Today’s Advisors: The Integrated Practice

Fox: Financial Advisors Need to Unite Systems, Technology, Practice Management and Human Capital

SAN DIEGO, March 5, 2013  – Fox Financial Planning Network (FFPN) announced today the availability of a new industry white paper that highlights the need for advisors to create a financial advisory business that is optimally integrating workflows, technology solutions, practice management strategies and human capital to maximize firm efficiency to deliver outstanding client service and create an enjoyable working environment.

The industry report, “The Integrated Practice:  Uniting Systems, Technology, Practice Management and Human Capital to Create an Efficient, Profitable, & Enjoyable Financial Advisory Business ” provides insight into how traditionally the financial advisory industry has addressed each of these areas as silos instead of focusing on the importance and methodologies of having all four working together in order to build an elite firm.

Download the Fox Whitepaper ‘The Integrated Practice:  Uniting Systems, Technology, Practice Management and Human Capital to Create an Efficient, Profitable, & Enjoyable Financial Advisory Business’ here (PDF)

“Despite the recent success of the independent advisor industry over the last decade, many firms are struggling today with building an efficient and scalable business,” said Deborah Fox, CEO and founder of FFPN. “As firms have grown, most have not had a vision of what they want their business to evolve to, and as a result are stuck in third gear unable to shift into fourth and fifth gear where the practice can operate smoothly, efficiently and very profitably.”

The report documents the evolution of the independent advisor industry and how the typical firm has not adopted and adhered to standard business practices, such as having a clear business plan, standardized systems for delivering services, effective hiring and retention policies for staff or appropriate use and integration of available technology solutions. While this is the case for many firms, there are those that have applied a business focus to their practice. According to the report, “Firms that have broken through the obstacles have all developed a clear vision of what they wanted to achieve along with a well-thought out plan for how to do it.”

Despite the recent success of the independent advisor industry over the last decade, many firms are struggling today with building an efficient and scalable business

To solve this endemic issue, the white paper introduces the concept of The Integrated PracticeTM, which is a process of business management that connects all of the moving parts of a firm to create an efficient organization and bring it to life.

“The concepts and methodologies in this whitepaper are a direct result of the nearly 30 years of experience we have gained in applying them to our own advisory business,” said Fox.  “In our daily consulting work with advisors we see many firms struggle with these issues, so it is very motivating for us to build out a set of solutions that firms can adopt so that they can thrive and build valuable businesses, while efficiently serving their clients.”

The report, second in a series of practice management resources from FFPN, is available here and can be downloaded at no cost.

About Fox Financial Planning Network
FFPN is transforming the way advisors operate by providing the tools, templates, workflows and consulting to systematize the delivery of financial advice.  Based on the experiences of Deborah Fox, a 28-year veteran financial advisor, FFPN provides a comprehensive set of resources enabling advisors to increase profitability, ensure compliance and scale their practice, while growing their firms.  FFPN is a network of financial advisors and best-in-class technology providers, consultants and other financial industry resource providers that together, are improving the lives of financial advisors, their staff and their clients by helping them evolve their financial advisory businesses.  www.FoxFinancialPlanningNetwork.com