With a big firm comes even bigger growth challenges. Once AUM passes the $2BB mark, it’s hard to generate organic growth of even 5%. Referral rates slow down. Combine that with a disjointed marketing strategy, add a team of financial experts who are not naturally skilled at business development… And you get the makings of a growth crisis.
If nothing changes, large RIAs will soon face a perfect storm: Rising client age, declining cash flows, and an HR nightmare as their advisors leave for better growth opportunities elsewhere.
A recent survey conducted by Dimensional Fund Advisors identified the top 4 pain points for firms over $10MM in gross revenue:
The firms that overcome these challenges will be positioned to capture market share. The rest will have to resort to aggressive M&A strategies — or get acquired.
Jumpstarting organic growth requires more than a bigger marketing budget. It means bringing on a Chief Growth Officer to help guide your business.
As your Chief Growth Officers, we will dive deep into your business, re-align your team, deploy effective business development systems, and back it all with a comprehensive marketing plan. The result is organic growth, accelerated.
Your people are your most valuable asset. Our first task will be to guide you through our digital self-assessment tool called Advisor DNA. You’ll ensure that you’ve got the right people in the right positions for both business development and client service.
Many RIAs have developed systems, workflows, and processes to manage client service. Few have built a repeatable process for developing new business. As a result, they struggle to train advisors for success and fail to produce predictable business growth.
Our business development training platform, Model FA Accelerator, teaches firms to consistently hire, train, and properly support next-generation Rainmakers. The training is backed by one-on-one coaching to maximize adoption, facilitate learning, and promote accountability.
Firms are often hesistant to invest in marketing, because they don’t have reliable methods for tracking results. Our custom accountability system eliminates that uncertainty.
We collaborate with the executive team to re-align incentives and create clear goals for the firm’s advisors. Next, we create a KPI Dashboard that tracks individual advisor performance. This approach allows the firm to allocate resources and make better hiring and promotion decisions.
With team members re-aligned according to their natural strengths, and with proper analytics in place, the executive team is positioned to create a strategic marketing plan.
Our goal is to support individual advisors and invest in corporate brand awareness to boost enterprise value. The plan typically includes 3 phases that are rolled out over the course of 3 years. Each phase contains a series of 90-day “sprints” to facilitate streamlined implementation and tracking.
Advisory firm growth is a function of careful planning, proper systems, and disciplined implementation. Running one-off campaigns, splitting marketing duties among team members, or hiring someone to “run” marketing for the firm is often ineffective and expensive. Chief Growth Officers can bridge the implementation gap by deploying tactical solutions in line with your newly formed strategic marketing plan.
President, Chief Growth Officer
Patrick Brewer, CFA, CPA
Chief Growth Officer
Chief Growth Officer