How to Run a Financial Advisory Practice


In this article, we’ll start by discussing the key day-to-day operational tasks you must perform to run a successful financial advisor practice. Then we will go through ways to make your business run more efficiently.


Operational Tasks for a Financial Advisor Firm

No matter the type of financial advisor practice you have, there are some basic operational tasks that you will need to complete regularly. These tasks include:

  1. Reviewing and updating your client profiles
  2. Conducting client meetings
  3. Updating your financial models
  4. Generating client reports
  5. Monitoring your portfolios
  6. Keeping up with industry news and changes
  7. Continuing your education

Receiving and Processing Payments 

Another important aspect of running your business is getting paid on time and in full. There are a few different ways to receive and process payments, but invoicing and credit cards are the most common.

For a financial advisor practice, it is essential to have a payment processing system that is efficient and easy to use. You will also want to make sure that you can track payments so that you can follow up with clients who may be delinquent on their invoices.

Managing Client Relationships 

The key to any successful business is good client relationships. Managing client relationships is especially important as you want to ensure they are happy and satisfied with your offerings. This will make them more likely to refer your company to others and to come back to you in the future. There are a few different ways to manage client relationships. Still, the most common is to keep in touch with them regularly and send them updates via their preferred communication method.


Improve Your Financial Advisor Company Inefficiencies

Use the following tips and strategies to make your financial advisor practice more efficient:

  • Outsource non-essential tasks: Don’t try to do everything yourself! Outsourcing can be a great way to free up your time so that you can focus on the most important tasks to your business.
  • Invest in automation: Automation can help you save time and money by automating repetitive tasks. There are several different software programs that can help you automate tasks such as client reports, portfolio monitoring, and invoicing.
  • Review your processes: Take a look at how you currently do things to see if there are any areas where you can improve. Are there any tasks that could be streamlined or made more efficient?
  • Implement a CRM system: A CRM system can help you manage your client relationships more effectively. It can also help you keep track of important information such as contact details, meeting notes, and payment history.


Systems & Processes

One of the best ways to make your financial advisor practice more efficient is to develop or automate as many systems and processes as possible. By doing this, you can save time and money.

The following financial advisor practice processes can be systematized: 

  • Client reporting
  • Portfolio monitoring
  • Invoicing
  • Payment processing
  • Client relationship management
  • Industry news tracking
  • Continuing education

By automating these processes, you will be able to free up your time so that you can focus on more critical tasks. Additionally, automation will help you to avoid mistakes and ensure that your clients receive the best possible service.

There are several different software programs that can help you automate your financial advisor practice. Some of the most popular options include:

  • AdvisorClient
  • Wealthbox CRM
  • Redtail CRM
  • Financial Planning Software
  • Salesforce CRM

 Developing systems and processes for your financial advisor practice will help you to save time and money. Additionally, it will help you to provide a better service to your clients.


Delegate & Outsource

Another way to make your financial advisor practice more efficient is to delegate tasks.

There are many different tasks you can delegate or outsource, including:

  • Administrative tasks
  • Marketing and advertising
  • Customer service
  • Bookkeeping and accounting
  • Web development

By delegating and outsourcing these tasks, you will free up time to focus on driving sales, which is key to growing your financial advisor practice.

You can find professionals to perform these tasks and more on websites like Upwork and Fiverr. Test workers on those sites with small projects before hiring them for bigger ones.


Time Management

When running a successful financial advisor practice, one of the most important things is time management.

There are several different ways to manage your time effectively, including:

  • Create task lists/to-do list
  • Time blocking (blocking out time of your schedule to focus on critical tasks)
  • Prioritization (prioritizing business building projects over day-to-day operational tasks)

To succeed, you need to learn how to balance the critical tasks with the less important ones. You also need to learn how to say no to certain tasks to focus on the ones that are most important.

The key to time management in the financial advisor practice is organization and focus. By using the techniques mentioned above, you can effectively manage your time and grow your business.


Tools, Technology & Resources

There are several different tools, technologies, and resources that can help financial advisor practices improve their efficiencies, including:

  • Marketing automation tools (email marketing, etc.)
  • Accounting software/automated billing and invoicing
  • Customer Relationship Management (CRM) software

Consider using these tools if they can help your business. Also, creating custom software could allow you to perform even better and give you a competitive advantage. If a customized piece of software could benefit your financial advisor practice, consult with an IT professional or software developer.


Set & Track Goals

One of the best ways to make your financial advisor practice more successful is to set and track goals. Without business goals, measuring your progress or knowing what you need to do to improve your business is difficult.

There are several different ways to set and track goals, including:

  • SMART goals (SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound)
  • Progress tracking charts (creating graphs that show your progress made towards specific goals)
  • Creating a business plan

Using one or more of these methods, you can set and track realistic goals for your business. This will help you stay on track and achieve your desired results.



In order to maximize your success, consider networking with other professionals both inside and outside the financial advisor practice. By doing this, you can learn from their experiences, get advice, and make connections that can help your business.

There are a number of different ways to network with other professionals, including:

  • Attending industry events
  • Networking events
  • Online networking
  • Professional associations
  • Trade shows


Pricing Your Offerings

One of the most important things to consider when pricing your financial advisor practice offerings is how much you need to charge to make a profit. You also need to consider how much your competitors charge for similar offerings.

Another thing to consider when pricing your services is how much value your offerings provide. By understanding the value of your offerings, you can justify charging more for them.

Finally, you need to find the right balance between price and demand. If you charge too much, you may lose potential clients. However, if you charge too little, you may be unable to cover the costs of running your business.


Targeting the Right Clients

To succeed as a financial advisor, you need to target the right clients. By targeting the right clients, you can increase your chances of making a sale and ideally serve clients who value your offerings more or are easier to serve.

There are several different ways to target the right clients, including:

  • Segmenting your market
  • Understanding your ideal client
  • Developing a positioning statement
  • Creating a buyer persona



Running a financial advisor practice can be a very profitable and rewarding business. To be successful, you need to be organized, focused, and use the right tools and technologies. You should also set and track realistic goals for your business, network with other professionals, and price your offerings correctly.

You can successfully run a financial advisor practice with the right tools, processes, resources, and incoming clients. Following the tips in this article can set your business up for success.

Other Helpful Articles

Why Clients Leave Financial Advisors & How to Avoid This

3 Cold Calling Scripts & How to Find Call Lists for Financial Advisors

Average Financial Advisor Fees & Determining How Much You Should Charge

6 Client Appreciation Event Ideas for Financial Advisors

How to Develop Your Financial Advisor Elevator Speech

How to Create a Financial Advisor Succession Plan

Financial Advisor Workflow Templates to Improve Your Business Processes

Number of Clients & Average Assets Under Management For a Financial Advisory Firm

How to Approach Family & Friends as a Financial Advisor

7 Appointment Setting Tips for Financial Advisors

Your Fiduciary Duties & Responsibilities as a Financial Advisor

Initial Financial Advisor Client Meeting Toolkit: Agenda, Script & Questions to Ask