Must-Reads for Your Business: June 2019 - FP Advance

Must-Reads for Your Business: June 2019

BY brett

Summer has arrived, although it might not feel like it outside! Here are some great articles that will help you spend more time enjoying the sunshine (hopefully).

Take a step away from getting things done, and get reading. You’ll thank yourself for it.

Post The Salaries on The Fridge

Philip Palaveev

A financial planning executive accidentally sent the entire salary structure of the firm to all of its employees, and it caused a lot of consternation. 

Palaveev says that you ideally want everybody to be paid in a way where, if you posted the salary structure on the refrigerator, everybody would shrug and look for the yoghurt they brought for lunch.

If two staff members perform comparable duties, there should be good reasons why their pay is different. 
Perhaps one has more experience, or more credentials, or he has been more productive. 

Everybody should understand those factors.

Want to communicate with clients in a new way? Without printing boring, expensive brochureware?

I came across this on social media somewhere. 
I’ve not used it, and I’ve got no financial interest in it, but it looked interesting. 
I think Jon Pittham at Clients First is behind it, and he’s a good guy.

What I Learned Over 10 Years Of Recruiting The Next Generation Of Financial Advisor Talent

Caleb Brown

As advisory firms grow, they inevitably reach the point where it’s necessary to either stop growing, or start hiring staff members to expand capacity.  The first hire or two is usually administrative support staff, who do well-defined, standardised, and repeatable tasks. However, the next stage means hiring associate advisors and paraplanners who may someday take over client relationships (or even the entire firm). 

That’s much more difficult. 

In this post, New Planner Recruiting co-founder, Caleb Brown, shares his perspective on what it takes to find, attract, and retain top next generation advisor talent, based on his own experience for the past 10 years. 

He shares what’s most predictive of candidate success, as well as the reasons certain firms have more trouble than others in attracting and retaining talent to begin with. 

If you’re interested in recruitment for your own business this is a great read.

Is Pricing Your Services Tricky, Or Just Scary?

Brett Davidson

Is pricing actually this tricky? Or is it just that people are scared of getting this hugely important part of their business wrong?

There’s so much talk about pricing and new ways to do it. 

While it’s beholden on everyone to periodically review their charging policy, it’s very easy to find yourself going around in circles. 

  • The detail-oriented people want to measure the time every job takes and create complicated spreadsheets to accurately price every single client. 
  • I’ve been told by accountants and lawyers that the only professional way to charge is for time. 
  • Some thought leaders feel that flat fees are the only way to go in the modern world, and that ad valorem or percentage-based fees are just plain wrong. 


I don’t blame you.

“There’s so much talk about pricing and new ways to do it.”

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ABOUT BRETT DAVIDSON When you work with FP Advance you work with me, Brett Davidson, directly. My motto is ‘advise better, live better’ and I practice what I preach. I’m straight talking and get to the heart of an issue quickly. There’s no beating about the bush, just a focus on helping things improve. Ask my clients – what I teach works.