Practice Advice From a Forbes-Recognized Advisor

Forbes Top Wealth Advisor Laila Pence offers ideas on being a great advisor

Delivering solid, personal financial advice for clients with a variety of goals is as rewarding as it is challenging. Working more than 40 hours a week is not unusual, and financial advisors are happy to put in the time because they’re making a positive difference in the lives of their clients and communities.

Because of all those commitments to client happiness, financial advisors often look for ways to run their businesses and serve their clients more efficiently and effectively. Laila Pence, a veteran investment advisor representative, shares best practices from her decades in the business. As she is consistently named a Top Wealth Advisor by Forbes and Barron’s, Pence’s insights are worth noting.

With a diverse team supporting her – 10 languages are spoken among its members and half of the team is women – Pence is always willing to provide insight to other advisors.

Here are three tips she believes can help you manage a thriving practice:

1. Invest in your team

Pence explains, “Investing in your business doesn’t mean you need to do everything in house. Partnering and outsourcing some tasks is an investment in your business. We understood that we had to spend money if we wanted to grow, so we began expanding our team to meet the needs of our clients without doing it all ourselves. Over the years, we’ve built a team that includes portfolio managers, financial planners, a service and relationship management team, an investment committee, and a marketing team. We recently began using Admin Solutions, tapping into a remote administrative professional fully trained in all LPL-related procedures and operations.”

She adds, “In addition, we have LPL as our Corporate RIA who takes on compliance and risk oversight for us. They’re helping us navigate these times of change with things like the SEC marketing rule and client texting so we can spend more time on our business, investing in our team and clients.”

2. Invest in your technology

Pence’s firm, Pence Wealth Management, has invested in tax software to help ensure they are able to provide appropriate tax planning for each client’s unique situation. The team also uses WealthVision to prepare financial plans, and it allows clients to aggregate their assets and easily upload documents. Pence says, “The value we are able to provide keeps bringing clients back to our business.”

3. Invest in your brand and marketing

In the beginning, Pence budgeted $10,000 per month for marketing to build the brand via seminars and flyers, and to promote on local television. She also allocates money for client events, including an annual client luncheon. “Top advisors spend almost $66,000 a year on business development activities,” she says. “Typical advisors spend around $12,000.”

When tagged by Forbes as a top RIA, Pence did have to apply and qualify for the award. This is the first time Forbes has created a Top RIA firm list. LPL helped facilitate the process by providing necessary information for Pence’s firm to be eligible for the award. “It is worth the time to invest in awards and accolades as part of your brand,” Pence says.

To put her advice in a nutshell, Pence says, “You have to spend money to make money, and investing in your business really does pay off.”

How LPL Financial can help

Your partnership with LPL offers you access to a wealth of resources and services to help with investing in your business just like Pence Wealth Management. If you already partner with LPL, visit the Resource Center to learn more. Or, choose your path at LPL Financial.

LPL Advisor Profile
Laila Pence, CFP®

• Pence Wealth Management
• 35 years with LPL
• Affiliation Model: Registered Investment Advisor