Practice Management

A Systems Approach to Creating Value in Your Practice


Written by Kronos Technologies on May 23, 2018

Most advisors are curious about the potential worth of their practice when the time comes time to transition. They wonder what type of valuation process is the best and how they can get the biggest multiple. The truth is, no matter method you use to put a dollar value on your practice, the best way to maximize its worth is to make it easy for someone else to step in and, not just run it, but get the maximum from your book. 

Plus, organizing your systems will not just increase the future potential value of your practice when it comes time to sell, those same systems that will benefit a future purchasing advisor will increase your effectiveness, efficiency and sales today.

Two steps to optimizing your workflow

In order to systematize the processes in your practice it is necessary to follow-up two general steps:

1. Define the process and eliminate any unnecessary steps.

Define the process by which you get from identifying an opportunity to closing the deal. This means laying out each of the steps you perform in the workflow. Consider each of the tasks and determine if it is really necessary, or if it could be accomplished in a different, more efficient manner.

2. Delegate as many steps as possible to your CRM

Your CRM solution can be a powerful tool for optimizing your practice and for optimizing the value of your time. A good CRM that is designed for financial advisor practices will allow you to easily automate many of the steps you perform on a daily basis when carrying out sales and marketing activities.
Let’s look at how to systematize two keys areas critical to the success of your practice.

The sales process

To get the most value out of your practice when it comes time to sell it’s important to have a well-defined sales process—one that is as effective and efficient as possible. Consider the main segments of your sales process, and in each area consider how you can streamline the steps and how you will delegate to your CRM.

  • Identify the steps necessary to identify new opportunities
  • Identify the activities that must be carried out to schedule a client review meeting
  • What are the steps you go through to prepare for a meeting?
  • What happens during the meeting?
  • What follow-up activities take place?

Once you have streamlined the different areas in your sales process you can set up activities in your CRM so you get automatic reminders each morning indicating which tasks need your attention today.  You can use an integrated and automated Financial Needs Analysis tool to more easily and efficiently uncover all client needs. Take advantage of your CRM’s secure email functionality to safely communicate sensitive information with your clients. And attach all records and documents to your client record in your CRM to automatically ensure compliance.

The marketing process

Marketing is the engine of growth in most practices. A strong and efficient marketing workflow—one that is repeatable and delivers great results—is critical to maximizing the value of your business. Consider the main areas in your marketing process:

  • What are the steps involved in identifying your goals for a new campaign?
  • What steps are involved in segmenting your client base and identifying target clients for the campaign?
  • What is involved in creating the marketing materials?
  • How are the materials distributed?
  • What activities are necessary to book meetings?
  • What follow-up steps are required?

You can use your CRM to automate and streamline much of your marketing system. A good CRM contains powerful filtering and segmentation tools that make it easy to find good target clients for your campaign. You can take advantage of forms and templates in your CRM to create awesome marketing materials to send out to your clients via the mail merge function. And you can use the activity manager to keep you on track as you progress through the campaign with each client.

Wrap up

Defining each of the steps in your sales and marketing processes, then using your CRM to optimize your workflows will dramatically increase the future value of your book of business. But, keep in mind that optimized sales and marketing systems don’t just make it easier for another advisor to take over your practice, thus increasing its value—they also benefit you in the present day. An optimized workflow, supported by technology will save time and effort, and ensure your sales and marketing efforts are as effective as possible.


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