Author Archive for Kevin Bishopp

20-80 Rule Diagram

The “20-80” rule

Most everyone is familiar with the “80-20” rule, first espoused by Italian economist Vilfredo Pareto. Simply stated he suggested that 80% of the effects come from 20% of the causes. The application to your business is that 80% of your revenues are coming from the top 20% of your clients. Nothing new here. But what

Jun 28, 2011 Categories: The Science of Advising

Redefining wealth management

It’s official. The term “wealth management” has reached meaningless status. It has flat-lined and shows no signs of life. It has been commoditized and resides on just about every advisor website, in an abundance of firm names, and within every advisor’s value proposition (in some form). As a result, it has lost meaning and doesn’t

May 19, 2011 Categories: The Science of Advising

The number you need to grow…

What is the most important metric for your business? Go ahead and answer… I’ll wait. I’ve asked this question of thousands of advisors over the years and have received a wide variety of opinions. While the responses vary, the most common is assets under management (AUM). Other metrics such as gross revenues, net revenues, fee-based

Mar 17, 2011 Categories: The Science of Advising

Don’t let the scarcity mentality hold you back

Many advisors suffer from a “scarcity mentality”, in which they believe that there is not enough (clients, business, or money) to go around. This mentality not only inhibits their growth, but paralyzes them in a number of ways that restrain them from reaching their full potential. To check if you are suffering from the scarcity

Feb 22, 2011 Categories: The Science of Advising

Two risks of having clients who don’t listen

If you have clients who aren’t implementing the investment strategies you recommend, consider this: You may not value your own advice to the degree that you should. As you can see from the grid above, if clients aren’t taking your advice, you have two problems. Clients are paying for advice they aren’t taking, which isn’t

Jan 6, 2011 Categories: The Art of Advising

The business efficiency frontier

Is your business efficient? How do you measure efficiency? Are the clients you have getting the right amount and type of service from you? Let me give you a simple, yet profound, way to answer these questions. The picture above represents how Russell thinks about your business. The vertical axis represents the revenue a client

Dec 2, 2010 Categories: The Science of Advising
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