Rattiner's Secrets of Financial Planning

CHAPTER 2How to Structure Your Practice

Now that we have determined some of the major infrastructure issues that may affect the way we practice financial planning, and have gained an understanding as to the potential macro-level changes expected for the balance of this decade, let's switch to the tactical approach of how to develop your firm going forward.

There are many ways to structure your financial planning practice. The first question you need to address is, what market do you wish to serve? You can't be all things to all people. There are so many variations that many planners get lost starting in one market and then drift off to another, only to realize afterwards that they are not set up properly or do not possess the proper infrastructure for maximum effectiveness to develop their chosen market.

Vincent Rossi, CFP®, Founder, President, and Chief Investment Officer, Intelligent Capitalworks, Scottsdale, AZ, says it is important for planners to “pick your lane and work hard to own it.” Know what lane you are in because you cannot be too many things to too many people. Focus on the depth and breadth of your lane and do it well. If you say you are going to do it, then do it! Many younger planners are not taught to do this. To quote noted asset allocation expert Roger Gibson, “The beginning stage is the most important part of the work. Either way you are going to do the work. If more is focused on the back end, the client will become angry.”

Structuring your practice in ...