The Workings Behind the Relationships

Peck, Maureen
October 2002
Journal of Financial Planning;Oct2002, Vol. 15 Issue 10, p10
Academic Journal
This article focuses on the October 2002 issue of the journal "2002 PPA Financial Performance Study of Financial Advisory Practices." According to a study, financial planning firms tended to do a great job of retaining and attracting clients in 2001. The typical practice increased assets under management by about 11 percent and revenue grew by about 7 percent, despite the continued struggle of the stock market. But guess what: average operating profit dropped. Part of that dent was made by increased expenses. The study uncovers some possible inefficiencies that are contributing to the dilemma of rising expenses and decreasing profits, and it all gets down to business management. Technology, a crucial part of running a business, can contribute to a practice that thrives or, at the worst, contribute to its demise. Make sure the technological systems of the office, computers probably being one of the biggest components are beyond adequate.


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