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Advisors who haven’t established a DBA will often tell me, “Well, I know I need to have a DBA if I want to be successful…” 

But that’s not necessarily the case.

When you’re considering whether or not to create a DBA for your financial firm, there are two key questions to consider:

1. Do you want to be recognized for your broker’s primary service?
2. Are you certain your services will align with your broker’s for your entire career?

Keep reading to learn how to decide whether a DBA is right for you…

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When my husband Coby and I started our company in 2012, we knew we wanted to create more than a job for ourselves and our employees. We wanted to nurture an environment where our team could see themselves retiring—where they could connect, grow, and find lasting purpose in their work. But even in a team of incredible people, personal growth doesn’t happen organically. We view our workplace like a sports team, and as coaches, Coby and I have the responsibility to foster personal development in our players. Specialized skills, communication, team mechanics—these are all elements that coaches work to improve in their players—why should our workplace be any different? Part of how we do that here at LMG is through our weekly Character Development sessions.

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While you need some decent technology to efficiently work from home (WFH), the most important piece of equipment you need to succeed is you. All the technology in the world won’t help you adjust to working from home if you don’t know how to handle it mentally. As an advisor, you’re probably the type of person who enjoys meeting new people and talking to clients, so sitting at home alone with a laptop can be a struggle. If you want to succeed (and maintain your sanity) while you work from home, you have to set the right schedule, priorities, and mindset for your workday. WFH is a fine art that about half of our team practices daily, so we’ve asked them to share some of their best tips for working from home.

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Our team at LMG works with advisors across the country, and about half of our team works remotely. We’ve been holding virtual meetings since before they were cool, so we thought we’d share some of our best practices for staying connected with clients digitally. If you want to optimize your digital presence and maintain personal connections while you WFH, read our tips in this blog.

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I have advisors tell me all the time, “I mainly get my business from referrals, so my website isn’t all that important.” They think the job of their website is to attract strangers browsing the internet, and since most of their business comes from people who recommend them, not strangers, it doesn’t matter.

They’re right in thinking most of their business comes from referrals—that will always be the dominant marketing strategy for financial advisors because of what’s at stake. When someone is looking for an expert to help them maximize and protect what they’ve worked for all their lives and make sure they’ll be financially secure no matter what, it’s not a decision they make lightly. That’s why most people don’t start by Googling to find a stranger, they start by asking people they know and trust, “Who’s your financial advisor?”

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