Strategic Planning

Barbara Novak


Barb Novak, Senior Practice Management Consultant, explores how implementing a strategic plan helps keep your business relevant in our rapidly changing industry.

Video Transcript

When businesses first start out, partners come together or firms merge. It is Ready—Aim—Fire! In other words, it’s jump right to the challenge! Often, they only react to what’s in front of them.

Then, as firms grow, they bring on more clients. Armed with new clients, they begin to add more services and, eventually, they become more complex and growth takes a back seat.

What typically happens is: the bigger the business gets, the faster it grows and the harder it is to get everyone on the same page.

This is usually the point where firms come to us and ask for help with a disciplined strategic planning process. According to BlackRock and Investment News, 69% of elite firms have a formal strategic plan. A strategic plan allows these firms to:

  • Effectively manage resources
  • Direct capital toward the right growth opportunities

Successful firms use their strategic plan to:

  • Guide them in their planning process
  • Get aligned and look to the future
  • Look at it as an iterative process or continued work in progress

The industry is consolidating and competition is intensifying. Time will reveal those who can keep up with its momentum.

We know we are going through some profound change in the industry so it is critically important to take a step back and ask “Is my strategy still relevant?” Given that, is your strategic planning process guiding you through the various evolutions of your business. More important, is it still relevant?

Barbara Novak

Barbara Novak is a Vice President and Senior Practice Management Consultant for Pershing, a BNY Mellon company. She partners with Pershing’s relationship managers and business development officers to provide consulting services to registered investment advisory firms and advisors. Barbara draws on more than 20 years of financial services leadership in consulting, practice management, sales and sales management.