At the start of 2022, Nathan Fradley posted a video on the XY platform (check it out here) to start a conversation on what it takes to grow a financial planning business from a single AR practice. This post sparked a huge discussion and had the comments section buzzing. Simultaneously, we received a request by Paul Garner to discuss some questions he had on how to grow his single AR practice and become succession ready.
It was a no-brainer to bring Nathan and Paul together to facilitate this week’s XY+ workshop to discuss how to grow your business when you’re the only adviser in it.
#1 Know why you’re doing it.
Advisers are generally highly empathic and technical people, which is a very unique mix of skillsets. Nathan Fradley suggests taking the time to think and be honest with yourself about the aspects of your role you really enjoy and where you can add the most value. Then, find the missing puzzle pieces (skillsets) by connecting with people who can plug those gaps with the value they can bring.
Conaill Keniry said you can 100% be a single AR and 100% grow your practice.
#2 Get and filter new information.
Conaill also said a lot of advisers are playing this game of financial planning but not really across what we can pull and what we can push. He’s spoken to plenty of advisers who are paying exorbitant licensee fees and think they can’t control the outcome.
The most successful advisers have identified what’s not working and found different ways to solve these problems.
#3 Don’t be afraid to ask for help.
Both Nathan and Conaill agreed the best way to improve is by talking to others, especially those who have already figured out solutions to the problems you’re trying to solve. Both said they have utilised the XY platform to connect and learn from advisers who have done what they are looking to do.
Another way could be joining a mentorship program where a mentor can help you determine if there’s room for improvement in an area of your business or guide you in the right direction.
Click here to watch the full web event with Nathan Fradley and Paul Garner.