What distinguishes the top-performing advisory practices? In their annual study, Moss Adams and Investment News set out to identify which activities the top firms use more than others. Here are the seven habits that seem to stand out:
• Top firms offer a greater variety of services to clients. While some DC practices try to stay focused on ERISA plans only, it seems that offering other benefits and services make firms more profitable.
• Better client intel, usually through CRM.
• Acquisitions
• Leveraging staff and hiring more
• Updated websites
• Leveraging Centers of Influence, especially accountants
• Firing unprofitable clients
These steps seem obvious. But which ones are you taking already, and where are you focused?
