Deena Katz on Practice Management for Financial Advisers, Planners, and Wealth Managers

"Telling our clients we design well-balanced (deadly dull and boring) portfolios is less effective than telling them that if they follow our advice they will sleep soundly. "

"The market is increasingly deserting sales-based practices for service and professional alternatives."

"Ensure the operation of your business is not entirely dependent on you. "

"Every adviser I know who is in a partnership used the same words when discussing the relationship: It's like marriage."

"The success of your practice depends on the people who interact with your clients every day."

"The dynamics of a retreat are unique. It is important that from the outset there be no normal employer/employee distinction. Each person brings his individualism, as well as his ability to meld into the team. Everyone's opinion is important."

"Whether you are a sole practitioner or a partner in a firm, systems not only reduce errors and provide consistent service, but also help stabilize the business in the event of a crisis, and position it for eventual sale or transfer."

"Resist the temptation to close each prospect."

"Subtle positioning of your practice, as well as effective use of public relations, can poise your business for dynamic growth."

"The common belief is that becoming an independent fee adviser will give you more investment flexibility. In fact, although your selections will be different, you will have fewer options, not more."

"Managing your client base effectively will make your business more efficient, and better yet, more fun."

"You'll think it's odd, but the biggest impediment to growth is not lack of new clients, it's poor client retention."