One of the greatest challenges confronting most advisory firms in 2022 and beyond is finding the capacity within their business to deliver ongoing quality advice solutions and services for their clients.
So says Certainty Advice Group founder, Jim Stackpool, who contends many advice businesses are failing to implement a range of strategies that will allow them the capacity to deliver for their clients and to properly serve their current and future needs.
Lacking clients, according to Stackpool, is not the issue. Rather, he says the challenge for many advice businesses is to develop a system that will both deliver great advice for its clients while at the same time generate sustainable profitability and reduce dependency on key individuals.
While the underlying logic in Stackpool’s strategy would be shared by most advice business owners and their key team members, he says his experience in working with hundreds of advice practices in Australia – each of which have their own unique ‘DNA’ – is that successfully implementing the strategies that will deliver this outcome appears to be a significant challenge for many.
Stackpool notes that “Growing bigger is different to growing better”. He says firms need to be very careful not to address current capacity challenges with solutions that worked 10 or even five years ago when compliance, outsourcing, technology and client segmentation models were all very different.