Integrating regular meetings within a financial advice team – from daily huddles to quarterly reviews – is essential for fostering sustainable long-term growth.
According to Sue Viskovic, general manager of consulting at Vital Business Partners (VBP), operating a successful advice practice goes beyond the delivery of quality advice to clients.
“It requires a finely tuned business operation, where every part of the business operates in harmony, ensuring that goals are met, risks are managed, and teams are performing at their best,” she said.
In particular, Viskovic highlighted the importance of holding consistent meetings on a daily, weekly, monthly, quarterly and annual basis.
Daily huddles are critical for immediate alignment and accountability. She said: “In a financial advisory firm, the day-to-day operations are highly dynamic and there are often multiple people involved in delivering services to each client. A brief, focused daily huddle ensures that everyone is aligned on the day’s priorities, client needs, and any immediate concerns.”
However, she acknowledged that daily huddles can become difficult to implement effectively and are easy to abandon during busy periods without the right framework in place.
Weekly team meetings ensure that client work is delivered successfully while also allowing practice managers to focus on the business through its long-term strategic objectives.
Meanwhile, monthly reviews within an advice team are essential amid rapidly changing regulatory compliance, financial markets and client needs.
Viskovic explained: “These sessions allow your firm to evaluate its performance against broader goals, consider any necessary strategic shifts, and ensure that the firm remains on track. It’s also an opportunity to celebrate successes, address any issues, and ensure that your team is motivated and aligned.”
Creating long-term success also means integrating quarterly and annual planning sessions to set the “big picture” strategy for future organic or inorganic growth.
“These meetings are about more than just reviewing past performance – they are about setting the course for the future.”
By incorporating regular meetings into an advice practice’s operational structure, key staff will be in tune with long-term business and client goals to drive growth alongside higher profit margins, the general manager added.
Earlier this year, Lana Clark, senior consultant at VBP-owned Elixir Consulting, emphasised why “playing the long game” of cultivating a desirable work culture is vital for high-performing financial advice firms and their teams.
Moreover, VBP-backed Elixir Consulting released its inaugural 2024 Advice Operations Research Report in June, which discovered six key characteristics that bind top-performing advice practices together.
These are:
- Healthy culture
- Dedicated practice manager
- Documented processes
- Outsourced tasks
- Use of managed discretionary accounts
- Engaging with an external business coach
