Managing Your Practice

Lisa Salvi, Managing Director of Advisor Services at Schwab, manages advisor benchmarking studies that have collected data for over a decade on key business metrics for financial advisory practices. Listen as she shares focus areas for firms to measure and what actually matters for performance. She also discusses how firms differentiate when it comes to those areas with the greatest impact, such as talent, succession planning, referral programs, and value propositions.

Ben Slater of Buckingham Strategic Partners works closely with advisory firms that are near critical growth points and considering outsourcing or partnering to manage the expansion. As you approach the next level of growth, you may ask questions around when to hire, what functions to outsource, and how you can thrive as you grow. Hear how to evaluate cost vs. time, determine where you can relinquish decision-making, and return to the areas of the profession that bring you joy.

Shandel Sutherland and Liv Olson share more than four decades of combined experience helping build highly effective teams. In this episode, they define key characteristics of those teams, ways to identify gaps in your own firm, and actionable steps to enhance performance. Learn why they believe investing in employee and team development is an essential aspect of achieving long-term success and creating an exceptional client experience in your advisory firm.

Robin Wigglesworth, editor of FT Alphaville and author of Trillions, describes his career as “geeking out” on all things finance, writing to great depths on investing and markets. Hear how he connected with some of the greatest minds in finance to tell the origin story of index funds, his take on integrating corporate cultures through M&A, and what’s next in the evolution of financial advice and incorporating AI. Trillions is included on Dimensional’s 2023 Summer Reading List, which you can view here.

Nirav Batavia, co–managing partner and chief technology officer of Forum Financial has used technology to build systems and processes that increase efficiency, enhance the employee and client experience, and scale the business, all while maintaining a focus on profitability. He shares his expertise on how advisors can combine technology with human interaction to support growth goals, determine areas of opportunity and improvement, and spend time doing the parts of their job they enjoy most. Nirav Batavia is not affiliated with Dimensional Fund Advisors. Dimensional Fund Advisors LP does not endorse, recommend, or guarantee the services of any advisor, certification organization, advisory or consulting firm. Dimensional Fund Advisors LP and Forum Financial are separate unaffiliated entities.

Michael Goodman, president of Wealthstream Advisors, founded a lifestyle practice that evolved into a $1 billion ensemble practice after combining the skills of multiple professions and taking on partners to facilitate the firm’s growth over the past three decades. Hear the pros and cons of running an ensemble practice; how hiring, team structure, and business processes transform through the progression; and why it’s important that your long-term goals and motivations match those of your people.   Michael Goodman is not affiliated with Dimensional Fund Advisors. Dimensional Fund Advisors LP does not endorse, recommend, or guarantee the services of any advisor, certification organization, advisory or consulting firm. Dimensional Fund Advisors LP and Wealthstream Advisors are separate unaffiliated entities.**

Peter Lazaroff, CIO at Plancorp, knew from a young age that he would have a career in investments and wealth management. Now, he helps deliver financial planning advice to clients in various life stages and offers his perspective on how advisors can engage with clients in ways that foster a long-term investment mindset and referability. Hear how he approaches these conversations with clients, solicits feedback on their experience, and his thoughts on the evolution of an advisors’ role. Peter Lazaroff is not affiliated with Dimensional Fund Advisors. Dimensional Fund Advisors LP does not endorse, recommend, or guarantee the services of any advisor, certification organization, advisory or consulting firm. Dimensional Fund Advisors LP and Plancorp are separate unaffiliated entities.

Joe Stephan of Stephan Independent Advisory experienced a familial succession firsthand when his father passed his advisory firm on to him. The transition left him with a desire to help other advisors in strategically planning for succession, either within the family or externally. He shares key considerations for advisors preparing for succession, the nuances of a transition within a family, and how succession is impacted by the current state of the financial advisory industry in Australia.

Julie Littlechild, with 25 years of experience, talks about capturing clients' voices to improve satisfaction and engagement in financial advisory firms. They discuss real-time feedback, evolving client experiences, measuring engagement benefits, converting passive clients into promoters, and creating referable client experiences through impactful conversations and storytelling. They emphasize the importance of understanding client concerns, aligning personal vision with team experience, and growing through client referrals.

Allen Darby of Alaris Acquisitions and Jason Carver of Pure Financial Advisors have sat on both sides of the M&A table and experienced some of the recent, record-breaking years of deals done across the wealth management industry. They share their thoughts on when and how to start planning for a deal and searching for a partner, what each side considers deal breakers, and why you should always be prepared to sell. If you are buying, selling, merging, or simply beginning to think about the future of your firm, their insights could provide valuable information for taking those next steps.