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My Advisor Community– What Are Other Advisory Firms Doing or Not Doing?
I am so lucky! I work with the most amazing clients. Now to be fair to myself, I did this intentionally. One of the best things about being my age (no need to mention a number…just assume I’m “mature”) is I am wise enough to know that working with clients who don’t share my values (family, quality of life, etc.) is going to be, at the very least, frustrating and at the very worst, damaging to my health. Unfortunately, I know this from past experience. This is why I don’t take on every prospective client who comes my way. It’s very liberating! I highly recommend it.
So where am I going with this? I believe the very best advisors want to share information with other advisors. Now, let me quantify that statement a bit. I’m not suggesting you share a proprietary process or give away the “secret sauce” but if they stumble onto a new technology for instance – and it can range from something small like scheduling technology to something larger, like changing portfolio management software – they are happy to have me share it with my other clients. In that way, my firm has built an informal community of advisors who are assisting each other.
It is also not uncommon for me to set up a call between clients to discuss a new technology they are thinking about using. For instance, recently one of my advisors was looking into changing telephone systems. I have another advisor client who is GREAT at doing research and finding the best-of-the-best. Instead of the first client spending hours doing the homework, I hooked the two of them up and the first advisor saved hours of work by benefiting from the research the second advisor had already done. I had a similar situation arise surrounding an online HR solution.
I personally think this is the way the relationship with your consultant should work. Does yours? If not, please give us a call or send us an email so we can see if we are a good fit to work together. If you are thinking about working with a consultant, please see my previous blogs for information on the selection process.
Thanks for listening, Ginny
Ginny Hudgens, President and Owner of The Strategic Implementer, started out in the financial services industry in 1992 as a Vice President in the Investment Banking Group of J.C. Bradford & Co., a regional brokerage firm purchased by PaineWebber (now UBS) in 2000.
In August of 2000, she accepted a position with a financial advisor, his only employee at the time, as the "jack of all trades". At the time of her employment, the firm had approximately $7 million in assets under management. Later, as the COO of the firm, she and the advisor built the firm to over $115 million in assets under management. Ginny was responsible for managing all aspects of the firm, leading team strategy sessions and implementing the initiatives that drove the firm growth.
In March of 2006, she started The Strategic Implementer to share her skills with other advisors who are READY to take their business to the next level. Her background has put her in the unique position of knowing exactly what it takes to build a successful advisory firm.
Ginny has written for and been written about in such publications as The Journal of Financial Planning, Investment News and Bob Veres’ Inside Information. She is frequently asked to speak and has spoken to groups including several FPA chapters, Geneos Wealth Advisors in Denver and the 2013 FPA Business Solutions Conference.
Ginny is a 1988 graduate of the University of Louisville with a B.S. in Business Administration (concentration in Finance). She is married and her husband has two grown sons, one who served his country in Iraq for 15 months and his younger brother, who is now her associate in The Strategic Implementer. Ginny serves on the Board of Directors for the Louisiana State University CFP Program.