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...

That and other questions will be helpful while addressing your firm’s infrastructure, in light of the robo-advisors onset.

Opinions on robo-advisors range from fear of competition to not impacting an advisor’s business. Regardless of where you are on the opinion spectrum, you should take this time to review areas of the robo-advisor’s success and compare them to your business model and infrastructure. Don’t dismiss their arrival and success as a fad...

Of course it’s all about the clients. That’s why you have your own advisory firm – to better serve your clients. Now imagine a couple of scenarios that have happened or could happen to you.