor – the increasingly exhausted and overwhelmed advisor. For the proven solution, click below.

For more information, please read:
Is Your Practice Unwittingly Advisor-Centric? | ThinkAdvisor

 

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