Growing Your Practice Beyond You


Starting an advisory firm comes with a lot of planning for the future; one has to be prepared for different outcomes. What if your firm takes off and you need help with daily tasks? What if a situation occurs where you can’t work anymore? What about retirement?


In an October 2019 piece titled: Growing Your Practice Beyond You, Matthew “Matt” Ransom, a contributor to InvestmentNews, talks about three key points that can pave the way for your practice to grow and succeed. The first is to make sure you hire talent that fits your firm’s needs. Whether you are hiring a new employee or a back office service provider, their expertise must align with what is needed for your particular firm.


The next two key points revolve around succession planning. No matter the firm, having a backup plan is very important which means making a decision about who the successor will be. Advisory firms should be exploring different options for developing a succession plan; this could entail training a current employee at the firm to take over as successor or selling your business to a trusted firm that will manage your business the way you envision. There are many service providers that help advisory firms put a plan into place. Developing your successor is the last key point to lead towards the success and continuation of an advisory firm.


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NWAM, LLC dba Northwest Asset Management is an SEC Registered Investment Adviser.

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