Practice Management, Technology

What the Best of the Best are Doing to Optimize Their Practice

Headshot of Brian Bichler

Brian Bichler, Co-Head of the FI Channel and Head of Platform Experience

July 5, 2023

Optimizing a practice involves improving specific aspects of your business activities to enhance efficiency, productivity and client satisfaction. In my role, I have the privilege of witnessing firsthand what many of our exceptional financial professionals focus on to achieve optimization. Below, I’d like to share some thoughts on what some of our organization’s top financial professionals are doing to achieve success.

Define your value proposition

It’s crucial to clearly articulate your unique value proposition to differentiate yourself in the minds of your clients and prospects. Identify your target market, specialize in specific areas and effectively communicate the benefits you offer. This approach helps attract and retain clients who align with your services. Here are some recent examples that have resonated:

  • “As a retirement planning specialist, I help clients navigate complex retirement strategies, maximize income sources and work toward their desired retirement lifestyle.”
  • “I provide comprehensive financial planning solutions that encompass all aspects of my clients’ financial lives. By addressing retirement, education, insurance and tax planning, I can help clients achieve long-term financial security.”
  • “I provide personalized, responsive and proactive service to my clients. I am always accessible to address their questions and concerns, ensuring they have a knowledgeable partner by their side throughout their financial journey.”

Streamline client onboarding

Implementing efficient client onboarding processes is essential to enhance the client experience and minimize administrative burdens. While utilizing digital functions on Unio, such as NAO templates and DocuSign, is important, successful financial professionals have gone a step further by focusing on automation to gather prospect/client information through the Clear1 profile edit function. They use Nitrogen (previously Riskalyze) to conduct risk assessments and MoneyGuidePro to assemble financial plans and gather data to prefill forms, enabling them to open accounts more efficiently. This approach accelerates the onboarding process while ensuring compliance.

Leverage technology

Adopting Unio technology solutions can streamline your practice’s operations. Embrace Unio Relationship View, our client relationship management (CRM) software, to track and manage client interactions, automate workflows, enhance communications and measure your level of engagement.

Embrace digital marketing

Developing a strong online presence through your professional website, social media platforms and content marketing is vital. Utilize digital marketing strategies to attract and engage potential clients. Consistently provide valuable content, such as blog articles, videos or webinars, to showcase your expertise and build credibility.

Enhance client communication

Regular and personalized client communication is key. To keep clients informed and engaged, utilize various communication channels, including business texting, newsletters, Clear1 and video conferencing. Regularly review and refine your client communication strategy to meet their evolving needs.

Continuously educate yourself

Staying current with industry trends, regulations and best practices is crucial. Pursue relevant certifications and attend conferences like ENGAGE2023 and our Regional ENGAGE Workshops. Continuous learning helps you enhance your expertise, offer clients valuable insights and stay ahead in a rapidly changing industry.

Delegate to scale

Identify tasks that can be delegated or outsourced to free up your time for more strategic activities. Consider partnering with professionals or firms to handle certain administrative or specialized functions, such as compliance, client meeting coordination or marketing.  This allows you to focus on core client-facing experiences that illustrate your value proposition.

Nurture client relationships

Building strong, long-term relationships with your clients is essential. Regularly evaluate client portfolios, conduct comprehensive financial planning reviews and provide personalized recommendations aligned with their goals. Actively listen to their needs and concerns and provide exceptional customer service to foster loyalty and referrals.

Develop strategic partnerships

Collaborate with other professionals, such as attorneys, accountants or insurance specialists, to offer holistic solutions to your clients. Establishing strategic partnerships can expand your network, provide comprehensive services to your clients and generate referrals.This approach helps you become a trusted financial professional for your clients’ financial needs.

Monitor key performance indicators (KPIs)

Tracking relevant KPIs is crucial for assessing the performance of your practice or program, identifying areas for improvement and setting goals for practice optimization. Some key metrics to consider are client acquisition rates, client retention rates and client engagement (aim for at least five touchpoints per month!). Optimizing a financial practice or wealth management program is an ongoing process. Continuously evaluate and adapt your strategies based on client feedback, market trends and industry changes to ensure your practice’s long-term success and growth. We welcome the opportunity to connect with you and provide additional insights and support as you continue to optimize your practice and achieve greater success.

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