Greatness doesn’t happen by accident

With active clients in not just Australia, but also America, South Africa, New Zealand, Hong Kong and Singapore, at Business Health we are privileged to work with some of the best advisory practices in the world. And while there are many differences between countries/regions (for example, regulatory/ compliance regimes, individual practice/business structures, the suite of services/solutions offered to clients and pricing/remuneration models to name just a few), our experience has also shown that, regardless of the operating environment, there are a few attributes common to all successful advisory practices.

THE FIVE COMMON ATTRIBUTES OF GREAT ADVISORY FIRMS

1.    GREAT LEADERSHIP

All of the successful advice practices we have worked with are headed by a great leader. This person usually has an incredibly clear vision for the business and is able to articulate this vision and lead others on the journey into the future. They welcome and embrace change and while they may also be talented financial advisers, they think like successful business owners. Without exception, they have a documented plan for their business and this plan provides the strategic blueprint for sustained success and a focus for all operational activities.

2.    TALENTED AND COMMITTED STAFF

With the competition for good people so intense, the successful firms are able to attract and retain the best available talent. They invest heavily in the development of their team and offer not just a competitive remuneration package, but also flexible incentive plans and innovative equity programs. To ensure they maximise their return on this investment, the best practices have sound performance management processes in place and continually encourage greater involvement in all aspects of the business.

3.    TRULY CLIENT CENTRIC

While the term “client centric” has become somewhat of a cliché, the best advisory practices truly do put their clients at the centre of everything they do. They have a compelling value proposition built around a thorough understanding of what their ideal clients want. They treat every client fairly and with respect, but not equally – while no-one receives poor service, they fully appreciate that their best clients deserve their best service. They also are in constant contact with their clients (through all stages of the investment cycle) and proactively seek feedback on how they could further improve their offer.

4.    WILLINGNESS TO INVEST IN THE BUSINESS

To deliver sustained results in any business, the owners must continually review and enhance their operational infrastructure. The most successful principals understand this and are always willing to make prudent investments for the future. They also know that it is almost impossible to make quality business decisions without accurate and timely business information – the best firms really do know their numbers.

5.    ACTIVELY SEEK HELP

And finally, the most successful practice principals surround themselves with people smarter than themselves and they are not afraid to ask for help. They are always willing to listen and learn and they consult widely, and not just from within the financial services profession. They usually meet regularly with a mentor or coach (or in many cases, an advisory board) for objective advice and guidance about their business. And, most importantly, this external input also provides an additional layer of accountability for the owners.

With active clients in not just Australia, but also America, South Africa, New Zealand, Hong Kong and Singapore, at Business Health we are privileged to work with some of the best advisory practices in the world. And while there are many differences between countries/regions (for example, regulatory/ compliance regimes, individual practice/business structures, the suite of services/solutions offered to clients and pricing/remuneration models to name just a few), our experience has also shown that, regardless of the operating environment, there are a few attributes common to all successful advisory practices.

THE FIVE COMMON ATTRIBUTES OF GREAT ADVISORY FIRMS

1.    GREAT LEADERSHIP

All of the successful advice practices we have worked with are headed by a great leader. This person usually has an incredibly clear vision for the business and is able to articulate this vision and lead others on the journey into the future. They welcome and embrace change and while they may also be talented financial advisers, they think like successful business owners. Without exception, they have a documented plan for their business and this plan provides the strategic blueprint for sustained success and a focus for all operational activities.

2.    TALENTED AND COMMITTED STAFF

With the competition for good people so intense, the successful firms are able to attract and retain the best available talent. They invest heavily in the development of their team and offer not just a competitive remuneration package, but also flexible incentive plans and innovative equity programs. To ensure they maximise their return on this investment, the best practices have sound performance management processes in place and continually encourage greater involvement in all aspects of the business.

3.    TRULY CLIENT CENTRIC

While the term “client centric” has become somewhat of a cliché, the best advisory practices truly do put their clients at the centre of everything they do. They have a compelling value proposition built around a thorough understanding of what their ideal clients want. They treat every client fairly and with respect, but not equally – while no-one receives poor service, they fully appreciate that their best clients deserve their best service. They also are in constant contact with their clients (through all stages of the investment cycle) and proactively seek feedback on how they could further improve their offer.

4.    WILLINGNESS TO INVEST IN THE BUSINESS

To deliver sustained results in any business, the owners must continually review and enhance their operational infrastructure. The most successful principals understand this and are always willing to make prudent investments for the future. They also know that it is almost impossible to make quality business decisions without accurate and timely business information – the best firms really do know their numbers.

5.    ACTIVELY SEEK HELP

And finally, the most successful practice principals surround themselves with people smarter than themselves and they are not afraid to ask for help. They are always willing to listen and learn and they consult widely, and not just from within the financial services profession. They usually meet regularly with a mentor or coach (or in many cases, an advisory board) for objective advice and guidance about their business. And, most importantly, this external input also provides an additional layer of accountability for the owners.