The Perfect RIA How to Grow Your Practice
Aug 15, 2024
Jamie Shilanski, an expert in guiding financial advisors, shares her insights on practice growth. She emphasizes the three pivotal stages of an advisor’s journey: growth, freedom, and enterprise. Communication and strategic marketing are crucial during the growth phase. Advisors must define a clear target audience, specialize in a niche, and create compelling marketing messages. Shilanski discusses the importance of understanding clients as individuals and the power of specialization for driving meaningful connections and success.
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Redefine Clients As Heartbeats
- Growth stage is defined as under ~$30M AUM and ~30–50 households, but each relationship represents someone's life savings.
- Jamie reframes clients as "heartbeats" to emphasize the human responsibility behind AUM numbers.
Prioritize Growth Work Over Busywork
- If you have under $30M AUM, focus your calendar almost exclusively on growth activities, not busywork.
- Stop spending time on peripheral tasks and prioritize client acquisition and revenue-driving work.
Audit Origins Before Trying New Marketing
- Start with marketing: analyze exactly where your existing clients came from before trying new tactics.
- Narrow your audience instead of broadcasting to everyone to make marketing effective.