There are approximately 250 advisory firms with more than $1 billion in assets under management (AUM) in the financial advisory industry. No more than 30 of those have more than $5 billion in AUM. If you were to ask any such “super ensemble” (a billion-dollar AUM firm) what its vision is, the likely answer is that it wants to “grow to the next step.” For those at $1 billion, that means reaching $5 billion. For those at $5 billion, it means reaching $15 billion and beyond. There is no question that the largest firms are aggressive in their ambitions. The real question is, what changes do they have to make to reach the next step?