By Ken South
Originally published in L.A. Business First
In today's asset management business, scalability, footprint and depth of service all add to the growth of a franchise and the stickiness of the client relationships.
When the markets are going straight up with only occasional pullbacks of 5%-10%, the stewardship of a talented advisory team seems a lot less important. Investors can go through low-cost platforms and sort of set it and forget it.
Should your team find itself in this position, here are some steps to consider when growing your financial advising practice by joining an established company.
By following these steps and taking advantage of the resources and support provided by an established financial advising company, you can successfully grow your practice and achieve your business goals.
Prior to launching Tower 68 Financial Advisors, this is something our leadership team wrestled with. Because of this, we developed our business model so we could to support other practices that need additional resources and talent to serve their clients better, grow their practices, and feel confident that an understanding of the markets is articulated to them and their clients.
Small practices desiring a greater number of professionals to assist them so they are most productive to their clients.
Practices that focus on client relationships but prefer not to support asset management or use highly-diversified bank models.
Mature practices looking for a transition of their clients without an interruption to service that their clients have grown accustomed to.
Practices being sold that want to be assured that their practices remain as they have been for generations.
If this article resonates for you and your advisory practice, the principals at Tower 68 Financial Advisors would love to have a confidential discussion with you on how we can help you and your practice.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific situation with a qualified tax advisor.