Building profitable practices

Fidelity recently surveyed over 12,000 women across the globe to determine how they feel about their work, employee benefits, and overall wellbeing. Take a look at what being ‘well at work’ looks like.

Does basic admin often distract you from profit-generating projects? According to research by Model Office, advice firms only spend 35% of their time on client meetings. The rest is tied up in business, compliance and staff development needs.

There’s a lot to consider. But taking steps to maintain consistently high productivity can lead to a sustainable and even more profitable practice.

Recruitment is an important part of keeping your practice growing. But it could be more pressing than you know. The average adviser is in their mid-50s and over 50% of practitioners are expected to retire over the next 10 years.

On the plus side, this might be great news for your business – as long as you have the right talent on your side.

The relationship you have with your clients is one of, if not the most, important aspects of keeping your practice profitable. And the Consumer Duty requirement for ‘fair value’ has further underlined the need for softer skills and empathy.

Emphasising emotional intelligence is crucial for advisers. Anything that closes the ‘trust gap’ between you and your pool of potential customers can only help your firm’s future.

Your business could be a national firm, or maybe it’s just you and your partner making a difference in your local community. Regardless of size, it’s important to consider what will happen when you decide to move on.

It’s hard to imagine what’ll happen when you retire or decide to move on. But that doesn’t mean you can’t, or shouldn’t, start planning now. Looking ahead can make sure your clients and business are well looked after for the long run.