Practice Management Insights & Resources

The financial services industry continues to change rapidly. Our top priority is ensuring that advisors are in the best position possible to serve their ever-evolving clients. With a leadership team made up of former practice management experts and consultants, we proactively provide content, coaching & best practices around five core areas of practice management: client acquisition, client engagement, human capital, operational efficiency, and business planning.

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Penny Philips Advisor Coach

The Most Important Decision Advisors Should be Weighing About Their Practices

Advisorpedia interviewed Penny Phillips, Co-founder & President of Journey Strategic Wealth, at the Riskalyze Fearless Investing Conference in October 2022.
Transitions, Transactions & Promotions: SageView, Journey Strategic Wealth Acquire Women-Led Practices

Transitions, Transactions & Promotions: SageView, Journey Strategic Wealth Acquire Women-Led Practices

A Huge New Hybrid RIA Emerges, Women-Led Firms Conduct Strategic M&A And Three Big Firms Make Executive Promotions From Within. Journey Strategic Wealth Brings On Three Advisory Teams With $210 Million In Assets. Woman-led Journey Strategic Wealth (JSW) is adding three teams with six advisors, representing a combined $210 million in new AUM for the...
Serving Clients: Penny Phillips

Penny Phillips, Dave Welling, Jason Wenk: How to Serve More Clients, Better

While financial advisors face serious business challenges, these tough issues also serve as opportunities for them to reshape their firms and the industry, according to several RIA leaders who spoke Monday during a panel discussion at the Future Proof conference in Huntington Beach, California.
Practice Management

Practice Management: How To Connect Deeply in Conversations

Active listening is a powerful tool advisors can use to gain insight into how to communicate with clients and effectively coach them toward intentional action.
Practice Management with Penny Phillips

How to Prepare Your Book Before a Transition

Best practices and steps to take prior to resigning that will ensure you hit the ground running once you are registered with your new firm.

Jolt! 2022: Penny Phillips on the Paralyzation of Financial Advisor Marketing

Why the best advisors are relentless prospectors, obsessed with their business, and have conviction in their approach to clients and the market.

How to Get Referrals Without Asking

Penny Phillips, co-founder and president of Journey Strategic Wealth, recommends advisors take a more strategic, intentional approach to leveraging clients for new business.

How to Be More Productive Daily

Easy-to-implement ideas to drive daily productivity, including managing email inboxes efficiently and cueing your brain to focus on the ‘right’ activities.

How to Better Understand the Psyche of the Seller

Selling even a portion of an advisory business is a major decision and life event. It’s not one that should be rushed or taken lightly.

How To Track Success with Non-Traditional KPIs

While it’s important to track quantitative goals if you’re building a business, it’s equally as important to track qualitative goals that advisors can use to assess whether their practice is growing in alignment with their strengths, aspirations and values.

How to Prepare for a New Year After a Rocky Start

Advisors put a lot of pressure on themselves to have everything right on the first day of a new year; business plan complete, goals set, new website up and running, etc.

How to Ensure You’re Segmenting Properly

Segmenting your clients is an absolute necessity if you want to grow, but doing so without a plan for scale will stagnate your business quickly.

How to Implement Best Practices After a Conference

Let’s be honest: most advisors jump right back on their proverbial hamster wheel when they get back to their offices post-conference. Most never look at their pages of notes again after getting off the plane! I’m here to tell you: That’s OK.

What to Do When a Key Team Member Resigns

The reality is that you can do everything ‘right,’ as a leader, and still there will be employees who will leave to pursue other opportunities. Here are five tips to move on after that happens.

How to Ensure Your UVP, Mission and Vision Statements Are Effective

We spend an inordinate amount of time in this industry training advisors how to craft statements: elevator pitches, unique value proposition (UVP) statements, mission statements, vision statements, etc. But we spend virtually no time teaching advisors how to use those statements to help shape and lead their practices.

What Happens When You Resign From a Non-Broker Protocol Firm?

Non-Broker Protocol breaks can be challenging if you are not prepared for what could happen before, during and after your transition. If you are considering transitioning out of your firm, the first thing you should do is find out if your firm participates in Broker Protocol. The Broker Protocol is an agreement between firms enabling...

