Build your business – Practice management

BUILD YOUR BUSINESS FOR THE FUTURE

Your clients want your time. Your business demands it. You want to grow. What can you do?

BlackRock can help

We’ve consulted with thousands of advisors to bring you valuable insights. We believe the key to organic growth is finding more time for current and prospective clients. Unlocking this time requires you to:

Streamline your investment approach

A defined, defendable, repeatable investment process can help you meet client needs and free up time.

Improve business efficiency

Drive growth by thoughtfully allocating time among your clients as well as maximizing your team’s potential through strong leadership and structure.

Instill psychological safety

Craft a story to capture the essence of why you do what you do every day. Communicate clearly to build client loyalty and acquire new clients.

Liz Koehler, CFA, head of Advisor Insights, outlines the formula we’ve seen work time and again to boost growth for advisors.

Explore M&A insights gleaned from our partnership with Advisor Growth Strategies and learn how our three steps to organic growth can boost value before and smooth integration after a transaction.

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Streamline your investment approach

Be consistent to recapture time

On average, advisors spend ~40% of their time on investments and administrative tasks.¹ Advisors who create bespoke portfolios likely spend more time while those who embrace models, whether their own or third-party, likely spend less. Consider the tradeoffs of different approaches to determine what is right for you and your clients:

Time

Leveraging third-party models maximizes the time you have to focus on and increase the value of your business.

Control

Customizing individual client portfolios allows you to retain more control over exposures and capital gains.

Oversight

Picking individual investments requires more due diligence compared to ensuring suitability and appropriateness of third-party models.

Tim Palilonis, CFA, from our Portfolio Solutions team discusses the importance of a scalable, repeatable, defendable process whether you build your own models or outsource. Portfolio Solutions consults with advisors to help define investment goals, diagnose risks and design portfolios.

A streamlined approach to managing your clients' portfolios can hep provide the clarity and context your clients need to invest with confidence. Learn more about our four-step process.

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Explore model portfolios

Streamline your investment process with a model as your base. Then, customize it with your unique view.

Customize

Analyze your portfolio

Examine your portfolio across various dimensions and see the potential impact of adjusting allocations.

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Improve business efficiency

Set realistic service expectations

No one can be all things to all clients. Establish a segmented service model to provide aligned expectations that you can consistently deliver against.

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Lead your team

Strong leaders create successful teams. Successful teams create deeper client relationships. Learn key principles for team leadership success to grow and operate effectively.

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Jim Renitsky, senior partner of Affinity Partners (founded by Danielle Papandrea), shares how segmented service can boost growth.

Dr. Phil Nurenberger, President of Strategic Intelligence Skills, shares guided meditations to help your mind be focused, calm and present to the moment.

Instill psychological safety

Advisors often default to telling clients “what I do” or “what I offer.” But sharing what to expect from the relationship is often more impactful. Stories can effectively bring abstract concepts like attention or empathy to life and highlight how (and why) you earn your fee.

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Jim Renitsky from Affinity Partners illustrates how an advisor’s core values can be brought to life through a sharable story.

Stay connected with your clients in this more virtual world and take advantage of the lowered geographical barriers as you seek new clients.

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Prospect authentically

As you seek new clients, focus on those who are most like the best clients you currently have. Most client acquisition strategies are common sense, but not common practice. Consider adding any of these prospecting ideas to your current plan, applying them with enough consistency to pay dividends.

Welcome newcomers

Use online search engines to identify new homeowners in the area who may be in need of your guidance.

Go social

Join a local social group or leverage online social networks like LinkedIn.

Leverage centers of influence

Partner with estate attorneys or CPAs who work with individuals similar to your clients. Ask for a virtual introduction.

Give a talk on investing

Find local opportunities to showcase your investing acumen.

Prep your spouse

Ensure your spouse has the right words to explain what and why you do what you do to amplify your networking impact.

Host “bring a friend” lunches

Have your clients bring their friends to informative seminars. Consider our client programs below.

Coach with behavioral finance

Demonstrate your ability to help clients confidently navigate the ups and downs of the markets and their emotions.

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Empower women

Help current and future female clients define what wealth means for them and build a solid foundation.

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Incorporate Social Security

Increase referrals by helping retiring clients maximize benefits and gain confidence.

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Three ingredients for business growth

BlackRock can help

Streamline your investment approach

Be consistent to recapture time

Improve business efficiency

Muscle Relaxation

Deep-state breath relaxation

Flame Meditation

Instill psychological safety

Prospect authentically