Redtail Technology

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Practice Makeover: Season 5

Episode 5: Whatís next for Kingsview

August 29, 2016 @ 3:28 pm

Runtime: 3:19

As Season 5 of Practice Makeover wraps up, Kingsview has big plans for the future. Their focus on growth and customization will undoubtedly lead them to continued success.

The Renovation Room

Industry experts and executives offer strategies, tips and ideas on how practices can improve their business.

Joseph V. Maugeri

Joseph V. Maugeri

Managing Director, Corporate Relations, CFP Board

Kingsview stated that they are looking to recruit advisers who are well established, not yet nearing retirement and want to make the jump to the next step in their career. By identifying the type of adviser they hope to bring aboard, Kingsview is already taking the steps necessary to drive its growth. As Lindsay Troxell noted in the Renovation Room for episode 4, ďone of the best ways to avoid the competitive convergence trap is by getting to know your ideal client better and then creating a brand strategy that tugs at the heartstrings of that individual.Ē The same applies for attracting financial advisors: know your niche, understand what you can do for the incoming advisor and let that drive your marketing.

To attract advisors, there needs to be a brand and culture that the firm can deliver on that allows potential advisor recruits to see real value and differentiation. As more firms move towards more holistic advice to stay ahead of regulation and technology trends, it will be important to create an environment where the firmís value proposition is about leading with planning, as evidenced by not only the systems, processes and marketing, but also to the commitment to competent, ethical advice. This is a powerful brand message that will be attractive to advisors that donít really see technology and marketing by themselves as key differentiators.

For this purpose, I would also advise that Kingsview consider incorporating a designation strategy (not just a policy like most firms) into its practice. By this, I mean a specific strategy that encourages advisors to pursue and earn certain certifications that are recognized by the public and regarded by the industry. They should also build in junior planner support for these incoming advisors to demonstrate that strong commitment. It will also send a message to the firmís clients that Kingsview advisors are best positioned to provide intelligent, ethical and capable solutions.

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Nina O’Neal

Nina O’Neal

Partner, Investment Advisor, Archer Investment Management

Throughout this season, we have discussed the importance of the CRM system for measuring the results of your marketing plan. A great CRM can be customized to your unique business, book, and team. It can be the hub of daily operations systems, marketing metrics, and client information. Without one, I believe a practice is lacking a major piece of the puzzle for their business. There are certainly other areas to simply log data but both established and growing practices really need something more dynamic. As the industry continues to evolve in the new regulatory environment, the CRM will become an even more valuable as a compliance tool for suitability and documentation of client recommendations. Kingsview is helping their advisors by helping to implement the use of Redtail, a dynamic and integrated technology resource that can take their business to the next level.

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Jay Wampler

Jay Wampler

Senior Business Performance Consultant, TD Ameritrade Institutional

During this episode, Kingsview provided a broad overview about how they plan to build their business. Currently their initiative is to target and acquire advisors with 3-5 years of experience, interested in growth but those that have limited resources. While I like that Kingsview will provide a prospective advisor with a strong foundation that includes back office support and compliance, I challenge them to further differentiate themselves among the advisors they recruit.

Many firms target growth through acquisition and, while it is very important, they should maintain focus on the day to day processes that can lead to the type of scalable growth they seek. Top producing firms build scalable businesses through technology integration, creating systemized processes, building workflows that are cost effective, operational efficiencies, personal productivity, staff growth and client retention. By focusing on these efficiencies, firms will be positioned for future growth and thus provide a real benefit to a prospective advisor.

After reviewing Kingsview's website, I would suggest creating a way to capture leads of interested advisors and provide a call to action. What are the steps to onboard a new advisor? Is this a seamless strategy that is repeatable? Demonstration should be provided as to how and why they are poised for the future. Kingsview also mentioned an interest in succession so some website dedication to this topic could be beneficial.

Finally, Kingsview and other firms should be more selective and intentional regarding the advisors they recruit. It is vitally important they build with advisors who fit their culture and reflect their values. The industry is changing but firms that understand and articulate their vision, mission and values are those that are able to build a sustainable, scalable and profitable business.

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