Would you use a consulting service?

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Dec 17, 2006 3:56 pm

Hi Reps,


I was wondering if any of you have ever thought of using a strategic consulting / practice management service to better your business.  Services would include book segmenting, outsourcing, seminar / public speaking arrangements, technology implementation, client surveys, market (for clients) analysis, employee scouting (for growing firms looking for new reps or assistants), and scanning for best practices among financial planners to improve overall financial advice.  These are some of the services off the top of my head; I'm sure there are more that could be offered, but you get the idea. 


It is an idea I have been playing with, and seeing as I am in a temporary contract agreement with my current firm, I may market such a service for advisors in the area if the demand is there.  Doing a quick google search I did not come across too many consultants offering such a service.  What do you reps think?


Another rep I talked to suggested a niche service of helping wirehouse advisors go independent.  I know there is a demand for that, but I feel as though it is harder to make for a long-lasting business with such a model (it is a one time action). 


Thanks for the input.


Dec 18, 2006 6:12 pm
iar_newb:

Hi Reps,


I was wondering if any of you have ever thought of using a strategic consulting / practice management service to better your business.  Services would include book segmenting (done by B/D), outsourcing (outsource what?), seminar / public speaking arrangements (good idea, but takes maybe an hour a month), technology implementation (again, what EXACTLY), client surveys (a good idea), market (for clients) analysis (impractical to think you could be proficient at this doing it part time), employee scouting (for growing firms looking for new reps or assistants) (like a recruiter?), and scanning for best practices among financial planners to improve overall financial advice (sounds like one of those ideas that sound good, but not much substance).  These are some of the services off the top of my head; I'm sure there are more that could be offered, but you get the idea. 


It is an idea I have been playing with, and seeing as I am in a temporary contract agreement with my current firm, I may market such a service for advisors in the area if the demand is there.  Doing a quick google search I did not come across too many consultants offering such a service.  What do you reps think?


I don't think there is much there that would add any more value than simply hiring an assistant.


Another rep I talked to suggested a niche service of helping wirehouse advisors go independent.  I know there is a demand for that, but I feel as though it is harder to make for a long-lasting business with such a model (it is a one time action). 


Sounds like you are trying to build a service, "fee-based" organization.  I think it is a good thought, but not much that I or many of my peers would utilize...


Thanks for the input.


You're welcome.