Practice Management Case Study: Coaching & Consulting Work!

<p>Within a few years of making the transition to fee-based business, Buzek Wealth Advisors had doubled their business. Within six months of moving to Managed Opportunities, the practice transitioned $30 million in assets and became the first member of the first Next Level coaching class to earn the bonus that pays for the program fee of $4,495 plus travel expenses up to $2,100. “During our first Next Level session, Securities America shared the results of its $1 Million Producer Survey. One thing those producers were doing was outsourcing money management to third-party managers to enable the advisor to spend more time with clients and referrals,” Buzek said. “The consultants with Securities America Advisors had been telling us they thought we would be more successful if we converted to the Managed Opportunities platform, and my son Kevin, who runs the office, had been pushing for the same. The information at Next Level was what I needed to make the decision to pull the trigger.” Buzek said he now feels relieved of the investment management burden and more confident in his relationships with clients. “The world today is a totally different place from an investment and planning perspective,” said Buzek, who has adopted a more comprehensive planning approach using Income for Life™, Managed Opportunities and variable annuities. “It’s much more difficult to figure out what to do with clients’ money. Having third party money managers handle the investments and allocations enables us to spend more time on developing deeper client relationships. We feel more confident, especially after going through the horrendous markets of 2008 and the first quarter of 2009. Our client relationships are stronger and more enjoyable than ever and have created a higher quality of referral than before.” Earlier in their relationship with Securities America, Buzek Wealth Advisors made good use of the Practice Management business consultations to streamline office efficiency and segment clients to analyze time versus profitability. They have used HR Advantage to help them hire “the right people for the right positions with the right experience and personalities . ” 

 

They also worked with SA’s Practice Management to conduct a Client Survey and create action steps based on the results. They have consulted with FP Transitions to determine the value of the practice and participated in many other coaching programs. “The Business Valuation program opens your eyes to what you’ve built and the fact that your practice is the largest asset in your net worth,” Buzek said. “After that, we started treating the practice more like a business and focusing on things that would maximize its value.” Buzek joined Securities America in 1996 after many years working with an insurance-based broker/dealer. “I liked Securities America being totally independent and allowing me to choose from a wide array of non-proprietary products for my clients, not restricted by institutional mandates” he said. “During the home office visit, the people at Securities America impressed me. We’ve had tremendous success with Securities America. I love the way they really help us grow our business.”