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27. How To Move From A Compliance Only Firm To An Advisory Firm
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Today's episode dives into a question many of you have been pondering: How do I shift my firm to focus on advisory services?
The journey from a compliance-only firm to offering advisory services can seem daunting, but with the right approach, it's entirely achievable.
Key Takeaways:
- Understand the Challenges: The major hurdles in shifting to an advisory model include mindset, skillset, and client base challenges. Recognizing these early on can help you navigate the transition more effectively.
- Five Practical Strategies:
- Sell to Current Clients: Your existing client base might already be primed for advisory services. It's about identifying their pain points and offering solutions that go beyond compliance.
- Increase Compliance Prices: Weeding out low-value clients by raising prices can free up resources and focus for building out advisory services.
- Sack Non-Ideal Clients: Grading your clients from A to D and letting go of those who don't align with your advisory vision can streamline your transition.
- Sell Your Client List: If a complete shift is what you're after, selling off parts of your compliance client list can provide the funds and focus needed for advisory services.
- Hire a Practice Manager: Bringing in a manager to oversee compliance operations can free you up to develop and grow your advisory offerings.
- Start with the Right Mindset: Shifting to advisory requires a proactive approach and moving out of your comfort zone. It’s about becoming a strategic partner to your clients rather than just a service provider.
- Develop Necessary Skills: Advisory services demand analytical skills, strategic thinking, and an in-depth understanding of business operations. Soft skills like empathy and communication are also crucial.
- Evaluate Your Client Base: Transitioning may mean reevaluating your client list and focusing on those who see the value in advisory services. This could involve parting ways with clients accustomed to compliance-only services.
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