Should Advisors Force Employees Back to the Office?

Last week, Morgan Stanley CEO James Gorman told his 60,000 employees to come back to the office. “If you can go to a restaurant in New York City, you can come into the office. … If you want to get paid New York rates, you work in New York,” Gorman said. “None of this ‘I’m in Colorado…and...

How to Facilitate Impactful Professional Development Reviews

For years I would send a reminder out to advisors at the end of every quarter: “Don’t forget to schedule professional development reviews with your team members.” I would usually get one of two responses: “Thank you! I completely forgot. We’re so busy we barely have time” or “I dread these meetings because I end...

How to Successfully Integrate an Associate Advisor Into Your Practice

If I ranked all the questions I get from advisors by order of popularity, “Why can’t I find the right person to be my associate advisor?” would place in the top five. Perhaps even top three. I have found that the answer to this question has much more to do with the way advisors structure...

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Which Questions Clients Should ALWAYS Ask Their Advisors

Listen to one of the co-founders and advisors at Journey Strategic Wealth talk about the questions clients SHOULD ask their advisors… And that advisors should be prepared to answer, clearly & quickly always.

How to Scale Your Investment Management Process

In this video, Head of Investments at Journey Strategic Wealth, Mark Lebida gives advisors tips on how to think about streamline and scale their investment management platform.

What Happens When You Resign from a Non-Protocol Firm?

There are A LOT of things to know before you transition out of a firm that does not participate in broker protocol.

How To Ensure Your UVP, Mission & Vision Statements Are Effective

Today’s most successful practices have unique value propositions (UVPs) that strike emotional chords, mission statements that are simple and clear, and vision statements that align to a greater purpose. When was the last time you and your team audited these statements?

How to consistently ‘surprise & delight’ clients

In this video, Penny discusses how to simplify your monthly marketing plan and focus on building deeper relationships with client. She provides examples of how to recognize special events and commit to “random acts of kindness” month after month.

What is the most critical component of a healthy P&L?

In this video co-founder of Journey Strategic Wealth, Damian Lo Basso discusses what the most critical component of a healthy p & l is. For more insights from practice management experts, visit us at

What has been your best client acquisition strategy?

In this video co-founder of Journey Strategic Wealth, Mike Brown discusses the importance of building deep relationships with both clients and COIs, and emphasizes the importance of specializing in a niche.

When to Use Network Drives vs. the Cloud

In this video, Chief of Staff Erin discusses how to streamline your document management process.

How to Be Productive During an “Off Week”

In this video, Penny discusses ways to stay productive and efficient when you have a light calendar.

How to Wow Prospects Without Trying

In this video, Penny discusses simple steps you and your team can take to wow prospects and new clients.

How Should Advisors Charge Fees?

In this video, Penny provides best practices around articulating fees to clients and structuring advisor services and fees.

How to Optimize Your Team Before a Merge or Transition

In this video, Penny discusses what you may need to change about your team before leaving for a new firm.

How to Work “On” the Business Daily

In this video, Penny discusses what you may need to change about your team before leaving for a new firm.

Which Aspects of Marketing Should You Outsource?

In this video, Penny discusses best practices for advisors who are struggling with what to keep “in house” and what to “outsource” as it relates to marketing.

JSW Newsletter

Practice Management Monthly – April 2022

Check out this month’s practice management best practices below. Have a great end of April.

Practice Management Monthly – March 2022

Check out this month’s practice management best practices below. Hope this was a great quarter for you!

Practice Management Monthly – February 2022

Check out this month’s practice management best practices!

Practice Management Monthly – December

Check out this month’s practice management best practices below! Wishing you a great holiday season.

Practice Management Monthly — November 2021

Check out this month’s practice management best practices below! Wishing you a great November filled with lots of planning for next year!

Practice Management Monthly – August 2021

When we launched Journey, we had a vision of changing how the industry defines independence for advisors. Not only have we built a firm tailored to advisors who want both independence AND full-fledged practice management support, but we’ve also created best practice resources for financial advisors across the entire industry.