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Some RIA firms are continuing to cut costs this year even though they are growing at a rapid rate since the financial crisis of 2008. There are a variety of ways to cut costs in your business. The main cost cutting is the salaries of the financial advisors in your firm. One way to help your firm grow is to offer bonuses based on growth in revenue. This way it benefits the firm as well as the advisors. They will be motivated to bring in more assets.

Another way to cut costs is to streamline your technology. This will help with making your office run as efficient as possible. This can be done by upgrading your customer relationship management (CRM) software or financial planning software. You should think about what software will benefit your firm the most (ie…Retirement planning, tax, or portfolio rebalancing software). Services that are proving inefficient for your firm should be outsourced as well.

Make sure you have regular meetings with your team to discuss new ways to streamline your business. Always revisit the processes you develop because you may find more efficient ways to operate.