Rod Bertino

All healthy and successful advisory businesses share five common attributes, according to Rod Bertino, partner and director of Business Health.

Bertino says he is regularly asked why some planning practices succeed, while others succeed less well, or even fail.

“You see a lot of things that advisers and owners are doing in the market, are there any common signs of success?” Bertino says.

On June 27 Professional PlannerHUB hosted its second live event for members, with Bertino providing an insight into the five characteristics that “all healthy practices” possess.

“It’s a really good question and we really gave it a lot of thought,” he says.

“We went back to the best practices we worked with…and what we found is that there were five common attributes to successful advice businesses.

“I understand that marketplaces are different, regulatory regimes are operating differently, pricing models are all different – but that’s a given.

“So I’m not saying there is a silver bullet [and] here is the answer for the perfect practice.

“They understand that they are running a business and they approach it like that”

“There is no one right answer to what you do. That’s not to say you can’t learn from the people that are doing it well.”

The first common attribute in every successful advisory business is “without fail, they usually have a great leader or a great leadership team”, Bertino says.

“That’s you guys. Whether you’re the owner of the business or advisers looking to take equity stake, it doesn’t matter.

“You are viewed as the leaders of your business.

“You can’t delegate this. This is your responsibility as business owners or future business owners – they think like successful business people.”