The seeds of destruction are sown in good times, as the proverb goes, and these have been good times for the advisory industry. Because our industry has been so successful, we have started to make some dangerous assumptions. Perhaps it is a good time to review our business models and take a hard look at these assumptions.
What It Means to “Feel” Like an Owner, and How to Get There
Team members who identify most strongly with the mission of the firm, and who dedicate the most emotional and physical energy to helping it fulfill that mission, are the most likely to “feel” like owners. They are also the ones most deserving of equity.
Ensemble’s Latest Industry Research Spotlighted by Bob Veres
Bob Veres digs into our latest Consumer Report and Pulse of the Industry benchmarking survey to unpack how the data speaks to the challenges facing financial advisors as the industry emerges from the pandemic.
The Rain Will Come Back
The seeds of destruction are sown in good times, as the proverb goes, and these have been good times for the advisory industry. Because our industry has been so successful, we have started to make some dangerous assumptions. Perhaps it is a good time to review our business models and take a hard look at these assumptions.
Look to the Stars
The top 20% of professionals in any firm are likely responsible for 80% of the growth opportunities, 90% of the implemented ideas and positive changes and 100% of the culture of excellence. If you want your firm to be great, the key to excellence is to channel the energy of your top players.
Next-Gen CEOs Take the Wheel
Developing young leaders, empowering them to steer the ship and then, most importantly, letting go and putting the wheel in the hands of this next generation is the key to meeting the succession challenges facing G1 founders. Several of our G2 alumni were spotlighted in a Barron’s article focusing on the industry’s next-gen CEOs.
How Consumers’ Choices Differ
Among consumers with over $100,000 in income, “Who can I trust?” is the fundamental question all investors ask. That said, there are significant differences in who they ask this question to based on their wealth, age, gender and sources of wealth.
Why People Fire Advisors
Though most consumers have never worked with an advisor, the advisory industry has already managed to disappoint close to a quarter of its potential clients—those who’ve had an advisor, left and never come back.
When Less Is More
Time and again, even the largest and best run advisory firms refuse to declare any specialty or client profile and instead go in search of a generic investor of wealth. If advisory firms want to help their G2 advisors become better business developers and accelerate their own growth, they need to take a more differentiated approach focusing on specific target markets.
Succession Anxiety Disorder
Succession plans that stretch into the distant future may not bring much clarity. In fact, they may work against you, killing your willingness and ability to act. Here is some advice on how to overcome the paralysis of succession anxiety disorder.