Managing Your Practice in a Difficult Environment

Friedman, Gregory H.
March 2003
Journal of Financial Planning;Mar2003, Vol. 16 Issue 3, p44
Academic Journal
This article focuses on the factors that are essential to run a financial advisory practice efficiently, effectively and profitably in the U.S. as of March 2003. Over the past several years, Moss Adams has done a great job of gathering financial performance statistics for financial planning firms and creating benchmarking reports. These reports have confirmed some of the financial difficulties facing firms, including increasing costs without corresponding increase in revenues (otherwise known as margin compression). In other words, it is becoming more challenging to increase profits for the typical growing financial planning firms. Another consistent finding was that firms were at capacity for serving clients, and to augment services or continue to grow would require a fairly high increase in costs. Adequate technology and office systems are essential for financial planners to run their financial advisory practice efficiently, effectively and profitably.


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