Continually evolving is a way to be your best self, said Deborah Fox, CEO and founder of Fox Financial Planning Network (soon to be rebranded as AdvisorTouch), an extensive workflow system and resource center for advisers.
In college, motivated by wanting to save the world, she studied aquatic biology. After a short post-graduation stint in fish farming, she realized she was a people person. When a friend suggested the field of financial advising, Ms. Fox found her calling and started her own practice soon after, in 1987. By 2004, she had started coaching other advisers.
“I was one of the few who documented processes,” she said. “When 2008 happened, some [advisers] asked me to share my documentation. It gave them workflow templates to get the chaos under control.”
The response was so enthusiastic that she decided to create a business to train more advisers in planning and documenting work processes.
The AdvisorTouch system allows users to improve and systematize four important facets of their businesses: systems and operations, technology, practice management, and human capital.
Documenting processes can be transformative, Ms. Fox said, because it thoroughly organizes day-to-day activities, enables better coverage during employee absences, and links silos of activity. This in turn leads to higher efficiencies and fewer errors and allows advisers to see more clients while using less staff, resulting in greater profitability.
“Workflows are the foundation of any business. Having a detailed blueprint allows a firm to deliver exceptional consistent services according to their design,” she said.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
Whichever path you go down, act now while you're still in control.
Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
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