{"id":906527,"date":"2026-09-23T11:32:10","date_gmt":"2026-09-23T11:32:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/906527\/"},"modified":"2026-09-23T11:32:10","modified_gmt":"2026-09-23T11:32:10","slug":"six-ways-to-keep-the-momentum-going-in-your-practice","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/906527\/","title":{"rendered":"Six ways to keep the momentum going in your practice"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

Advisors should find common ground with prospects before contacting them.filadendron\/iStockPhoto \/ Getty Images<\/p>\n

Many advisors succeed in building a solid practice, but struggle to keep the momentum going. <\/p>\n

Practice management experts shared strategies that distinguish advisors who consistently grow their practices at the Responsible Investment Association\u2019s (RIA) annual conference in Toronto last week.<\/p>\n

Communicate your value<\/p>\n

Robyn Reid-Riviere, founder of wealth management consulting firm Dimensions Advisory Group in Toronto, says advisors conduct work that clients never see and that needs to be articulated. She calls this \u201cmaking the invisible visible.\u201d <\/p>\n

As fees become more transparent, \u201cbeing able to show them all the work you do on a daily basis is important,\u201d she says.<\/p>\n

Delegate to your team <\/p>\n

Ms. Reid-Riviere says advisors who learn to delegate tend to have the most successful practices. She suggests adopting the four Ps: philosophy, process, people and performance. <\/p>\n

Philosophy means every team member shares the same business beliefs. <\/p>\n

From there, Ms. Reid-Riviere says a detailed process for how things work is needed. <\/p>\n

\u201cIt\u2019s about documentation and everyone understanding your systems and how things work. Systemize the things you can so others can take responsibility.\u201d<\/p>\n

Once that\u2019s in place, she says it will be easier for the advisor to put people into specific roles and understand individual and team responsibilities. <\/p>\n

The next step is tracking performance using metrics.<\/p>\n

\u201cThe goal is for [the advisor] to be the most involved where they matter the most \u2013 with clients,\u201d she says.<\/p>\n

Write a strategic plan<\/p>\n

Lack of long-term business planning is often the cause of team misalignment, says Mark Toren, president and chief executive officer of wealth management recruitment and advisory firm Toren & Associates in Markham, Ont.<\/p>\n

Determining at least three measurable goals will help move the goalpost for your practice. <\/p>\n

\u201cStrategic discussions bind partners together,\u201d he says. \u201cIf you don\u2019t sit down and have those discussions, you\u2019re not going to get where you want to go.\u201d<\/p>\n

Prospect differently <\/p>\n

Rony Malev, a financial advisor at Raymond James Ltd. in Toronto, says she uses a mix of passive and active prospecting to grow her practice. <\/p>\n

On the passive front, she hosted a cottage succession planning seminar before the summer \u2013 a timely topic for cottage owners who worry about family disputes when passing down the property.<\/p>\n

\u201cThe [seminars] are really about getting the information out there,\u201d Ms. Malev says, with the conversations often leading attendees to realize they need professional help.<\/p>\n

On the active side, Ms. Malev has centres of influence beyond the traditional lawyers and accountants. She thought about the services her clients may need and landed on interior decorating, as most of her clients own homes and often speak about wanting to redecorate.<\/p>\n

\u201cBuilding a successful practice really comes down to building that relationship with your client to make sure you are their go-to person for just about anything,\u201d she says. <\/p>\n

Find common ground <\/p>\n

Building your practice starts with finding authentic connections with potential clients, Ms. Malev says. Many professionals use LinkedIn for networking, but few do their homework before offering a cold introductory note to a stranger online.<\/p>\n

\u201cIt makes me cringe when someone reaches out to me that way,\u201d she says. \u201cShowing some curiosity and preparedness first will make a difference to get that response back from the person.\u201d<\/p>\n

Even spending five minutes looking at the prospect\u2019s profile for details about their education and former employers can help. <\/p>\n

For example, Ms. Malev found a client on LinkedIn after discovering they both went to the same university in Atlantic Canada.<\/p>\n

Discover clients\u2019 money values<\/p>\n

Ms. Malev likes to connect with clients about their money values, which can change over time. Open-ended questions \u2013 such as, \u201cWhat does money mean to you?\u201d \u2013 can generate discussion.<\/p>\n

Ms. Reid-Riviere likes \u201cwhat if\u201d questions that throw a curveball at plans. <\/p>\n

\u201cWhen you ask those questions, you really get to see people and how they manage those situations if they\u2019re forced,\u201d she says. <\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: Advisors should find common ground with prospects before contacting them.filadendron\/iStockPhoto \/ Getty Images…\n","protected":false},"author":2,"featured_media":906528,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[1397,45,49,48,133,5266,2922,131,132],"class_list":["post-906527","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-appwebview","tag-business","tag-ca","tag-canada","tag-finance","tag-globe-advisor","tag-noastack","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/906527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=906527"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/906527\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/906528"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=906527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=906527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=906527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}