Your Annual Financial Practice Checkup

By Jim Perhacs, Managing Director, Chief Operating Officer

When at-home and work priorities are constantly shifting, especially during summer and back-to-school months, it can be easy to overlook what’s happening in the office. Much like you schedule regular checkups at the doctor or maintenance on a car, we recommend an annual financial practice checkup. The Private Advisor Group team sat down with our Chief Operating Officer, Jim Perhacs, for tips on divvying up how to examine your business practices and ensure you’re on track to achieving your goals.  

Team Checklist

  • CRM Audit: Hopefully, you have some standard practices around data entry, but we know that can get overlooked during busy season. Assign a lead to conduct a quick CRM clean-up to delete or merge duplicates, make an effort to complete data records, and perhaps implement personas or import processes. Your CRM software provider will likely offer a rep or training resources for your team lead to work alongside.
  • Marketing Materials Audit: Have the team huddle to review your website, social media profiles, and most frequently used marketing materials to ensure accuracy, correct contact information, and that you’re presenting a cohesive brand.
  • Training and Continuing Education: High-producing teams are continually investing in top talent. Find training programs through financial conferences,, local civic organizations, and universities to brush up and refine skillsets. Use the slower summer months to catch up on your required CE.
  • Give Back: Keep morale high and perhaps consider volunteering or taking on an outdoor project to improve your community while enjoying fresh air and sunshine.

Practice Checklist

  • Client Check-In: Have your clients heard from you? Are you on track with client reviews? If not, squeeze in some calls or encourage the team to help during the CRM auditing process. Never lose track of client reviews by taking advantage of your CRM capabilities and set up review reminders for each client that reflects your desired cadence (annual, semi-annual, etc.).
  • Prospect Check-In: A non-sales note to stay in touch never hurts. See where your prospects are at and how they are doing. 
  • Goal Check: Are you hitting revenue and growth targets? What about hiring and succession plans? Especially now when we’re over halfway through the year, ensure your progress towards goals is over halfway there too.
  • Hiring Review: Adequate staffing is crucial not only to you but to your client experience as well. Perhaps open that position you’ve been considering or take on an intern. Virtual assistant programs are gaining in popularity and are worth looking into. This can be a cost-effective way to add needed support without adding another w-2 employee.
  • Cybersecurity Training: Cybercriminals are always at it. Make sure your equipment is current with all the latest cybersecurity updates and software. Train, test, check, and repeat to protect your practice before year-end.

Extra Items Checklist

  • Physical Office Check: Is it time for a deep clean, fresh paint, or even landscaping? Pre-winter is a great time to schedule a refresh for the office.
  • Culture: Carve out time so it’s not all business, and you can build in a little fun too. Ball games, escape rooms, popular TV watch parties – schedule work and play to open room for creative energy and recognition of hard work.

Pro Tip

Keep the motivation high by dedicating your time to help with these projects. For example, cover progress during 1:1s, and if new data or processes emerge, be sure the entire team is informed during your next all-hands huddle to embed those into best practices. Even as a solo practitioner or smaller practice owner, blocking your calendar to dedicate focused practice time will help your never-ending to-do list seem less daunting.

When you or your employees do take time away from the practice, enjoy it and tune out so you can come back ready to work. If you find you need a little help navigating this checklist, let’s talk. At Private Advisor Group, we help financial advisors navigate top tips and resources for running a financial practice year-round.

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