A Super-Charged Growth Plan for RIAs

Posted by Mark Piquette on December 18, 2014

The fastest-growing registered investment advisors have to excel at a number of skills – from providing great client service and investment advice, to skillfully managing their people and businesses.

But to grow and scale an RIA business effectively, advisors can’t do everything themselves. One effective way to super-charge sales and drive assets under management (AUM) and revenue is to sell your service and strategies through reps.

TCA’s recent paper outlines four key components to successfully building a sales force that can put your practice on the fast track.

Establish A Consistent Value Proposition

A consistent and meaningful brand story is critical to success, and it starts with the “WHY,” a clear and universal understanding of your firm’s purpose (see recent blog post).  Inspired organizations that achieve long-term success are the ones that start with the WHY. So it’s crucial to make sure that your reps believe in your WHY as much as you do, but they should also be able to evolve their WHY to be specific to them and their values while still staying complementary to yours.

Give Reps the Right Tools

Providing reps with efficiency-driving technologies is critical to successfully growing your practice – and providing the great service that will help retain clients. TCA’s latest tech enhancement does just that, offering built-in analytics to monitor individual rep performance, e-signature, automatic proposal generation and customer relationship management (CRM) capabilities – and a host of other enhancements.

Help Reps with Prospecting

Even armed with the latest technology and sharp brand acumen, reps can’t close deals without leads. Supporting reps with marketing materials, client/prospect seminars, networking events and other prospecting tools of the trade can help bring the sale to the rep – and to your firm.

Coach Reps on Best Practices

Whether it’s sharing the techniques of your top-performing reps with all of your reps, establishing friendly competition among sales teams or looking beyond financial services to best practices in other industries, an RIA practice on a fast track is constantly learning and incorporating better ways to win in the marketplace.

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