I have been involved in many conversions and have seen many changes throughout the years – especially with technology. But there is one thing that has changed very little – why conversions fail. "Advisors didn’t say…” vs. “Vendors should have known…” Everybody gets so caught up in the blame game that nobody thinks about the problem at hand which is the system doesn’t work.  Instead of fixing problems and resolving issues, 

Consider this conversation I had with an advisor – the advisor mentioned he was interested in a particular portfolio reporting software. I asked what he thought of it. In one sentence, he said that he hasn’t seen it, heard about it from an advisor, will have a demo on it in two days, and if he likes it, he will buy it. He then asked me how much the software cost because if it’s too expensive, he won’t look at. I didn’t bother to ask for the definition of “too expensive.”...

There are many benefits to an in-person client meeting such as the ways we can tell if a client understands our presentation. Client feedback and comments determine if we are on the right track. We can see a nod in agreement, a tilt of the head indicating confusion, or a blank stare that may show boredom or lack of understanding. A client can stop us in the middle of a discussion to ask questions or clarify a point...

As we enter the second half of the year, you will look at this year’s goals and to-do list and wonder if you’re halfway there. If you think you have until December 31 to complete your tasks for the year, think again. December is a bad time to start or be in the middle of a project. December is the time for year-end client requests, tax strategies, money...

When evaluating practice management areas, advisors tend to focus on each area as if it were a stand-alone component. Advisors also like to create their practice management list in order of importance or by the percentage of time they spend …