In an article for Morningstar, Sheryl Rowling discusses a conundrum facing many financial advisors - how to grow their practices without compromising on providing personalized attention to clients. After all, client service is the foundation for any successful practice and sacrificing this in the pursuit of growth can lead to higher rates of turnover and dissatisfied clients. 

One recommendation is to set up systems to ensure constant communication with clients. For instance, many advisors commit to responding to any client inquiries within 24 hours with the type of communication customized to client preference. Additionally, advisors can create a quarterly piece of content like an email newsletter or a letter, providing general updates on a client’s financial plan and keep them updated about financial markets and other important information.  

Another recommendation is to invest in creating an effective online presence. While this requires an upfront investment in terms of time and money, it will create longer-term efficiency in terms of marketing and client recruitment. Thus, growth can be achieved without compromising on service. 

Hiring an assistant or operations person who either specializes in back office tasks, marketing, or customer service can also be helpful and lead to additional time savings. Many advisors continue to wear many hats and don’t spend enough time on the tasks that move the needle for their firm. By hiring for specialized roles, advisors will have more time to focus on the key tasks that drive success whether it's more personal time with clients, portfolio management, or generating leads. 

Finsum: Every financial advisor faces a similar challenge. They want to grow their practice but not compromise on client service which is integral to long-term success.